Weekly Market Update

Weekly Market Update for Manhattan and Brooklyn – January 29-February 4, 2024

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In Manhattan, 251 new listings entered the market last week, down 11% from the previous week, and 5% below levels for this week in 2023.

212 Manhattan contracts were signed last week, up 31% from the previous week, but above levels set for this week in 2023, 2020 and 2019 for the first time this year.

Momentum is beginning to shift away from the buy side–the window is closing. The lack of inventory along with the strength of demand is beginning to create a favorable pricing environment for sellers.

22 Manhattan contracts were signed at $5M and above. Condos outsold co-ops 15-4, with three townhouses in the mix.

Noteworthy new contracts last week were PHE at 443 Greenwich Street, asking $28M, #PHA at 111 West 56th Street, asking $16.95M, and the townhouse at 124 East 70th Street, asking $10.75M.

In Brooklyn, 153 new listings entered the market last week, up 2.7% from the previous week, but we’re still trending closely to very light 2023 levels.

Meanwhile 109 Brooklyn listings entered contract last week, which was 8% higher than the previous week, and above levels set in 2023. Momentum in Brooklyn is not yet beginning to shift, but we are seeing higher numbers at open houses than we were this time last year.

Noteworthy new contracts in Brooklyn were the townhouse at 48 Garden Place in Brooklyn Heights, asking $10.495M and 226 12th Street in South Slope, asking $2.999M.

 

Data for this report is deemed reliable at the time of collection, but is not guaranteed accurate. Data points were collected from ReSource and Urbandigs. Analysis and conclusions are subject to errors, omissions and revisions.

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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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