March was Brooklyn’s best month out of the past nine.
At over 350 sales, the number of signed contracts was the highest since June 2023. However, both condo and co-op activity declined annually, resulting in an overall decrease of 17%.
Sales activity under $1M had the most significant nominal decrease year-over-year — down 51 deals — while sales between $1M and $1.5M expanded by an impressive 35% because of strong new development activity within the price range.
- While three of the eight submarkets in Brooklyn had more sales than a year ago, Park Slope and Gowanus had the most significant change, down 27 sales due to supply limitations.
- Average days on market increased 4% for condos but fell 12% for co-ops.
Inventory fell to its lowest March figure in eight years, when Corcoran began recording the metric.
- Inventory fell annually for the 30th consecutive month, down 17% to 1,415 listings. Both condo and co-op inventory fell by double-digits annually.
- Active listings rose month-over-month, though the increase is typically greater than 8% from February to March.
The negotiability factor decreased slightly year-over-year and month-over-month to 0.7% below ask.
- Brooklyn’s negotiability factor has been within 1% of last ask for seventeen of the last twenty months.
- A shift in the market share of sales away from prime neighborhoods skewed overall average price per square foot down 3% annually and 7% month-over-month.