Weekly Market Update

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

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In Manhattan, 424 new listings entered the market last week, down 3% from the previous week, but still over 400 which is the typical pace of new listings for this time of year.

250 contracts were signed last week – down 3.5% from the previous week, and the second highest number of new contracts signed in one week so far in 2023.

28 Manhattan contracts were signed at $4M and above, 8 fewer than the previous week. Condos outsold co-ops 21-5, with two townhouses in the mix.

Noteworthy new contracts last week were the townhouse at 138 East 65th Street, asking $16.995M, and #48A at 53 West 53rd Street, asking $15.25M.

In Brooklyn, 187 new listings entered the market last week, an 11% decrease from the previous week for a total of 3,002, which is 8.5% below last year at this time.

140 Brooklyn listings entered contract last week, which is 6.5% 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 4.95 per open house, from 6.19 per open house the weekend prior, a 20% decrease. This is still 115% more traffic than in Manhattan. The tale of two cities continues… Again, 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 #2C at 133 Sterling Place in Park Slope, asking $5.995M, 30 Front Street #31B at Olympia DUMBO, asking $4.75M, and the townhouse at 28 South Portland Ave in Fort Greene, asking $4M.

The open house attendance throughout NYC this past weekend jumped 10% to 3.2 parties per open house, from 2.91 parties per open house on the weekend of March 12.

22.75% of all open houses in our survey recorded zero attendance. The prior weekend that number was 24.75%. For perspective, on the weekend of December 18 39% of all open houses recorded zero attendance.

 

 

Data for this report is deemed reliable at the time of collection, but is not guaranteed accurate. Data points were collected from reporting from Compass agent and 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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