Fewer sales at the low-end results in overall decline.

Inventory dips while pricing continues upward.

Brooklyn’s residential market slowed in June, with total sales down 11% year-over-year — the lowest June figure in five years.

• The under $1M segment had the largest nominal decline, down 50 signed contracts, due in part to fewer sales in South Brooklyn. Though not a very large segment of the market, sales over $3M fell by more than half compared to last June.
• Conversely, sales increased in the $1M to $1.5M and $1.5M to $2M segments compared to last year, mainly with a high concentration in Williamsburg and Park Slope.
• Additionally, the average days on market fell by 26% year-over-year, primarily due to a sense of urgency driven by rising prices.

For the second consecutive quarter, Brooklyn’s active inventory posted an annual decline after a full year of increases, slipping 1%.

• Far fewer sales at the low-end drove the average price per square foot up 5% year-over-year across the borough, with eight of the last nine months exhibiting increases. Co-ops led the way with a 13% increase in price per square foot to $707, the second-highest co-op average in the last 12 months.
• Roughly 60% of condos and co-ops sold at or above the last asking price. As a result, overall negotiability narrowed to 0.6% above ask — marking the sixth consecutive month above ask.