Manhattan and Brooklyn’s residential markets notched small wins last month amid rising interest rates and constrained inventory.
Signed contracts rose month-over-month for the third time since August in Manhattan and increased in Brooklyn for the first time in the same period, according to a monthly report by appraisal firm Miller Samuel for Douglas Elliman. Both have been falling falling annually since April as levels struggle to come up against last year’s historically hot “rocketship,” report author Jonathan Miller said.
The gains were reported with a backdrop of tight supply in both boroughs, as new listings in November were down from the previous month and year.
“Part of the reason that new signed contracts are going negative, or more negative than one would think, is because inventory coming into the market is anemic,” said Miller. “That’s just the combination of all the factors of uncertainty … the primary being Fed policy.”
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Manhattan’s co-op contracts fell 36 percent, to 381 from 598, while new condo signings fell 57 percent to 231, down from 537 year-over-year. New co-op listings fell nearly 23 percent to 423 from 548, while new condo listings fell nearly 17 percent annually, to 380 from 455.
New one- to three-family building contracts fell nearly 53 percent, to nine from 19, while new listings in that category dropped 20 percent, to 24 from 30.
In Brooklyn, listings fell annually for the fourth consecutive month, according to the report, and have fallen monthly for the fifth time in the past six months.
All property types showed a month-over-month decline in new inventory and condos and co-ops saw new inventory fall on on a year-over-year basis.
“We’re continuing to move into a period with more normalized sales activity with less inventory,” Miller said.
New co-op contracts fell nearly 30 percent to 101, while new co-op listings fell 15.6 percent to 136 from 160.
New condo signings fell nearly 48 percent, to 144 from 275, while new condo listings dropped almost 24 percent, to 181 from 237. New listings doubled on the higher end of the market, to eight homes asking at least $4 million this November, compared to four last November.
New contracts for one- to three-family buildings fell 42 percent, to 108 from 186, while new listings in that category rose 2.5 percent to 243 from 237. The most notable jump was in buildings asking between $1 million and $2 million, with 112 listings this November compared to 105 last year.