Weekly Market Update

Weekly Market Update for Manhattan and Brooklyn – September 24-30, 2023

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In Manhattan, 405 new listings entered the market last week, down 7.3% from the previous week. New listings finished the month of September at 1,978, ahead of the previous nine-year historical average for the month by 237. September is typically the month if the year with the highest number of new listings, but the lowest number of signed contracts.

139 contracts were signed last week, up 10% from the previous week. September is typically the month of the year with the lowest number of new contacts signed, but this past September came in way below average (698) at just 571. In fact, it was the slowest September for new contracts since 2008, but Septembers in 2010, 2011, 2016, 2018, 2019 and 2020 were close. 

20 Manhattan contracts were signed at $4M and above, twelve more than the previous week. Condos outsold co-ops 16-2, with one townhouse in the mix.

Noteworthy new contracts last week were #PH10 at the Georgio Armani Residences at 760 Madison Avenue, asking $25M, #27B at Bjarke Ingels’ One High Line, 500 West 18th Street, asking $14M, and #PH1 at 22 Bond Street, asking $11.995M.

In Brooklyn, 186 new listings entered the market last week, down 8% from the previous week. New inventory for the month of September came in well below the historical average (1245) at just 850. Monthly new inventory in Brooklyn has been trending 20-35% below average for each of the past four months.

92 Brooklyn listings entered contract last week, which was 8% lower than the previous week. 407 Contracts were signed in Brooklyn in September which was 27% below the historical average (539) for September.

Noteworthy new contracts in Brooklyn were the townhouse at 590 Fifth Street in Park Slope, asking $4.3M and the townhouse at 293 Clifton Place in Bed-Stuy, asking $3.7M.

 

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