Weekly Manhattan & Brooklyn Market Update: 12/16
Elegran | Forbes Global Properties December 16, 2024
Elegran | Forbes Global Properties December 16, 2024
The Manhattan and Brooklyn real estate markets continued to show resilience during the second week of December despite the holiday season. In Manhattan, the supply of homes for sale decreased slightly, and fewer new listings entered the market. Still, buyer activity remained strong, with a noticeable uptick in contract signings and consumer sentiment compared to last year.
Brooklyn followed similar seasonal trends, with a slight dip in available inventory but an increase in new listings and steady contract signings. Consumer confidence in the Brooklyn market remains high, reflecting consistent demand as the year comes to a close.
The Elegran | Forbes Global Properties Consumer Sentiment Index increased from +14 to +25, and both markets are performing better than last year. This highlights continued market participation from buyers and sellers as 2024 draws to a close.
The supply of residential units in Manhattan decreased by 3.3% during the second week of December, bringing the total to 5,910 properties. This aligns with typical seasonal trends as the market naturally slows down towards the end of the year. New listings entering Manhattan markets also declined, dropping 13% to 167 new units week-over-week.
However, on a year-over-year basis, this week saw a 48% increase in new listings compared to the same week in 2023. This indicates significantly higher activity than last year, despite the overall seasonal slowdown.
Brooklyn's residential supply decreased by nearly 1% during the second week of December, leaving 3,031 properties on the market. This decline is consistent with typical seasonal trends as the market slows down during the holiday season. While Manhattan's new listings decreased, Brooklyn experienced a different trend. New listings entering Brooklyn markets increased by 6.4% to 133 new units week-over-week.
New listings in Brooklyn surged by 22% year over year compared to the same week in 2023. This indicates significantly higher activity than last year, even amidst the seasonal slowdown.
Contrary to the contraction observed last week following Thanksgiving, this week saw a 28% increase in signed contracts, reaching 214. The Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index reflects this market activity, increasing from -13 to +10. This also signifies a significant year-over-year increase of 41% compared to the same week in 2023.
Similar to Manhattan, Brooklyn also experienced growth in contract signings, albeit at a more modest pace. This week, signed contracts increased by 1.4%, reaching 147. The Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index reflects this steady market activity, rising from +87 to +91. This indicates that the Brooklyn market remains strong as the year draws to a close.
Marketproof reported that 51 new development contracts were signed in 36 buildings this week. The following buildings were the top-selling new developments of the week:
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