Brooklyn Condo & Co-Op Sales: May 2024

Strong co-op activity resulted in Brooklyn’s strongest month in a year.

The number of contracts signed hit its highest level since May of 2023. Co-op activity increased 21% year-over-year to reach its highest figure in nearly three years. However, overall sales declined 5% due to a 20% drop in condo contracts.

Sales activity from $1.5M to $2M had the most significant decrease year-over-year (down 16 sales), while sales between $1M and $1.5M expanded.

  • Only two of the eight submarkets in Brooklyn had more sales than a year ago. South Brooklyn had the most significant increase, up 25 transactions.
  • Both condos and co-ops reported a double-digit annual increase in average days on market, resulting in the largest overall year-over-year increase since 2020.
  • Average days on market has increased annually for 15 of the last 16 months.

Inventory increased annually for the first time in 32 months, up 5% to 1,904 listings. Active listings also rose month-over-month — up 17%, a much larger increase than is typically seen from April to May.

  • Several large-scale new development launches contributed to the uptick.
  • While both condo and co-op average price per square foot were nearly unchanged, a shift in the market share of sales towards South Brooklyn and co-ops skewed overall average price per square foot down 8% annually and 9% monthly.
  • The negotiability factor changed slightly year-over-year and month-over-month.
  • The overall average landed 0.2% above ask because of several deals at 10% or more above ask. Note, however, that 70% of deals occurred at or below ask.

Read the full report.

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