Weekly Market Update

Weekly Market Update for Manhattan and Brooklyn – February 21, 2023

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In Manhattan, 319 new listings entered the market last week, up 2% from the previous week and now keeping pace with prior year trends.

238 contracts were signed last week – up 26% from the previous week, and Pending Sales ticked up last week for the first time since May.

The luxury sector in Manhattan (>$4M) saw the highest weekly total of new contracts signed since May 9-15, 2022 when 39 contracts were signed, with 31 contracts signed last week – six more than the previous week. Condos outsold co-ops 21-7, and three condops were in the mix. Total volume was $272,220,990.

Noteworthy new contracts last week were the 27th Floor at 150 Central Park South, asking $30M, and 30 Park Place #PH77A asking $19.75M.

There are 2901 active listings in Brooklyn, but inventory levels remain 10% down from last year. 135 new listings entered the market last week, a 21% decrease from the previous week. 

123 Brooklyn listings entered contract last week, which is 6% fewer than the previous week and still well below historic averages for this time of year. That said, again… we are expecting lower contract activity AND lower inventory levels throughout 2023 to have a supporting effect on contract prices.

Noteworthy new contracts in Brooklyn last week were the multifamily site at 710 61st Street in Sunset Park, asking $8.99M, the townhouse at 402 2nd Street in Park Slope, asking $4.995M, and #59D at 1 City Point, asking $3,516,495.

Open house attendance dropped to 2.86 parties per open house this past President’s Day weekend, down 33% from the previous Super Bowl Sunday weekend when we recorded 4.30 parties per open house. The tale of two cities continues: only 8% of Brooklyn open houses reported zero attendance, but in Manhattan 22% had zero visitors.

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With decades of expertise in Manhattan and Brooklyn, Brandon Mason looks forward to providing you with a real estate experience that is second to none. Feel free to explore our website, and contact Brandon with any questions you may have.

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