Heading into Q2, new-to-market inventory and contract activity spiked in both Manhattan and Brooklyn. In Manhattan, 600 new listings came to market, the most in a week since September 2021 and 361 contracts were signed, the most since May 2021. In Brooklyn, 362 new listings came to market, the most since September 2021 and 236 contracts were signed, the most since June 2021.
NOTE FOR BUYERS: April is traditionally peak-listing month for the Spring season and with headlines proclaiming NYC’s recovery and rising prices — and increased urgency in the face of sharply rising interest rates — buyers are motivated to transact and will quickly absorb the new-to-market supply.
Manhattan Supply increased by half a percent this week to 5,688 units, continuing the trend of a gradual increase in supply. This week new supply popped as 600 new listings came to market, the most since the week after Labor Day in 2021. This week’s new supply is 28% more than last week and a whopping 71% more than the same week last year. The large increase in new supply this week will be met with eager and motivated buyers who’ve been clamoring for fresh inventory.
Brooklyn Supply increased 4% to 2,566 units for sale this week, the largest week over week increase in three months. This week 362 new listings came to market, a 36% increase from last week and 62% more than the same week last year.
Manhattan Pending Sales remained virtually unchanged for the second week in a row, at 4,314.
Brooklyn Pending Sales remained flat compared to last week, at 3,150.
Manhattan Contracts Signed -361 contracts were signed this week, the most in a week since May 2021, and a 21% increase from last week and a 6% increase from the same week last year.
Brooklyn Contracts Signed — 236 contracts were signed this week, the most in a week since June 2021, and a 10% increase from last week and a 12% increase from the same week last year.
New Development Insights
As reported by Marketproof, this week, 96 new development contracts were reported across 63 buildings. The following were the top selling new developments of the week:
- The Solaire in Battery Park City
- 11 Hoyt Street in Downtown Brooklyn
- 1080 Lorimer in Greenpoint
- 165 Chrystie Street in the Lower East Side
- 567 Ocean Avenue in Flatbush
Please contact me if you would like to learn more about these, or other new developments.
