Weekly Market Update

Weekly Market Update for Manhattan and Brooklyn – October 30-November 5, 2023

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Manhattan

In Manhattan, 356 new listings entered the market last week, up .3% from the previous week.

178 contracts were signed last week, down 9.2% from the previous week, and still below average (~200).

24 Manhattan contracts were signed at $4M and above, 2x more than the previous week. Condos outsold co-ops 13-7, with three condos and one townhouse in the mix.

Noteworthy new contracts last week were #43N at 50 West 66th Street, asking $23.25M, and the sixth floor at 944 Fifth Ave, asking $17.75M.

Brooklyn

In Brooklyn, 249 new listings entered the market last week, up 38% from the previous week.

122 Brooklyn listings entered contract last week, which was 3.4% higher than the previous week.

Noteworthy new contracts in Brooklyn were the townhouse at 131 Lincoln Place in Park Slope, asking $5.999M and the townhouse at 275 Adelphi Street in Fort Greene, asking $5.995M.

New Development

Although deal volume slid for the third straight week, this time from 37 to 33 contracts, the bounce in the $4M luxury segment led to a rebound in all other metrics. The average price rose by 85% to $3.4M; the average PPSF grew by 32% to $2,084, and the total dollar volume increased by 70% to $112M. 

Last week, only a single $4M+ luxury contract was signed. This week, there were ten of them, including one for $23.25M at 50 West 66th Street. 

Of the 33 contracts signed citywide this week, 19 (+58%) were in Manhattan, 9 (–57%) were in Brooklyn, and 5 (+25%) were in Queens.

 

Data for this report is deemed reliable at the time of collection, but is not guaranteed accurate. Data points were collected from ReSource, UrbanDigs, Olshan and Marketproof. 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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