Weekly Market Update

Weekly Market Update for Manhattan and Brooklyn – October 22-31, 2023

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In Manhattan, 354 new listings entered the market last week, down 10% from the previous week. However, new listing inventory in October eclipsed the previous nine-year historical average for October by 98.

198 contracts were signed last week, up 6.5% from the previous week, but still below average (~200). 98 fewer new Manhattan contracts were signed in the month of October than the previous nine-year historical average. The number of monthly new contracts signed has been below the historical average for 14 of the past 16 months.

12 Manhattan contracts were signed at $4M and above, seven fewer than the previous week. Condos outsold co-ops 4-3, with five townhouses in the mix.

Noteworthy new contracts last week were #PH18EF at 115 Central Park West, asking $19.95M, and the townhouse at 8 Perry Street, asking $12.6M.

In Brooklyn, 249 new listings entered the market last week, up 38% from the previous week. The rate of weekly new listings in Brooklyn is slipping below 2022, and well below 2021 levels.

122 Brooklyn listings entered contract last week, which was 3.4% higher than the previous week. October contract volume finished the month 26% below the historic average for the month. Contract volume has tracked below the historical average for fourteen of the past eighteen months.

Noteworthy new contracts in Brooklyn were the townhouse at 82 Dean Street in Boerum Hill, asking $6.999M and the multifamily building at 323 Clinton Street in Cobble Hill, asking $6.5M.

The FHFA housing price index hit a record high in August. The gain reflects homes sold before mortgage rates soared to 23- year highs as we moved into autumn. The problem is that supply continues to fall with demand as rates rise. Those who have paid off their mortgage or locked into ultralow rates don’t want to sell.

 

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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