Weekly Market Update

Weekly Market Update for Manhattan and Brooklyn – March 14, 2023

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In Manhattan, 439 new listings entered the market last week, up 2% from the previous week, and the highest number of new listings in one week so far in 2023.

259 contracts were signed last week – up 11% from the previous week, and the highest number of new contracts signed in one week so far in 2023.

36 Manhattan contracts were signed at $4M and above, 5 more deals than the previous week and the highest number of new $4M+ contracts since May 2022. Condos outsold co-ops 25-8, with one condop and two townhouses in the mix.

Noteworthy new contracts last week were the the triplex at 165 Charles Street, asking $37M, and #10/11A at 133 East 80th Street, asking $13.995M.

In Brooklyn, 219 new listings entered the market last week, a 10% increase from the previous week and the highest number of weekly new listings since October 2022, for a total of 2,979, which is 8.8% below last year at this time.

138 Brooklyn listings entered contract last week, which is 12% more than the previous week but still ~50 fewer weekly contracts than we’re used to seeing this time of year. 

The average OH attendance in Brooklyn dropped this weekend to 6.19 per open house, from 6.88 per open house the weekend prior, a 10% decrease. This is still 211% more traffic than in Manhattan. The tale of two cities continues… What is interesting here is Brooklyn has so much more foot traffic than Manhattan, but Brooklyn contract volume is down – seemingly BECAUSE Brooklyn inventory is down, not due to lack of interest.

Noteworthy new contracts signed in Brooklyn last week were the townhouse at 312 Garfield Place in Park Slope, asking $8.895M, 61 Summit Street in the Columbia Street Waterfront District, asking $3.995M, and the townhouse at 273 Madison Street in Bed-Stuy, asking $3.385M.

The open house attendance throughout NYC this past weekend declined 13.6% to 2.91 parties per open house, which is down from 3.37 parties per open house on the weekend of March 5.

24.75% of all open houses in our survey recorded zero attendance. The prior weekend that number was 22.74%. For perspective, on the weekend of December 18 39% of all open houses recorded zero attendance.

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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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