Week of 12/13/21 This week, total supply in Manhattan and Brooklyn continued to decrease and pending sales rose in both boroughs. The Market Pulse increased, as inventory is declining while demand is increasing. Manhattan’s market pulse is 0.77 and Brooklyn’s is 1.15, indicating strong buyer activity and increasing leverage for…

Manhattan Market Update

Reality Check on Expectations: Post-COVID New Development Absorption Study Leveraging Marketproof’s data integrity and sorting prowess, we’ve been keeping an accurate tally of weekly contracts signed on sponsor-owned units since the pandemic began. …

Week of 05/16/22 After falling last week, Manhattan supply rebounded and increased this week by more than 3% and, for the eleventh week in a row, more than 300 contracts were signed. Brooklyn’s supply also rose by nearly 2% as more than 200 contracts were signed for the tenth week…

What Are the Typical Closing Costs for Buyers in NYC? Closing costs are fees charged by lenders, attorneys, title insurance companies, and other third parties at the conclusion of a real estate transaction. …

Week of 05/09/22 This week Manhattan supply fell for the first time in seven weeks, despite 567 new listings coming to the market. While contract activity remained above 300 in Manhattan and above 200 in Brooklyn this week, which is seasonally very strong, contract velocity continues to fall behind pace…

Research Note: Mortgage Rate as a MOTIVATOR & DETERRENT After peaking during the week which ended on May 2, 2021, new development contract volume spent the remainder of the year trending downwards towards its pre-COVID long-term average, as indicated by the perforated trendline in the graph below. …

Negative news and stats have begun to invade the airwaves. “Mortgage Rates Are Accelerating Faster Than at Any Point in History” headlines read. “NYC Price Growth May be Peaking” suggest others. Such headlines often protect consumers from financial loss, but they can also deter prudence by crystallizing fear. I believe…

Overall Brooklyn Market Update: May 2022