Inhabit by Corcoran

Condo activity drives luxury contract gains.

Pricing power persists despite rising supply.

The number of signed contracts slipped 2% year-over-year, marking the tenth annual decline in the past 12 months, and was 10% below the five-year April average. 

• The number of contracts was 10% below the five‑year April average. However, the softness was entirely concentrated in the co-op market.
• Condos told a very different story, with signed contracts rising 7% year-over-year to a three-year April high.

Demand was strongest at the top of the market: every price segment above $1.5M posted gains, driving a combined 14% annual increase.

• In fact, total signed contracts above $1.5M reached a four-year high, and with 20 contracts reported over $3M, it was the segment’s best month since June 2022.
• Listings also moved faster in April as inventory increased and fresh listings sold quickly.
• As a result, it was the second-shortest average marketing time recorded over the past 18 months.

Brooklyn inventory rose 5% year-over-year to 1,994 listings, marking the seventh consecutive month of supply growth and the highest inventory figure of any month since June 2022.

• Condo listings were up 3% annually, while co-op inventory continued to build for the eighth straight month, increasing 9% year-over-year.

Pricing momentum remained firm, with average price per square foot up 11% annually, its 15th increase in the past 19 months.

• Condo price per square foot led the gains, jumping 11% year-over-year to a new record, driven in part by several new development contracts exceeding $2,500 per square foot.
• Market competitiveness also strengthened: condo negotiability rose to 0.4% above asking price, marking the first over-ask reading for condos in six months.
• Meanwhile, co-op negotiability landed 3.9% above the asking price on average because of several bidding wars that resulted in sales 20% or more above ask.