Mid-August Momentum: Buyer Activity Rebounds While Inventory Remains Tight

As we move into mid-August, early signs of a shift are emerging in the Manhattan and Brooklyn residential markets. While inventory continues to trend downward in both boroughs, buyer demand is beginning to pick up. Contract signings increased in both Manhattan and Brooklyn this week, reversing prior declines and suggesting renewed market engagement.

In Manhattan, signed contracts rose 11%, pushing the Manhattan Consumer Sentiment Index from +4 to +14. Brooklyn also saw a nearly 9% uptick in signed deals, lifting Brooklyn’s Consumer Sentiment Index from +48 to +59. These improvements reflect growing buyer confidence—particularly for family-sized homes and new developments—as we approach the traditional pre–Labor Day listing wave.

While sellers remain cautious, with new inventory still limited, year-over-year demand remains stable and could strengthen further heading into September.

Manhattan Supply

Inventory in Manhattan fell for the tenth consecutive week, now down to 6,301 homes, a 3% weekly drop. Only 177 new listings launched—12% fewer than last week—highlighting continued seller hesitation. However, the year-over-year gap is narrowing, and if the trend continues, inventory could rise again in late August.

Brooklyn Supply

Brooklyn inventory declined 1.5% to 3,402 homes, despite a surprising 20% increase in new listings, with 171 homes added. This uptick—26% above year-ago levels—could signal the early stages of a seasonal supply rebound heading into late summer.

Manhattan Pending Sales: Pending sales declined 0.2% to 3,246 units, marking the sixth straight weekly decrease.

Brooklyn Pending Sales: Brooklyn pending sales fell 2.6% to 2,036 contracts, now on a seventh-week slide.

Manhattan Consumer Sentiment

Contract activity in Manhattan rose to 206 signed deals, up 11% from last week and 5% higher than the same week in 2024. The Elegran Manhattan Consumer Sentiment Index climbed from +4 to +14, pointing to resilient buyer demand and growing confidence.

Brooklyn Consumer Sentiment

Brooklyn recorded 115 signed contracts, a 9% weekly increase, matching last year’s level. The Elegran Brooklyn Consumer Sentiment Index rose from +48 to +59, confirming rebounding interest—particularly for larger homes and modern product in desirable locations.

New Development Insights 

Marketproof reported that 36 new development contracts were signed in 31 buildings this week. The following buildings were the top-selling new developments of the week:

• Calvert House (Prospect Lefferts Gardens) signed 5 contracts

• 96+ Broadway (Upper West Side) and La Maison Collette (East Village) each 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.

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