Manhattan Rebounds with Strong Contract Activity While Brooklyn Eases

The first week of October brought a clear split between Manhattan and Brooklyn. Manhattan gained momentum with contracts surging and sentiment turning positive, while Brooklyn softened modestly after several weeks of strength.

Overall, Elegran’s NYC Consumer Sentiment Index rose from 22% to +33%, signaling renewed Manhattan demand against Brooklyn’s pause. With supply elevated and financing conditions improving after the Fed’s recent rate cut, the fall market is showing both opportunity and divergence across boroughs.

October opened with Manhattan showing stronger contract growth while Brooklyn eased after a strong late-summer run. With supply holding above last year and conditions more favorable, buyers and sellers alike are finding new dynamics at play.

Executive Highlights

- Manhattan Bounce-Back: Contracts rose 21% week-over-week, lifting sentiment into positive territory.

- Brooklyn Pause: Contracts slowed after weeks of gains, but confidence remains elevated compared to pre-summer levels.

- Inventory Dynamics: Manhattan supply grew for the sixth straight week, while Brooklyn’s supply ticked down slightly after steady increases.

 - Fall Market Outlook: With supply higher than a year ago and financing conditions easing, October could see buyers leverage more negotiating power - particularly in Manhattan. For buyers, elevated supply and improving financing conditions may present more negotiating power this fall. For sellers, especially in Manhattan, stronger contract activity suggests that well-priced listings are likely to capture renewed demand quickly.

Manhattan Supply

Inventory rose for the sixth consecutive week, reaching 6,832 homes (+1% WoW, +2.4% YoY). New listings dropped to 328 units (–17.4% WoW), though still 11% higher than last year, reflecting ongoing seller engagement despite the weekly dip.

Brooklyn Supply

Brooklyn’s supply eased slightly to 3,488 homes (–0.2% WoW, +2% YoY) after five straight weeks of growth. New listings came in at 183 units (–14% WoW, +10% YoY), underscoring stronger seller activity than this time last year.

Manhattan Pending Sales: Pending sales slipped marginally (–0.1%) to 2,898 units, signaling stable near-term demand.

Brooklyn Pending Sales: Pending sales edged up 1.2% to 1,822 units, pointing to resilience despite a softer contract pace.

Manhattan Consumer Sentiment

Contracts jumped to 216 signed, up 21% WoW and +10% YoY. Elegran’s Manhattan Consumer Sentiment Index rose from 0% to +19%, showing a meaningful rebound and setting up a stronger October.

Brooklyn Consumer Sentiment

Brooklyn recorded 118 signed contracts, down 6% WoW and –11% YoY. Elegran Brooklyn Consumer Sentiment Index declined from +73% to +63%, signaling contraction, though confidence remains solid relative to long-term averages.

New Development Insights 

Marketproof tracked 43 new development contracts across 34 buildings. Top performers included:

• The West Residences Club (Clinton) signed 3 contracts

• Monogram New York (Turtle Bay) signed 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, 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.