The week leading into Memorial Day Weekend saw a notable uptick in contract volumes in Manhattan and Brooklyn, causing the Elegran | Forbes Global Properties Consumer Sentiment Index to increase from +18 to +30.

Demand:

• Manhattan:

• Contracts Signed: 261 contracts were signed, a 20% increase from the previous week, the highest contract volume since late March, and the second-highest weekly total all year. 

• Brooklyn:

• Contracts Signed: 156 contracts were signed, an increase of nearly 8% from the previous week.

Supply:

• Manhattan:

• Inventory: Decreased by 0.5% to 7,365 units for sale.

• New Listings: Only 326 units came to market, the fewest in a week since late February.

• Brooklyn:

• Inventory: Increased by 0.5% to 3,275 units for sale.

• New Listings: 174 units came to market, the fewest in a week since late March.

Heading into Memorial Day Weekend, the recent wave of listings has subsided. Anticipate a reduction in new-to-market properties throughout the summer, leading to a stabilization and eventual decrease in total supply. While some buyers may be preoccupied with summer plans outside of NYC, others will leverage the season to secure favorable deals with motivated sellers.

Manhattan Supply

Inventory in Manhattan decreased by 0.5% to 7,365 units as 326 new listings came to market. This is the first week-over-week decline in total supply since early February and the least amount of new-to-market listings in a week since late February.  Taken together, this is confirmation that heading into Memorial Day Weekend, the spring listing wave has passed.

Brooklyn Supply

Inventory increased to 3,275 units as 174 new listings came to market. Similar to Manhattan, this is the fewest new-to-market listings in a week since late March, and the spring listing wave has passed.

Manhattan Pending Sales: Pending sales increased by 2.3% to 3,103 units this week. This is the largest week-over-week percentage increase in pending sales since late March.  

Brooklyn Pending Sales: Pending sales increased by 1.4% to 1,998 units this week.

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -13 to +8, as 261 contracts were signed, a 20% increase from last week. After nearly six weeks in negative territory, the Sentiment Index has swung back to positive ground. This week’s contract volume is the highest in the last two months. 

 Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +76 to +90, as 156 contracts were signed, an almost 8% increase from last week and is on the higher end of the range seen this spring.

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:

• 1218 Putnam Ave (Buschwick) reported 3 contracts

• 111 West 57th St (Midtown), Monogram New York (Turtle Bay), and Sofo Tower (Astoria) each reported 2 contracts.

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.

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