In August, Brooklyn saw healthy inventory growth and price adjustment.

Contract activity increased annually for the first time in six months.

Following five consecutive months of annual sale declines, the Brooklyn market improved in August.

• Both condo and co-op contract activity increased year-over-year — up 10% and 35%, respectively. This was the first time since January that contracts signed in both the condo and co-op markets increased annually.
• Six of the eight submarkets saw a year-over-year increase in contracts signed. South Brooklyn had the largest nominal annual sales growth — a difference of 30 sales, also resulting in a surge in activity under $1M.
• Average days on market decreased 15% year-over-year as fewer condos sat on the market for more than a year.

Inventory increased annually for the fourth consecutive month after a nearly three-year stretch of annual declines.

• Listings still were shy of the historical August average of about 1,750 listings.
• Both condos and co-ops saw much-needed double-digit increases in inventory compared to last year. Co-op listings increased an incredible 49% while condos increased 27%.
• Co-op price per square foot fell 14% year-over-year to $556, and the increased share of co-op sales drove overall price per square foot down 2%
• The negotiability factor averaged slightly above ask due to several residences trading for more than 5% above last ask, skewing the number. However, more than 70% of sales traded at or below ask in August.