Heading into Easter, Contract Volume Dips, Yet Consumer Sentiment Remains Strong

Heading into the Easter holiday, the Elegran | Forbes Global Properties NYC Consumer Sentiment Index decreased from +51 to +40 this week as 243 contracts were signed in Manhattan and 134 in Brooklyn, a decrease of 13% and 15%, respectively, compared to the prior week.  

Similarly, the new-to-market supply also decreased this week, with 25% fewer properties coming to market in both boroughs than last week.  

Nevertheless, the consumer sentiment index remains positive, indicating robust demand in the real estate market this spring.   

Manhattan Supply

Supply continues to trend higher. This week, 350 new listings came to market, and supply increased by 1% to 6,457 units for sale. Manhattan's residential real estate market continues to grow steadily this spring. 

Brooklyn Supply

Brooklyn's supply increased this week as 166 new listings came to market, bringing the total to 2,967 units for sale. As spring unfolds, Brooklyn's residential real estate market maintains its steady growth trajectory.

Manhattan Pending Sales: Pending sales increased by 1.65% to 2,709 units this week.

Brooklyn Pending Sales: Pending sales slightly decreased to 1,752 units this week. 

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from +37 to +20, as 243 contracts were signed, a 13% decrease from last week. Despite a slight decrease in contract signings this week, demand remains above the pre-pandemic average.  

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +112 to +81, as 134 contracts were signed, a 15% decrease from last week. This week's data reflects a minor contraction in weekly contract activity but still well above the pre-pandemic average. 

New Development Insights 

Marketproof reported that 66 new development contracts were signed in 36 buildings this week. The following buildings were the top-selling new developments of the week:

• 9 Chapel St (Downtown Brooklyn) reported 4 contracts

• 450 Washington (Tribeca), The Rogers Residences (Prospect Lefferts Gardens), and 11 Hoyt St (Downtown Brooklyn) reported 3 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.