Weekly Market Update

Weekly Market Update for Manhattan and Brooklyn – November 27-December 3, 2023

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Manhattan

In Manhattan, 178 new listings entered the market last week, up 52% from Thanksgiving week, yet below levels for this week in 2022.

113 Manhattan contracts were signed last week, down 20% from the previous week, and far below levels set for this week in 2022, 2021 and 2020 for the second week in a row.

Manhattan contract volume this past November was lower than each of the previous five Novembers, and for contracts <$2M it was one of the lightest Novembers in the past 20 years.

As of December 1, only 28% of Manhattan listings that entered the market in August have sold. (The rolling seasonal average for August listings is 59%.) Buyers–this is your market. Q4 Average price-per-square-foot is down 11% from Q4 2022, and median price-per-square-foot is down 8.7%.

14 Manhattan contracts were signed at $5M and above, twelve more than the previous week. Condos outsold co-ops 10-1, with three townhouses in the mix.

Noteworthy new contracts last week were the townhouse at 10 East 75th Street, asking $23.5M, #4S at 42 Crosby Street, asking $11.395M, and #PH8D at 90 Morton Street, asking $10.45M.

Brooklyn

In Brooklyn, 121 new listings entered the market last week, up 27% from Thanksgiving week, and well below levels in previous years.

103 Brooklyn listings entered contract last week, which was 30% higher than Thanksgiving week, but still below this week in 2022.

Noteworthy new contracts in Brooklyn were the townhouse at 566 Henry Street in Carroll Gardens, asking $6.999M and the #26B at Olympia Dumbo, asking $6.5M.

 

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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