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Elegran Insights

Elegran Insights: Weekly Manhattan & Brooklyn Market

Week of 10/4/2021

Heading into October, both overall supply and contract activity increased in Manhattan and Brooklyn compared to last week. As supply increases and pending sales decrease, the Market Pulse in both boroughs is decreasing, at 0.68 for Manhattan and 0.96 for Brooklyn. As buyers explore the new-to-market inventory, a window of opportunity has opened where the seller’s leverage has decreased slightly.

A preliminary analysis of September’s numbers indicate that September 2021 has set a record for the most new-to-market supply and contracts signed in the month of September over the last 10-years. In all, 974 contracts were signed this September, exceeding the second highest, September 2014, when 844 contracts were signed. On the supply side, 2,251 new listings came to market this September, narrowly surpassing September 2020 when 2,180 new listings came to market coming out of the COVID shutdown phase.

Manhattan Supply continued to increase this week by 3% to 6,711 units. This week, 489 new listings came to market, an 11% decrease from last week and 21% more than the same week last year. After the initial pop of listings immediately after Labor Day, each successive week in September saw fewer new listings than the prior week, in keeping with seasonal patterns.

Brooklyn Supply increased 2% to 3,168 units for sale. This week 305 new listings came to market, an increase of 8% from last week and 3% less than the same week last year.

Manhattan Pending Sales decreased 1% to 4,586 this week and may be plateauing.

Brooklyn Pending Sales decreased 1% to 3,031 this week.

Manhattan Pending Sales

Brooklyn Pending Sales

Manhattan Contracts Signed — 246 contracts were signed this week, a 11% increase from last week and a 59% increase from the same week last year.

Brooklyn Contracts Signed — 177 contracts were signed this week, a 29% increase from last week and an 8% 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 $1,376, (b) the median price was $1.22M and © the median size was 1,234 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 $755, (b) the median price was $1.1M and © the median size was 1,322 square foot.

New Development Insights

This week, 80 new development contracts were reported within 58 buildings, a slight decrease from the 87 contracts reported the prior week. This week, Manhattan’s contract volume decreased, accounting for 49% and Brooklyn and Queens contract activity increased from last week, to 36% and 15% respectively.

The following were the top selling new developments this week:

  • 300 West in Harlem reported 4 new contracts.
  • Skyline Tower in Long Island City reported 4 new contracts.
  • 11 Hoyt Street in Downtown Brooklyn reported 3 new contracts.
  • One Prospect Park West in Park Slope reported 3 new contracts.
  • 130 William Street in Fulton Seaport reported 2 new contracts.
  • Hillrose28 in Kips Bay reported 2 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.

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Elegran Real Estate

Elegran Real Estate

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