Weekly Manhattan & Brooklyn Market Update: 10/7
Elegran | Forbes Global Properties October 7, 2024
Elegran | Forbes Global Properties October 7, 2024
Manhattan and Brooklyn saw surprising early declines in available inventory, with Manhattan’s supply down 3% to 6,578 units. While it’s common for new listings to slow, it’s unusual for overall supply to shrink this early in the season. Only 296 new listings were added, 21% fewer than the same week last year, and year-over-year supply is down 7% in the borough, fueling increased competition as buyer demand rises.
Brooklyn’s market followed suit, with a 2.5% drop in available apartments, bringing the total to 3,372 units. New listings fell 20% from last week, though overall supply is still 7% higher than last year.
Contract signings rose as expected in both markets. Manhattan saw a 5% increase to 197 contracts, 15% higher than last year, while Brooklyn’s signings jumped nearly 19% to 133, marking a 24% year-over-year rise. The Elegran | Forbes Global Properties Consumer Sentiment Index reflected this and rose from +22 to +29.
This week, Manhattan’s housing inventory dropped by 3%, leaving 6,578 properties for sale. It’s unusual to see supply declining this early in the fall season, deviating from typical seasonal trends and highlighting the current market’s distinctiveness. Although 296 new listings were added, the pace of new inventory is slowing, with this week’s additions down 21% compared to last year. Overall, supply has decreased by 7% year-over-year, and when combined with growing buyer demand, this keeps the market highly competitive.
Data courtesy of UrbanDigs
Brooklyn’s residential real estate market also experienced an unexpected dip in available apartments last week, with inventory shrinking by 2.5% to 3,372 units. Similar to trends in Manhattan, the number of new listings dropped by 20% compared to the previous week, with only 167 units hitting the market. While this week’s new listings are in line with last year's period, overall supply in Brooklyn remains 7% higher than in 2023.​
Manhattan Pending Sales: Pending sales continued trending downward, declining by 4.4% to 2,544 units.
Brooklyn Pending Sales: Pending sales continued trending downward, declining by 1.5% to 1,662 units.
Contract signings in Manhattan increased by 5% over the past week, with 197 contracts signed—15% more than the same week last year. The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index echoed this positive trend, rising from +1 to +10 for the second consecutive week.
Brooklyn’s residential real estate market saw a notable surge in activity this week, with contract signings jumping nearly 19% to 133. This marks a substantial 24% increase compared to last year's period. Reflecting this heightened activity, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index rose from +55 to +82.
Marketproof reported that 57 new development contracts were signed in 38 buildings this week. The following buildings were the top-selling new developments of the week:
- 255 East 77th Street (Upper East Side) signed 9 contracts
- 393 West End Avenue (Upper West Side), Hendrix House (Kips Bay), The Rogers Residences (Prospect Lefferts Gardens), and Mason LIC (Long Island City) each signed 3 contracts.
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