NYC Housing Supply Falls Again, but Buyer Trends Split in Manhattan and Brooklyn

As mid-August arrives, Manhattan and Brooklyn are both grappling with shrinking inventory—now at multi-week lows—but buyer behavior is diverging. Manhattan saw another dip in contract activity, pushing sentiment slightly lower, while Brooklyn notched a modest rebound in deals, boosting its confidence index. Sellers in both boroughs retain pricing power thanks to constrained supply, but Brooklyn’s renewed buyer interest hints at stronger near-term momentum.

Key Insights & Actions

For Buyers:

• In Manhattan, the eleventh straight week of falling inventory (now 6,121 homes) means fewer choices and less negotiating leverage. Act decisively if you see value, as post–Labor Day competition could heat up.

• In Brooklyn, rising sentiment (+59 → +67) shows that well-priced listings—especially larger homes and modern units—are drawing attention. Consider moving early before September’s expected supply bump.

For Sellers:

• Manhattan’s limited new listing volume (151 homes, down 15% week-over-week) supports firm pricing, but buyers remain selective—presentation and accurate pricing are crucial.

• Brooklyn’s inventory drop for the third week running (3,351 homes) means you can still command strong offers, particularly if listing before the seasonal surge.
  
  

For Investors:

• Manhattan’s small year-over-year inventory gap (–0.4%) could tighten further if September supply fails to materialize, creating scarcity-driven pricing resilience.

• Brooklyn’s under-supply versus last year (–21%) may position it for a late-Q3 upswing in both rental and resale demand.
  
  

This week’s Elegran NYC Consumer Sentiment Index rose from 22% to 26%, reflecting confidence well above pre-pandemic levels in both boroughs. Brooklyn’s uptick signals renewed buyer interest, while Manhattan’s slight dip points to slower summer activity.

Market at a Glance

• Manhattan Supply: 6,121 homes (–3% WoW, –0.4% YoY)

• Brooklyn Supply: 3,351 homes (–1.5% WoW, –21% YoY)

• Manhattan Contracts: 199 (–3% WoW, –7% YoY)

• Brooklyn Contracts: 121 (+5% WoW, –5% YoY)

• Sentiment Index: Manhattan +10 ↓, Brooklyn +67 ↑

Manhattan Supply

Inventory dropped for the eleventh straight week to 6,121 homes (–3% WoW), as new listings fell to just 151 units, down 15% from last week and 17% below last year’s pace. The year-over-year inventory gap remains minimal (–0.4%), but with September approaching, even a modest post–Labor Day listing surge could shift market dynamics.

Brooklyn Supply

Brooklyn inventory declined for the third consecutive week, down 1.5% to 3,351 homes. New listings fell sharply to 128 units (–25% WoW) and remained 21% below last year’s levels—pointing to continued scarcity until the anticipated September rebound.

Manhattan Pending Sales: Pending sales declined nearly 1% to 3,215 units, marking the seventh straight weekly decrease.

Brooklyn Pending Sales: Brooklyn pending sales fell 2.5% to 1,985 contracts, now on an eight-week slide.

Manhattan Consumer Sentiment

Manhattan’s market momentum eased this week, with 199 signed contracts—down 3% from last week and 7% from the same week last year. The Elegran Manhattan Consumer Sentiment Index dipped from +14 to +10, reflecting a slower summer pace. Even so, tight supply continues to support resilient buyer demand, suggesting that well-priced listings can still spark strong interest.

Brooklyn Consumer Sentiment  

Brooklyn defied the seasonal slowdown with 121 signed contracts, a 5% gain from last week. The Elegran Brooklyn Consumer Sentiment Index climbed from +59 to +67, marking the borough’s highest reading in weeks. This surge points to renewed buyer enthusiasm, particularly for spacious layouts and modern homes in sought-after neighborhoods.

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:

• The Pacific (Crown Heights) signed 3 contracts

• 96+ Broadway (Upper West Side) and Sutton Tower (Sutton Place) 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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