Elegran Insights: Weekly Manhattan & Brooklyn Market

This week in Manhattan overall supply decreased by 3% despite more than 500 new homes coming on the market, as 340 contracts were signed and nearly 140 homes were taken off the market. Consequently, the Market Pulse in Manhattan rose from 0.76 to 0.8. In Brooklyn, supply also decreased, as did pending sales, which decreased nearly 9%, decreasing Brooklyn’s Market Pulse from 1.38 to 1.28 over the last week.

 

Manhattan Supply decreased by 3% this week to 5,338 units, after increasing the last two weeks. This week, 536 new listings came to market, the same figure as last week and 17% more than the same week last year.

 

Brooklyn Supply decreased 2% to 2,411 units for sale this week. This week 278 new listings came to market, a decrease of 1% from last week and 15% less than the same week last year.

 

Manhattan Pending Sales increased nearly 2% this week to 4,292 this week.

 

Brooklyn Pending Sales decreased nearly 9% to 3,094 this week, the first week-over-week decrease in five weeks and the largest week-over-week decrease in quite some time.

 

 

 

Manhattan Contracts Signed — 340 contracts were signed this week, a 1% increase from last week and no change from the same week last year.

 

 

Brooklyn Contracts Signed — 211 contracts were signed this week, a 7% decrease from last week and a 4% decrease 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 $1,549, (b) the median price was $1.27M and © the median size was 1,212 square feet.

 

 

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 $748, (b) the median price was $950K and © the median size was 1,200 square feet.

 

 

As reported by Marketproof, this week, 105 new development contracts were reported across 73 buildings. The following were the top selling new developments of the week:

 

Please contact me if you would like to learn more about these, or other new developments.