Weekly Manhattan & Brooklyn Market Update: 7/28
Buyers Take a Breather in Manhattan While Brooklyn Builds Momentum
As the market enters the final stretch of July, Manhattan cools in line with historic summer slowdowns—inventory is down for the eighth week straight, and pending sales continue their gradual decline. Buyer urgency has softened, and fewer listings are launching ahead of August.
In contrast, Brooklyn is quietly gaining traction. While total inventory remained flat, contract activity climbed and consumer sentiment rose notably. With 119 signed deals and rising demand for family-sized units in prime areas, the borough appears to be building toward a late-summer wave of buyer activity.
Overall, a decline in the Elegran Consumer Sentiment Index—from 29% to 23%—highlights a cooling in market momentum.
With limited new listings and seasonal distractions weighing on the Manhattan market, Brooklyn may be poised to lead buyer activity heading into August.
Manhattan Supply
Active inventory in Manhattan declined for the eighth straight week, reaching 6,639 homes—a 1.1% drop from last week. This ongoing trend reflects the typical summer pause, with many sellers holding listings until after Labor Day. Only 236 new listings hit the market—a sharp 17% week-over-week decline—though total supply still sits 13% higher than the same week in 2024.
Brooklyn Supply
Manhattan Pending Sales: Pending sales in Manhattan ticked down 2.1% to 3,338 units, the fourth consecutive weekly dip. This softening aligns with seasonal patterns, as buyers take a step back heading into August.
Brooklyn Pending Sales: Brooklyn also saw a 1.3% decline in pending sales, now at 2,149 contracts—its fifth straight weekly decline.
Manhattan Consumer Sentiment
Contract activity in Manhattan fell to 202 signed deals, down 5% week-over-week and 2% below last year’s pace. As a result, the Elegran Manhattan Consumer Sentiment Index dropped from +17 to +12, marking a clear dip in buyer urgency amid the summer slowdown.
Brooklyn Consumer Sentiment
In contrast, Brooklyn saw a 3% increase in weekly contract activity, reaching 119 signed deals—a figure that’s also 10% above the same week in 2024. This boost pushed the Elegran Brooklyn Consumer Sentiment Index up from +59 to +64. Demand remains especially strong for family-sized homes and newer developments in prime areas, hinting at a possible late-summer activity surge.
New Development Insights
Marketproof reported that 45 new development contracts were signed in 33 buildings this week. The following buildings were the top-selling new developments of the week:
-
Hendrix House (Kips Bay) signed 6 contracts
-
La Maison Collette (East Village) signed 4 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, 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.
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.
Categories
Recent Posts
Stay in the Know!
Sign up to receive our monthly newsletter
GET MORE INFORMATION
