Weekly Market Update

Weekly Market Update for Manhattan and Brooklyn – February 28, 2023

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In Manhattan, 309 new listings entered the market last week, down 3% from the previous week but keeping pace with prior year trends.

199 contracts were signed last week – down 16% from the previous week, due to the shortened President’s Day holiday week.

23 Manhattan contracts were signed at $4M and above. The shortened week registered 8 fewer deals than the previous week. Condos outsold co-ops 14-6, and 3 townhouses were in the mix. Noteworthy new contracts last week were the penthouse at 3 East 95th Street, asking $19.5M, and 217 West 57th Street asking $17.088M.

In Brooklyn, 158 new listings entered the market last week, a 6% decrease from the previous week.

104 Brooklyn listings entered contract last week, which is 27% fewer than the previous week (again due to the shortened President’s Day holiday week) and still 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 prices.

Noteworthy new contracts signed in Brooklyn last week were #PHA at Quay Tower – 50 Bridge Park Drive, asking $10M, the townhouse at 77 Prospect Place in Park Slope, asking $5.990M, and the townhouse at 17 St Felix Street in Fort Greene, asking $4.475M.

The open house attendance this past weekend remained virtually the same as last weekend. The average notched up from 2.86 buyers per open house on the weekend of February 18-19, to 2.88 this past weekend.

In Brooklyn, just 4% of the open houses reported zero attendance. In Manhattan, 24.64%! 21.2% of all open houses in our survey recorded zero attendance. The prior weekend that number was 19.4%, and the weekend before that it was 17.1%. For perspective, on the weekend of December 18 39% of all open houses recorded zero attendance.

There were 4,901 open houses in New York City this past weekend, with roughly 3732 buyers seeing properties, which was a 3% increase from the weekend of February 19, 2023.

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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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