Inhabit by Corcoran

Brooklyn sales rise again after six months of declines.

Inventory expands while prices ease.

Sales rose 10% year over year, marking a second month of gains after six months of declines. The increase, however, was compared to the slowest December in more than seven years. 

• Co-op activity surged 44% from last year, fueled by greater supply and more attractive pricing in the co-op segment. In contrast, condo sales fell 5% as inventory hit a two-year low.
• Brooklyn’s December rebound was driven by the lower end of the market. Most notably, contracts under $1 million jumped 23%, reflecting the co-op rebound.
• Listings sold faster in December, with days on market decreasing to 89 from 109 last year, as buyers moved quickly on well-priced listings.

Brooklyn inventory expanded 5% year over year to 1,496 listings, marking the third consecutive month of growth. However, condo listings continued to decline for the sixth straight month.

• The overall increase was driven entirely by a 23% surge in co-op listings.

Average price per square foot fell 9% annually, only the third decline in the past 15 months.

• Prices dropped for both condos and co-ops, but the higher share of co-op sales pushed the market-wide figure even lower.
• Condo pricing remained relatively resilient at $1,372 per square foot, down just 3% from the record high reached last year.

Based on Corcoran contracts reported during the month, the average list-to-sale-price ratio was 0.6% above ask, compared to 0.6% below ask a year ago.

• Condo negotiability was slightly below ask, while co-op negotiations averaged 2.6% above, the 11th month out of 12 that average co-op negotiability was above ask.