Sellers Hold Inventory as August Opens with Seasonally Soft Conditions

As we enter August, the residential market is experiencing seasonally expected softness. Inventory continues to decline across Manhattan and Brooklyn, and buyer urgency is easing further. Pending sales have now fallen for over a month in both boroughs, while fewer new listings suggest many sellers are holding back until post–Labor Day.

In Manhattan, contract activity dropped 8%, and the Elegran Manhattan Consumer Sentiment Index slipped from +12 to just +4, signaling reduced urgency. Brooklyn, which showed strength earlier in the summer, is now also seeing slower momentum—weekly deals fell 10%, bringing the Elegran Brooklyn Consumer Sentiment Index down to +48.

Despite softer weekly figures, year-over-year comparisons remain stable—particularly in Manhattan—indicating the market is navigating a seasonal pause rather than a structural downturn. Family-sized homes and well-priced new developments in prime areas continue to attract targeted demand.

With pricing holding steady and inventory expected to rise post–Labor Day, late August may offer a reentry point for both buyers and sellers as we approach the fall market. 

Lastly, the overall Elegran NYC Consumer Sentiment Index declined from 26% to 16%, reinforcing the broader cooling trend across both boroughs this week.

Manhattan Supply

Manhattan inventory dropped for the ninth consecutive week, now at 6,500 homes—a 2% decrease from last week. Just 202 new listings came online, a 15% week-over-week decline, reinforcing the summer listing freeze. That said, total supply remains 17% higher than the same time last year.

Brooklyn Supply

Brooklyn inventory also dipped, falling 0.6% to 3,452 homes. Only 142 new listings launched—13% fewer than last week and 11% below year-ago levels. This sustained slowdown signals continued hesitation from sellers, although activity typically starts to pick up by mid-August.

Data courtesy of UrbanDigs

Manhattan Pending Sales: Pending sales declined 2.6% to 3,252 units, marking the fifth straight weekly decrease.

Brooklyn Pending Sales: Brooklyn pending sales fell 2.7% to 2,091 contracts, now on a six-week slide.

Manhattan Consumer Sentiment

Contract signings in Manhattan dropped to 186 deals, down 8% from last week, though still 3% above 2024 levels. The Elegran Manhattan Consumer Sentiment Index declined from +12 to +4, reflecting a pause in urgency as the city eases into August. However, year-over-year strength signals stable underlying demand, suggesting potential reactivation later this month.

Brooklyn Consumer Sentiment

Brooklyn recorded 107 signed deals, a 10% week-over-week drop and 9% below last year’s pace. The Elegran Brooklyn Consumer Sentiment Index fell from +64 to +48, ending a two-week run of elevated sentiment. Still, demand for family-sized homes and new developments in top neighborhoods remains resilient, hinting at a potential late-summer rebound.

New Development Insights 

Marketproof reported that 40 new development contracts were signed in 29 buildings this week. The following buildings were the top-selling new developments of the week:

- 608 Ocean Ave (Prospect Park South) and Vesta (Hunter’s Point) each signed 4 contracts

- La Maison Collette (East Village) signed 3 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.