Contract Volume Rebounds and Normalizes after the Holiday Week; Supply is Likely Peaking for the Season

Contract volume rebounded this week with a 30% increase in contracts signed in Manhattan and a 53% increase in Brooklyn compared to the previous (holiday) week. This increase caused the Elegran | Forbes Global Properties Consumer Sentiment Index to rise from -17 to +12.

Supply remained stable in both boroughs and is likely peaking as 2% more properties came to market in Manhattan and 8% more in Brooklyn compared to last week.

Manhattan Supply

Inventory in Manhattan remained almost unchanged at 7,416 units as 353 new listings hit the market.  Supply in the borough has likely hit the peak for this season.

Brooklyn Supply

Inventory in the Brooklyn residential market increased slightly to 3,338 units as 235 new listings came to market.

Manhattan Pending Sales: Pending sales remained almost unchanged at 3,131 units this week. 

Brooklyn Pending Sales: Pending sales increased slightly to  2,028 units this week.

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -36 to -10, as 223 contracts were signed, marking a 30% increase from the previous (holiday) week and returning close to the average level observed this spring.

Brooklyn Consumer Sentiment

This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +21 to +88. A total of 154 contracts were signed, reflecting a 53% increase from the previous (holiday) week and a level slightly higher than the average observed this spring. 

New Development Insights 

Marketproof reported that 33 new development contracts were signed in 22 buildings this week. The following buildings were the top-selling new developments of the week:

- The Broad Exchange Building (Financial District), The Westly (Upper West Side), and Claremont Hall (Morningside Heights) each reported 2 contracts.

- 174 North 6th Street (Williamsburg) and The Rogers Residences (Prospect Lefferts Gardens) 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.

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