Contract activity in Manhattan normalized this week, recovering from the holiday slump earlier this month. A total of 206 contracts were signed in Manhattan, reflecting an 18% increase from last week, 5% more compared to the same week last year, and 12% more than the same week in 2019. In Brooklyn, contract activity remained consistent with last week, which was 6% higher than the same week last year and 40% higher than the same week in 2019.

As a result, the Elegran | Forbes Global Properties Consumer Sentiment Index increased from +22 to +33, indicating that the market is currently performing slightly better than the pre-COVID summer average in terms of demand.

Both boroughs continued to see a decline in supply as properties went into contract or were taken off the market. As expected for the summer months, fewer new listings are coming to market. Similarly, pending sales declined in both boroughs, a seasonal norm, as properties contracted in the spring are closed in the summer, with fewer new contracts being signed to replace them. Anticipate pending sales to increase again starting in mid-to-late October.

Manhattan Supply

The inventory of Manhattan apartments for sale continued to decrease, as is seasonally normal. This week, supply decreased by 3.3% to 6,738 units, as 288 new listings came on the market, a similar amount to the prior week.

Brooklyn Supply: Inventory in Brooklyn decreased by almost 1% to 3,216 units as 180 new listings came to market, a similar amount to the prior week. 

Manhattan Pending Sales: Pending sales decreased by almost 8% to 3,052 units this week.

Brooklyn Pending Sales: Pending sales decreased by 4.4% to 2,037 units this week.

Manhattan Consumer Sentiment

This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index improved from -1 to a +14, as contract activity increased by 17% compared to the previous week.  Recovering from the holiday slump earlier this month, 206 contracts were signed, reflecting a slightly above-average week for the summer months.

Brooklyn Consumer Sentiment

Brooklyn's residential real estate market saw a slight uptick this week as 139 contracts were signed, 2 more than last week. Considering the change to the summer adjustment to account for seasonality, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index increased from +87 to +90 this week.  

New Development Insights 

Marketproof reported that 36 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 Bloom on 45th (Clinton) each reported two contracts.

• 11 Hoyt St (Downtown Brooklyn), and The Brooklyn Grove (Downtown Brooklyn) each reported two contracts.