June 2024 was the strongest June for Brooklyn co-op sales in three years.
Co-op activity increased 11% year-over-year, but a 17% decline in condo sales drove overall sales down 6%. June is typically slower than May and this year’s 20% decline was no exception.
The $1M to $2M price segment, likely feeling high interest rate burden the most, experienced a double-digit annual decline in sales and contracted to just 23% of market activity, the lowest since the pandemic.
- Sales activity in value-oriented South Brooklyn surged 19% to its second-highest June level in six years.
- Average days on market increased 20% year-over-year as lingering listings, mostly in the co-op market, finally sold.
Inventory jumped annually for the second consecutive month, yet only the second time in three years, as figures finally neared the historical monthly average of about 1,900 listings.
- Both condos and co-ops experienced a much-needed double-digit replenishment of listings relative to a year ago.
- The surge in co-op sales drove the overall average price per square foot figure down 2% annually despite the 3% year-over-year increase in price per square foot for condominiums.
- The negotiability factor fell below zero for the first time in three months due to deeper negotiability at the high end.