Elegran Insights: Weekly Manhattan & Brooklyn Market
Week of 05/09/22
This week Manhattan supply fell for the first time in seven weeks, despite 567 new listings coming to the market. While contract activity remained above 300 in Manhattan and above 200 in Brooklyn this week, which is seasonally very strong, contract velocity continues to fall behind pace compared to the same period last year. Given the decrease in Manhattan supply, Manhattan’s Market Pulse increased from 0.75 to 0.78 this week while Brooklyn’s Market Pulse also increased from 1.26 to 1.28.
Manhattan Supply decreased by nearly 1% this week to 6,080 units. This week 567 new listings came to market, 2% more than last week and 9% more compared to the same week last year.
Brooklyn Supply increased by 3 units this week to 2,630 units, as 298 new listings came to market, a half percent decrease from last week and 13% less than the same week last year.
Manhattan Pending Sales increased 2% to 4,727.
Brooklyn Pending Sales increased 2% to 3,373.
Manhattan Contracts Signed — 352 contracts were signed this week, the tenth week in a row that more than 300 contracts were signed. This represents a 7% increase from last week and a 12% decrease from the same week last year. This is the third week in a row where this year’s contract activity fell below the volume of the same week last year.
Brooklyn Contracts Signed — 214 contracts were signed this week, the ninth week in a row with more than 200 contracts signed. This represents a 2% increase from last week and a 23% decrease from the same week last year.
New Development Insights
As reported by Marketproof, this week, 72 new development contracts were reported across 49 buildings.
The following were the top selling new developments of the week
- The Solaire in Battery Park City
- The Edison in Gramercy Park
- 35 & 15 Hudson Yards in Hudson Yards
- 341 Fenimore St in Prospect Lefferts Gardens
- One Clinton in Brooklyn Heights
Please contact me if you would like to learn more about these, or other new developments.
We will continue sharing the Elegran Insights data analysis with you every week.