This week in Manhattan overall supply increased 6% despite a drop in new-to-market inventory. Overall supply in Manhattan has been gradually increasing, up 800 units, since the start of the year, and this week represents one of the largest week-over-week percentage increases in supply in the last two years. Contract activity in Manhattan took a step back this week, with 299 contracts signed, a 12% decrease from last week.
In Brooklyn, supply rose 2% this week, after decreasing 2% last week. Overall supply in Brooklyn has been moving sideways this year, with only a slight increase of 300 units in total supply since the start of the year. Contract activity remained steady this week, with 215 contracts signed in Brooklyn.
Manhattan Supply increased by 6% this week to 5,656 units, continuing the trend of a gradual increase in supply. This week, 469 new listings came to market, 13% less than last week and 22% more than the same week last year.
Brooklyn Supply increased 2% to 2,466 units for sale this week as supply continues to move sideways. This week 267 new listings came to market, a decrease of 4% from last week and 10% less than the same week last year.
Manhattan Pending Sales remained virtually unchanged this week with 4,306.
Brooklyn Pending Sales increased by nearly 2% to 3,147 this week.
Manhattan Contracts Signed — 299 contracts were signed this week, a 12% decrease from last week and a 13% decrease from the same week last year.
Brooklyn Contracts Signed — 215 contracts were signed this week, a 2% increase from last week and a 3% increase from the same week last year.
New Development Insights
As reported by Marketproof, this week, 103 new development contracts were reported across 67 buildings. The following were the top selling new developments of the week:
- Skyline Tower in Long Island City
- One Manhattan Square in Two Bridges
- 11 Hoyt in Downtown Brooklyn
- One essex Crossing on the Lower East Side
- 2505 Broadway on the Upper West Side
Please contact me if you would like to learn more about these, or other new developments.
