Brooklyn’s most active February in three years.

Inventory and price per square foot continued their upward trend.

Contract activity increased by just 1% versus last month and last year as a 5% gain in condo contracts counterbalanced a 6% drop in co-op deals.

• At 310 reported contracts, this was the most active February in three years and the sixth overall increase in the last seven months.
• Contracts signed increased in four of eight submarkets, with double-digit gains seen in areas with recently introduced new development properties.
• The $2M to $3M segment was the only price category with an annual increase in activity, up 37% versus a year ago. Days on market fell 6% annually, as newer to market condos are selling more rapidly

Active listings rose by a much-needed 10% year-over-year, the tenth consecutive month without declining inventory in Brooklyn. However, the 1,441 listing figure was still the second lowest for February since at least 2017.

• Average price per square foot rose by a slight 2%, the fifth month in a row with an annual gain; both condo and co-op price figures rose.
• Several transactions traded for more than 10% above last ask, pushing overall average negotiability just above ask.
• Condo negotiability landed just above ask for the first time in a year-and-a-half.