Contract Volume in Manhattan and Brooklyn Rises This Week; Supply Continues Seasonal Decline

This week, both Manhattan and Brooklyn experienced increases in contract volume. Manhattan saw a 6% rise, while Brooklyn enjoyed a 9% uptick in the number of contracts signed compared to the previous week. This positive activity boosted the Elegran | Forbes Global Properties Consumer Sentiment Index from +8 to +18.

On the supply side, inventory in both Manhattan and Brooklyn decreased, reflecting the seasonal peak in supply. As we transition into the summer months, we anticipate a continued decline in inventory levels in both boroughs.

Manhattan Supply

The inventory of residential apartments in Manhattan decreased by almost 2% to 7,274 units, reflecting the seasonal decline in supply. This week, 231 new listings came on the market.

Brooklyn Supply

Inventory in the Brooklyn residential market decreased by almost 1% to 3,331 units as 163 new listings came to market, reflecting the seasonal decline in supply. 

Manhattan Pending Sales: Pending sales increased slightly to 3,292 units this week. 

Brooklyn Pending Sales: Pending sales increased by almost 1% to 2,137 units this week.

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index increased from -9 to -2, as 239 contracts were signed, a 6% increase from the previous week and returning 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 +58 to +72, as 142 contracts were signed, reflecting a 9% increase from the previous week. Brooklyn’s contract activity continues to be lower this June compared to last, a surprising development given the robustness of the borough's demand. 

New Development Insights 

Marketproof reported that 54 new development contracts were signed in 38 buildings this week. The following buildings were the top-selling new developments of the week:

- 520 Fifth Avenue (Midtown) reported 12 contracts.

- Brooklyn Point (Downtown Brooklyn), The Graham (East Williamsburg), One Clinton (Brooklyn Heights), H70 Condominium (Midwood) 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.

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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.

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