Elegran Insights
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Elegran Insights

Elegran Insights: Weekly Manhattan & Brooklyn Market

Photo by Tim Hüfner on Unsplash

Week of 02/28/22

In Manhattan, supply decreased for the first time in five weeks and pending sales increased for the second time in eight weeks, causing the market pulse to rise to 0.82 this week. In Brooklyn, overall supply also decreased and pending sales rose nearly 15% compared to last week, increasing the market pulse to 1.29.

Manhattan Supply decreased by 2% this week, after increasing the last four weeks, bringing the total supply down to 5,078 homes for sale. This week supply popped as 447 new listings came to market, an 11% increase compared to last week and 52% more than the same week last year.

Brooklyn Supply decreased less than 1% to 2,424 units for sale this week. This week 205 new listings came to market, a decrease of 10% from last week and 8% less than the same week last year.

Manhattan Pending Sales increased 2% to 4,180 this week, the second increase in eight weeks.

Brooklyn Pending Sales increased 15% to 3,138 this week, making its way over the 3,000 mark for the first time in nine weeks.

Manhattan Contracts Signed — 285 contracts were signed this week, a 6% decrease from last week and a 6% increase from the same week last year.

Brooklyn Contracts Signed — 178 contracts were signed this week, a 5% decrease from last week and a 13% 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 $1,420, (b) the median price was $999K and © the median size was 1,100 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 $791, (b) the median price was $1.28M and © the median size was 1,590 square feet.

New Development Insights

This week, 98 new development contracts were reported within 66 buildings. Manhattan’s contract volume increased to 45% this week, Brooklyn’s decreased to 37%, and Queens made up 18% of the contract volume this week.

The following were the top selling new developments this week:

  • Skyline Tower in Long Island City reported 13 new contracts.
  • The Graydon in Chelsea reported 3 new contracts.
  • 130 William Street in Fulton Seaport reported 3 new contracts.
  • Front and York — York Tower in Dumbo reported 3 new contracts.
  • Vernon47 in Hunters Point reported 3 new contracts.
  • Madison House in NoMad reported 2 new contracts.

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.

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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.

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