Weekly Manhattan & Brooklyn Market Update: 2/3
Elegran | Forbes Global Properties February 3, 2025
Elegran | Forbes Global Properties February 3, 2025
January defied historical trends, with contract volume falling 10% in Manhattan and 21% in Brooklyn compared to December. This marked a weaker-than-usual start to the year. Typically, Manhattan sees a slight uptick in January, while Brooklyn experiences a small decline, but that pattern didn’t hold in 2025.
On the supply side, Manhattan's inventory remains 5% lower than last year, while Brooklyn’s supply is flat year-over-year.
The Elegran | Forbes Global Properties NYC Consumer Sentiment Index dipped from +10 to +3 last week. However, strong early-stage buyer activity suggests an upcoming increase in signed contracts, pointing to potential momentum heading into February.
Manhattan Supply
This week, 279 new listings hit the Manhattan market—a 23% drop from last week. However, recent data reporting glitches make week-over-week comparisons less reliable. Taking a broader view, the three-week average of 290 new listings suggests a slight increase over last year. Total inventory grew by 1.84% to 5,539 active listings, though overall supply remains 5% lower than this time last year.
Data courtesy of UrbanDigs
Brooklyn Supply
This week, Brooklyn saw 176 new listings hit the market, a 7% decline from last week. However, recent data reporting glitches have impacted week-over-week comparisons. Looking at the bigger picture, the three-week average of 176 new listings is slightly above last year’s levels. Overall inventory in Brooklyn increased by 1% to 2,895 active listings, holding steady with last year’s supply levels.
Data courtesy of UrbanDigs
This week, 165 signed contracts were reported in Manhattan—a 16% decline from last week. However, recent data reporting glitches make week-over-week comparisons less reliable. Looking at the broader trend, the three-week average of 164 signed contracts sits slightly below last year’s levels. After a strong close to 2024, January has been relatively quiet in terms of contract velocity. However, early-stage buyer activity remains robust, suggesting a likely uptick in contract volume in the coming weeks. For now, the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index fell from -2 to -18 this week—marking the sixth consecutive week of below-average sentiment.
Brooklyn Consumer Sentiment
Brooklyn saw 125 signed contracts this week, a 25% increase from last week. However, recent data reporting glitches make week-over-week comparisons less reliable. Taking a broader view, the three-week average of 101 signed contracts aligns with last year’s levels. While contract volume remains slightly below where it was at the end of 2024, strong early-stage buyer activity suggests an upcoming increase in signed contracts. Reflecting this shift, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index rose from +36 to +69, driven by the uptick in reported contract activity.
Marketproof reported that 32 new development contracts were signed in 29 buildings this week. The following buildings were the top-selling new developments of the week:
One11 Residences (Midtown), The Rennie (Harlem), and 1048 Flushing Ave (Bushwick) each signed two contracts.
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