Demand Remains Strong: The positive sentiment of +21 in the Elegran | Forbes Global Properties NYC Consumer Sentiment Index indicates consumer optimism. This positive sentiment is reflected in the weekly contract volumes, with Manhattan maintaining contract volume above 200 and Brooklyn witnessing a significant 15% surge compared to the previous week.

Supply is Starting to Rise: Despite the high demand, there has been a net increase in supply in both Manhattan and Brooklyn. Nearly 450 new listings in Manhattan and over 200 in Brooklyn indicate an uptick in available properties. 

Market Implications: The current trends suggest a healthy real estate market with strong consumer confidence and active participation from buyers and sellers. With increased available options, buyers are presented with more choices, which also means heightened competition for desirable properties. To remain competitive, buyers must act swiftly, with purposeful and decisive decision-making, to seize opportunities in this dynamic market landscape.

Manhattan Pending Sales: Pending sales increased by 1% to 2,516 units this week.

Brooklyn Pending Sales: Pending sales increased slightly to 1,670 units this week. 

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +8% to 0%, as 202 contracts were signed this week, a slight decrease from last week.  According to the index, this week, demand for Manhattan real estate was at parity with the pre-Covid average. 

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +64% to +87%, as 139 contracts were signed this week, an increase from the 121 signed last week.

New Development Insights 

Marketproof reported that 43 new development contracts were signed in 38 buildings this week. The following buildings were the top-selling new developments of the week:

- Monogram New York (Turtle Bay), Claremont Hall (Morningside Heights), Four Fifty Grand (Clinton Hill), 11 Hoyt St (Downtown Brooklyn), and The Huron (Greenpoint) all reported 2 contracts each.

If you would like to chat about the most recent market activity, feel free to contact us at info@elegran.com or connect with one of our Advisors.

About Us

Welcome to Elegran | Forbes Global Properties, where our mission is to revolutionize the world of real estate. Founded in 2008 by Michael Rossi, our journey began with an unwavering drive for motivation, innovation, and a genuine care for our clients.

As an independently owned brokerage, we pride ourselves on our elite team of "advisors," offering a personalized touch that goes above and beyond the traditional real estate experience. Armed with robust data insights, we empower our clients to make informed decisions that lead to success.

Distinguished as the exclusive member of the invitation-only Forbes Global Properties network in NYC, Elegran proudly stands at the forefront of excellence. This exclusive partnership broadens our horizons, enabling us to connect buyers, sellers, and investors with extraordinary luxury properties not only in New York City but across the globe.

Our passion lies in turning your real estate dreams into reality, and we are committed to providing exceptional service at every step of the journey.

Are you ready to experience the Elegran difference? Dive into the possibilities at www.elegran.com and embark on an unforgettable real estate adventure with us.