Weekly Manhattan & Brooklyn Market Update: 7/8
Elegran | Forbes Global Properties July 7, 2024
Elegran | Forbes Global Properties July 7, 2024
As anticipated, the Manhattan and Brooklyn real estate markets experienced a slowdown due to the holiday week and the Fourth of July falling on a Thursday. This slowdown was reflected in the Elegran | Forbes Global Properties Consumer Sentiment Index, which decreased from +25 to -4.
This week, Manhattan saw the second-lowest number of new-to-market listings for the year, while Brooklyn experienced its lowest. Contract activity declined by 12% in Manhattan and 18% in Brooklyn compared to the previous year. However, contract activity was up 39% in Manhattan and 14% in Brooklyn compared to the same week in 2023. These contract-signed numbers suggest a positive trend and hint that contract volumes may increase later in July.
Manhattan's residential apartment inventory dipped nearly 4% to 6,989 units, dropping below 7,000 for the first time since late April and reflecting a seasonal decline. This week, 142 new listings entered the market, the second lowest of the year given the holiday week.
Manhattan Supply | Data courtesy of UrbanDigs
Residential inventory fell 2.5% to 3,249 units this week, with only 126 new listings entering the market, the fewest all year given the 4th of July.
Brooklyn Supply | Data courtesy of UrbanDigs
This week, Manhattan’s score on the Elegran | Forbes Global Properties Manhattan Consumer Sentiment Index decreased from -2 to -16 as 211 contracts were signed, representing an 11% decrease from the previous week. Notably, 39% more contracts were signed compared to the same week in 2023.
This week, Brooklyn’s score on the Elegran | Forbes Global Properties Brooklyn Consumer Sentiment Index decreased from +72 to +38, as 116 contracts were signed, reflecting an 18% decrease from the previous week. However, 14% more contracts were signed this week compared to the same week in 2023.
Marketproof reported that 31 new development contracts were signed in 25 buildings this week. The following buildings were the top-selling new developments of the week:
520 Fifth Avenue (Midtown) reported 3 contracts.
Brooklyn Point (Downtown Brooklyn) reported 3 contracts.
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