In Manhattan, 319 new listings entered the market last week, up 22% from the previous week bit still ~10% below the historic average.
161 contracts were signed last week – up 7% from the previous week, but still below 200 and down from the previous nine-year average. Monthly new contracts have been below the historic average every month since June 2022. That said, we are expecting lower contract activity AND lower inventory levels throughout 2023 to have a supportive effect on contract prices.
In the luxury sector (>$4M), twenty-nine Manhattan contracts were signed last week – fourteen more than the previous week. Condos outsold co-ops 17-6, with one condop and five townhouses in the mix.
Noteworthy new contracts last week were 1045 Madison Ave. #11 asking $15.5M, 35 Hudson Yards #6904 asking $8.895M, and the townhouse at 130 East 61st Street asking $7.995M.
In Brooklyn, inventory levels are 10% down from last year. 173 new listings entered the market last week, a 43% increase over the previous week to mark Week One of the Spring selling season.
95 Brooklyn listings entered contract last week, which is 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 townhouse at 418 State Street asking $4.375M, the multifamily building at 465 Humboldt Street asking $3.95M, and the penthouse at 328 Atlantic Avenue asking $3.5M.
There was a 7% uptick in open house attendance this past weekend compared to the previous weekend. The average attendance climbed above 3.00 per open house, which is double the attendance we saw in October / November 2022. The tale of two cities continues: only 12% of Brooklyn open houses reported zero attendance, but in Manhattan 29% had zero visitors.