Elegran Insights: Weekly Manhattan & Brooklyn Market

Week of 11/1/2021

In Manhattan, overall supply remained level this week, as it has for the last three weeks, while new inventory decreased and contract activity increased. This week, 327 contracts were signed in Manhattan, the most signed in one week in the last 4 months. In Brooklyn, overall supply decreased for the first time in 7 weeks, as 26% fewer new listings came to market this week compared to the previous week and more than 200 contracts were signed for the third straight week. Manhattan’s Market Pulse continued to drop slightly to 0.66, while Brooklyn’s increased to 0.95. Buyers awaiting more inventory may be disappointed as weekly new inventory continues to trend lower in both boroughs heading into November, compounded by a steady increase in contract activity over the last six weeks.

Manhattan Supply remained flat this week with 6,563 units for sale. This week, 410 new listings came to market, an 8% decrease from last week and 15% more than the same week last year.

Brooklyn Supply decreased 4% to 3,168 units for sale. This week 220 new listings came to market, a decrease of 27% from last week and 12% less than the same week last year.

Manhattan Pending Sales decreased 3% to 4,300 this week.

Brooklyn Pending Sales decreased 1% to 3,020 this week.

Manhattan Pending Sales

Brooklyn Pending Sales

Manhattan Contracts Signed — 327 contracts were signed this week, a 3% increase from last week and a 29% increase from the same week last year.

Brooklyn Contracts Signed — 220 contracts were signed this week, a 3% decrease from last week and a 13% 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 $1,413, (b) the median price was $1.20M and © the median size was 1,200 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 $713, (b) the median price was $970K and © the median size was 1,306 square foot.

New Development Insights

This week, 132 new development contracts were reported within 65 buildings, an increase from the 99 contracts reported the prior week. Manhattan continues to account for more than half of the new development contract volume within the three boroughs, while Brooklyn’s contract volume decreased to 35%, and Queen’s contract volume increased to 10% compared to last week.