Elegran Insights
Published in

Elegran Insights

Elegran Insights: Weekly Manhattan & Brooklyn Market

Week of 12/20/2021

This week in both Manhattan and Brooklyn overall supply continued to decrease, while pending sales rose, driving the Market Pulse higher again. Manhattan’s market pulse is 0.81, the highest in three months, and Brooklyn’s is 1.20, setting a new high water mark. Both new supply and contract activity in Manhattan and Brooklyn trended lower this week and as the number of homes being taken off market increases, supply in Manhattan and Brooklyn are hitting new lows. With fewer listings coming to market, competition amongst buyers remains strong. If sellers come to market in January to capitalize on the current demand, buyers could get a welcome influx of new inventory coming to market earlier than seasonally normal.

Manhattan Supply decreased 2.5% this week to 5,515 units for sale, as supply continues to trend downwards through the holiday season. This week, 168 new listings came to market, a 43% decrease compared to last week and an 11% increase from last year.

Brooklyn Supply decreased 4% to 2,536 units for sale. This week 119 new listings came to market, a decrease of 27% from last week and 3% less than the same week last year.

Manhattan Pending Sales increased 2% to 4,458 this week.

Brooklyn Pending Sales increased 1% to 3,051 this week.

Manhattan Contracts Signed — 261 contracts were signed this week, a 24% decrease from last week and a 18% increase from last year.

Brooklyn Contracts Signed — 125 contracts were signed this week, a 32% increase from last week and a 28% decrease from the same week last year.

Manhattan Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $1,515, (b) the median price was $1.49M and © the median size was 1,400 square feet.

Brooklyn Weekly Contract Analysis — Of the contracts signed this week, and based on the last asking price, the (a) median price per square foot was $759, (b) the median price was $898K and © the median size was 1,171 square feet.

New Development Insights

This week, 86 new development contracts were reported within 55 buildings, a decrease from the 92 contracts reported the week before. This week, Manhattan’s new development contract activity continued to account for more than half of the volume within the three boroughs, while Brooklyn’s contract volume decreased to 28% and Queen’s contract volume increased to 16% compared to last week.

The following were the top selling new developments this week:

  • Skyline Tower in Long Island City reported 8 new contracts.
  • Madison House in NoMad reported 5 new contracts.
  • One Manhattan Square in Two Bridges reported 4 new contracts.
  • Blvd Queens in Forest Hills reported 4 new contracts.
  • The Graydon in Chelsea reported 3 new contracts.
  • 98 Front in Dumbo reported 3 new contracts.

Please contact us if you would like to learn more …

We will continue sharing the Elegran Insights data analysis with you every week.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Elegran | Forbes Global Properties

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