Elegran | Forbes Global Properties October 13, 2024
After last week’s unexpected dip, inventory in Manhattan and Brooklyn rebounded to follow their seasonal upward trend. Manhattan’s supply increased by 2.7% to 6,756 units, while Brooklyn’s rose by 1.7% to 3,429 units. New listings showed mixed results compared to the previous week, with Manhattan experiencing a 9% decline while Brooklyn posted a nearly 6% gain. Year-over-year, Manhattan’s inventory is down 5%, whereas Brooklyn’s is up nearly 9%, showing different market patterns in each borough.
Overall, buyer demand continues to show resilience despite some shifts in contract activity. Manhattan saw a 5% decrease in contract signings this past week, totaling 187, though this still represents a 24% increase from last year. Meanwhile, Brooklyn’s contract volume remained at 133, reflecting a 12% year-over-year gain. The recent rise in pending sales across both boroughs marks the first significant week-over-week increase since early July, indicating that the market may have reached its seasonal low, with contract activity beginning to build momentum.
The Elegran | Forbes Global Properties Consumer Sentiment Index declined, reflecting the shift from summer to fall adjustments. As the new seasonal adjustment took effect and contract volumes were factored in, the index fell from +31 to +15. Despite this dip in sentiment, the return to an upward supply trend and growing pending sales suggest that the market is adjusting to seasonal patterns while still showing signs of underlying strength.
After a brief dip last week, inventory rebounded by 2.7%, reaching 6,756 units for sale. This week saw 270 new properties hit the market, marking a 9% drop from the previous week and a 20% decline compared to last year. Overall, Manhattan’s supply has shrunk by 5% year-over-year.
Like Manhattan, Brooklyn’s inventory increased by 1.7% to 3,429 units for sale following an unexpected dip last week. However, unlike Manhattan, the number of new listings grew by nearly 6% from the previous week, with 179 units coming on the market. While this week’s new listings are still down 12% from last year, Brooklyn’s overall supply remains nearly 9% higher than in 2023.
The number of signed contracts in Manhattan dropped by 5% over the past week, totaling 187. Despite the decline, this represents a 24% increase compared to last year. As a result, the Eegran | Forbes Global Properties Manhattan Consumer Sentiment Index declined from +10 to -3.
Brooklyn’s residential real estate market held steady this week, with 133 contract signings, unchanged from the previous week. This marks a 12% increase from the same period last year. However, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +82 to +73, reflecting a shift in the index’s seasonal adjustment from summer to fall.
Marketproof reported that 48 new development contracts were signed in 34 buildings this week. The following buildings were the top-selling new developments of the week:
- Mason LIC (Long Island City) signed 4 contracts
- Govley Condominium (Columbia Waterfront) signed 3 contracts.
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