Inhabit by Corcoran

Brooklyn contract activity declines in nearly all price segments.

Inventory expands while pricing moves upward.

Sales fell 34% year-over-year, marking the eighth month in the past twelve with a decline. The decrease, however, was measured against the busiest January since 2022.

• The number of contracts represented a 20% decline compared to the five-year average.
• Co-op activity dropped 42% because of significantly fewer signed contracts in South Brooklyn, despite co-op listings being up year-over-year.
• Condo activity also declined significantly as condo inventory constraints continue to impact sales.
• The over $3M segment was the only price category without an annual decline, remaining unchanged year-over-year.
• Most notably, contracts under $1 million dropped 43%, a difference of 79 sales. Nevertheless, listings sold faster in January, with days on market decreasing to 107 from 113 last year.

Brooklyn inventory rose 6% year-over-year to 1,499 listings, marking the fourth consecutive month of growth. This expansion was driven entirely by a 23% increase in co-op listings, as condo inventory continued to decline for the seventh straight month.

• Average price per square foot climbed 15% annually, its eighth year-over-year increase in the past twelve months, with condo pricing leading the gain after reaching its third-highest point ever.
• A greater share of condo sales contributed to an overall rise that surpassed the annual increases reported for both individual product types.

The average list-to-sale-price ratio was 0.7% below ask, compared to 0.4% above ask a year ago. 

• Condo negotiability was slightly below ask, as it has been for the past year, while co-op negotiations averaged 1.2% below. Notably, this was only the fourth time in the past two years that co-op negotiability dipped below ask.
• A single co-op traded 15% below ask, skewing the average. Co-op average negotiability would have remained at last ask without this sale.