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Elegran Insights

Elegran Insights: Weekly Manhattan & Brooklyn Market

Week of 06/20/22

Photo by Pierre Jeanneret on Unsplash

With the confluence of factors creating headwinds in the market, NYC is not immune from the effects. Rising interest rates, a bear market for equities, a crypto winter and continued rising inflation, all of which have all led to a slowdown in the real estate market. In Manhattan, sellers are coming to market in greater numbers than this time last year, in part to take advantage of a still-liquid, albeit slowing, market.

This increase in supply has created more choice for buyers and reduced competition amongst buyers. In the face of market turbulence some end-user buyers are reindexing their goals and plans, while investor-buyers are looking at NYC real estate with renewed vigor as current market conditions can make NYC a favorable investment option today.

Programming Note: As seasonality is returning to the market, starting next week the year-over-year comparisons will now be 2022 vs. 2019. Comparing to 2019 will provide a more practical perspective on how today’s market is performing.

Manhattan Supply remained unchanged this week at 6,439 units as 428 new listings came to market, 8% less than last week and 13% more compared to the same week last year.

Brooklyn Supply also remained unchanged this week at 2,828 as 232 new listings came to market, 1% more than last week and 14% less than the same week last year.

Manhattan Pending Sales remained flat this week at 4,704.

Manhattan Pending Sales

Chart Courtesy of UrbanDigs

Brooklyn Pending Sales decreased nearly 5% to 3,260.

Brooklyn Pending Sales

Chart Courtesy of UrbanDigs

Manhattan Contracts Signed — 237 contracts were signed this week. This represents an 8% decrease from last week and a 30% decrease from the same week last year.

Brooklyn Contracts Signed — 177 contracts were signed this week. This represents a 5% decrease from last week and a 25% decrease from the same week last year.

New Development Insights

As reported by Marketproof, this week, 48 new development contracts were reported across 37 buildings. The following were the top selling new developments of the week:

  • The Edison Gramercy in Gramercy Park
  • 952 Bushwick Avenue in Bushwick
  • The Solaire in Battery Park City
  • Manor 82 in Yorkville

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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Reinventing the customer journey in NYC Real Estate since 2008. Exclusive Member of Forbes Global Properties 🏙️ #PreciselyYou