Brooklyn Condo & Co-Op Sales: April 2024

At just under 350 sales, the number of signed contracts was the second highest since June 2023.

The only month since then with more contracts signed was March 2024. However, both condo and co-op activity declined annually, resulting in an overall decrease of 5%.

Sales activity under $1M had the most significant nominal decrease year-over-year, down 40 deals.

  • On the other hand, sales between $2M and $3M expanded by an impressive 19 sales due to strong new development activity within the price range.
  • While three of the eight submarkets in Brooklyn had more sales than a year ago, Carroll Gardens/Boerum Hill/Red Hook had the most significant change, down 52%.
  • Overall average days on market has increased annually for 14 of the last 15 months. Average days on market increased 17% for condos but fell 6% for co-ops.

Inventory fell annually for the 31st consecutive month, down 8% to 1,621 listings.

  • Active listings, however, rose 15% month-over-month — a much larger increase than is typically seen from March to April. This left inventory 10% higher than the average of the past twelve months.
  • A shift in the market share of sales into prime neighborhoods like Brooklyn Heights and Williamsburg skewed overall average price per square foot up 8% annually and 7% month-over-month.
  • The negotiability factor increased slightly year-over-year and month-over-month to 1.4% above ask because of multiple offer situations in prime Northwest Brooklyn locations. This was the first time the negotiability factor has been more than 1% from last ask in eight months.
  • Several deals sold for over 10% above ask, skewing the negotiability factor. Though overall negotiability factor was above ask, the majority of deals occurred at or below ask.

Read the full report.

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