Weekly Manhattan & Brooklyn Market Update: 7/29
Elegran | Forbes Global Properties July 27, 2024
Elegran | Forbes Global Properties July 27, 2024
This week, Manhattan’s contract activity remained consistent with last week’s, while Brooklyn experienced a 22% drop in the number of contracts signed. This decline in Brooklyn led to a decrease in the Elegran | Forbes Global Properties Consumer Sentiment Index, which fell from +35 to +22.
Despite the dip in Brooklyn, the overall market continues to perform well. Manhattan’s contract activity has remained steady over the past three months, excluding holiday weeks. This week marks the first significant drop in Brooklyn’s contract activity during a non-holiday week, leaving it uncertain whether this is an anomaly or the beginning of a new trend for the borough.
On the supply side, Manhattan saw a 1.7% drop, while Brooklyn’s supply remained unchanged.
As we approach the last few weeks of summer, with a fluctuating stock market, increased expectations for imminent interest rate declines, and a shifting political climate, the upcoming weeks will be interesting to observe. Buyers currently have a window of opportunity to secure more favorable deals before demand increases when interest rates begin to drop.
As expected during the summer, the inventory of Manhattan apartments for sale continued to decline. This week, the supply decreased by nearly 2%, bringing the total to 6,624 units. Notably, only 209 new listings were added to the market, marking a significant 27% drop compared to the previous week.
Manhattan Supply | Data courtesy of UrbanDigs
Brooklyn's residential inventory remained stable at 3,217 units, as 180 new listings came on the market, slightly fewer than the previous week.
Brooklyn Supply | Data courtesy of UrbanDigs
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index remained steady at +14. One additional contract was signed this week compared to the previous week, bringing the total to 207 contracts signed. Notably, the last full week of July experienced above-average contract activity for the summer months.
Brooklyn's residential real estate market experienced a reduction in contract activity this week as 108 contracts were signed, a notable 22% decrease from the previous week. Consequently, the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index fell from +90 to +50.
Marketproof reported that 46 new development contracts were signed in 27 buildings this week. The following buildings were the top-selling new developments of the week:
520 Fifth Avenue (Midtown) reported 13 contracts
Lucent 33 (LIC) reported 5 contracts
Monogram New York (Turtle Bay), One Manhattan Square (Two Bridges), and 205 14th Street (Park Slope) each reported 2 contracts.
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