Elegran Insights: Weekly Manhattan & Brooklyn Market
Week of 12/13/21
This week, total supply in Manhattan and Brooklyn continued to decrease and pending sales rose in both boroughs. The Market Pulse increased, as inventory is declining while demand is increasing. Manhattan’s market pulse is 0.77 and Brooklyn’s is 1.15, indicating strong buyer activity and increasing leverage for sellers. Owners considering listing this spring could be better off listing now to take advantage of buyers clamoring for new inventory and reduced competition from other sellers. On the rental side, overall rental supply in Manhattan decreased to fewer than 3,000 available for rent, the lowest inventory level since the pandemic. The reduction in rental inventory is contributing to rising rental rates, reduced landlord concession and higher renewal rates for tenants.
Manhattan Supply decreased 2% this week to 5,664 units for sale, as supply continues to trend downwards through the holiday season. This week, 295 new listings came to market, a 20% increase compared to last week and a 46% increase from last year.
Brooklyn Supply decreased 4% to 2,634 units for sale. This week 163 new listings came to market, an increase of 28% from last week and 16% less than the same week last year.
Manhattan Pending Sales increased 1% to 4,358 this week.
Brooklyn Pending Sales increased 1% to 3,033 this week.
Manhattan Contracts Signed — 342 contracts were signed this week, a 48% increase from both last week and last year.
Brooklyn Contracts Signed — 190 contracts were signed this week, a 52% increase from last week and a 9% increase 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 $1,542, (b) the median price was $1.35M and © the median size was 1,289 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 $769, (b) the median price was $997K and © the median size was 1,200 square feet.
New Development Insights
This week, 92 new development contracts were reported within 53 buildings, an increase from the 62 contracts reported the week before. 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 34% and Queen’s contract volume decreased to only 3%.
The following were the top selling new developments this week:
- One Manhattan Square in Two Bridges reported 9 new contracts.
- 200 East 83rd Street in Yorkville reported 7 new contracts.
- Vu in Kips Bay reported 4 contracts.
- 130 William Street in the Financial District reported 3 contracts.
- Madison House in NoMad reported 3 contracts.
- One United Nations Park in Murray Hill reported 3 contracts.
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