Elegran Insights: Weekly Manhattan & Brooklyn Market

Week of 10/18/2021

This week, for the first time since Labor Day, overall listing supply decreased week-over-week in Manhattan, and contract activity decreased slightly from last week. In Brooklyn, overall listing supply held steady and contract activity increased noticeably compared to last week. During the last four weeks, the overall trend has been increasing supply and increasing contract activity in Manhattan and Brooklyn. Manhattan’s Market Pulse increased from 0.67 to 0.69 and Brooklyn’s decreased from 0.94 to 0.93, still indicating a seller’s market in both boroughs.

Manhattan Supply decreased this week by 4% to 6,555 units. This week, 534 new listings came to market, a 12% increase from last week and 30% more than the same week last year.

Brooklyn Supply decreased slightly to 3,286 units for sale. This week 295 new listings came to market, an increase of 10% from last week and 3% less than the same week last year.

Manhattan Pending Sales decreased 1% to 4,491 this week.

Brooklyn Pending Sales decreased 1% to 3,053 this week.

Manhattan Pending Sales

Brooklyn Pending Sales

Manhattan Contracts Signed — 276 contracts were signed this week, a 2% decrease from last week and a 68% increase from the same week last year.

Brooklyn Contracts Signed — 219 contracts were signed this week, an 11% increase from last week and a 36% 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 $1,557, (b) the median price was $1.21M and © the median size was 1,100 square foot.

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 $763, (b) the median price was $959K and © the median size was 1,309 square foot.

Highlights of the Manhattan Rental Market:

• Median asking rents are back to 2019 levels
• Normal seasonality in the rental market is starting to return.
• The seasonality is returning with a lower amount of new inventory, which has been pushing prices higher.
• Rental demand is cooling off compared to previous 12-months as the market is limited by decreased inventory, rising prices and a seasonal fall market.
• September 2021 is the first month that we’ve seen positive price change for all bedroom counts in the same month.
• Rental prices may move sideways through the winter month.

New Development Insights

This week, 111 new development contracts were reported within 62 buildings, an increase from the 103 contracts reported the prior week. New development contract activity has been on an upswing these last three weeks. This week, Manhattan’s contract volume decreased, accounting for 44%, while Brooklyn’s and Queen’s contract volume increased from last week to 45% and 10% respectively.

The following were the top selling new developments this week:

• 243 North 5th Street in Williamsburg reported 7 new contracts.
• 300 West in Harlem reported 5 new contracts.
• One Manhattan Square in Two Bridges reported 4 new contracts.
• Vu in Kips Bay reported 4 new contracts.
• Lantern House in Chelsea reported 4 new contracts.
• 510 Driggs Avenue in Williamsburg reported 4 new contracts.

For a more in-depth analysis of this week’s numbers, click to read Elegran Insights Complete Weekly Market Update.

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.