Elegran Insights: Weekly Manhattan & Brooklyn Market

Elegran | Forbes Global Properties
Elegran Insights
Published in
4 min readApr 3, 2023
Photo by Andy Arbeit on Unsplash

Week of 4/3/23

The Q1–2023 Results Are In

With Q1–2023 in the books, where does NYC residential real estate stand? In terms of demand, the city is 22% ahead of the average pre-pandemic* first quarter.

So, as we’ve been suggesting over the past several weeks, the real estate market in the city isn’t just seasonally strong, it’s strong in general. Too strong for bank failures to steer it off course. And too strong for mortgage rates to slow its momentum.

* 2015–2019

Manhattan Supply: The chart below serves as an almanac, and this year is shaping up just like years past. Not surprisingly, the metric was higher again this week from 6,623 to 6,727 units, and it looks as though we’re about halfway to the June peak.

Chart Courtesy of UrbanDigs

Brooklyn Supply also exhibits a bi-annual cycle, though it’s not as apparent without Manhattan’s depth of historical data to clearly illustrate the trend. As we expected, the metric increased this week from 3,037 to 3,071 units and it also appears that we are approximately halfway to the June supply peak.

Chart Courtesy of UrbanDigs

Manhattan Pending Sales: Like the supply “almanac,” the historical pending sales chart provides us with a very clear picture of what to expect. Any deviation from the large peak in June and the smaller peak in December would certainly qualify as “news” and be reported. As expected, the metric increased week over week from 2,595 to 2,731 units and it appears the borough is roughly halfway to that first peak.

Chart Courtesy of UrbanDigs

Brooklyn Pending Sales: This week’s observation is the same as what we witnessed in Manhattan where, right on cue, the metric reached its seasonal February trough and then reversed direction. We can also predict that the first of two peaks this year should occur in June and that the metric is about halfway there. This week, pending sales increased from 1,565 to 1,665 units.

Chart Courtesy of UrbanDigs

Manhattan Contracts Signed: After spending July 2022 to January 2023 below the historical average (the average weekly number of signed contracts from Jan 5, 2015 to Mar 1, 2020), demand for Manhattan has now remained above that average for the past eight weeks. This week, signed contracts increased from 234 to 272, the highest mark since May 2022.

Brooklyn Contracts Signed: Brooklyn continues to peak since the pandemic. After briefly touching the pre-pandemic average (the average weekly number of signed contracts from Jan 5, 2015 to Mar 1, 2020) in mid-January, which has become the metric’s support level for the past two years, signed contracts have skyrocketed above that average. Week over week, contract volume increased from 151 to 175, the highest point since August 2022.

New Development Insights

As reported by Marketproof, 82 new development contracts were reported across 52 buildings this week. The following were the top-selling new developments of the week:

  • 44 EUCLID AVE (Cypress Hills)
  • 450 WASHINGTON (Tribeca)
  • POST HOUSE (Boerum Hill)
  • THE CORTLAND (West Chelsea)

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

Our goal is simple: to humanize the world of real estate. Michael Rossi founded Elegran in 2008 on the dual premise of motivation and innovation, with a third sustaining principle added over the years: care. Unique in the industry as an independently owned brokerage with agents known as “advisors” and a data-centered approach, the firm has become a key player in the New York brokerage world. The exclusive NYC member of the invitation-only Forbes Global Properties network, Elegran oversaw well over $500 million in sales volume in 2019, tripled market share in 2020, and sold US $1B in 2021. Headquartered in the center of Manhattan, Elegran is solely dedicated to serving the incomparable needs of the New York City metropolitan region. For more information about Elegran, visit www.elegran.com.

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Elegran Insights
Elegran Insights

Published in Elegran Insights

Elegran believes in “humanizing” the world of real estate by following the three pillars on which our company was founded: Motivation, Innovation, and Care. Our formula is simple: we invest in our real estate advisors so that they can invest in their customers.

Elegran | Forbes Global Properties
Elegran | Forbes Global Properties

Written by Elegran | Forbes Global Properties

Reinventing the customer journey in NYC Real Estate since 2008. Exclusive Member of Forbes Global Properties 🏙️ #PreciselyYou

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