Inhabit by Corcoran

Strongest November sales in three years.

Low inventory drove condo pricing to a new high.

Contract activity rose year-over-year, the fourth consecutive month of annual sales gains and the strongest November since 2021.

• Condo contracts increased 7% year-over-year, while co-op sales rose 2% from their seven-year low in 2023.
• All price points except the under $1M segment displayed an uptick in the number of contracts signed compared to a year ago.
• The over $3M price range had 19 sales reported, the highest seen in over two years.
• Five of the eight submarkets showed annual growth in activity. Carroll Gardens/Boerum Hill/Red Hook had the largest percentage increase as the number of contracts nearly doubled last year’s figure.

Inventory is still constrained despite the 8% year-over-year increase; the number of apartments on the market was the second lowest November figure in the past eight years.

• Condo inventory increased for the seventh consecutive month, while co-op inventory declined annually for the second time in six months.
• Strong new development sales activity over $2,000 per square foot drove overall average price per square foot up 11% annually. In fact, the price per square foot figure for the condo market was a new record high.
• Overall negotiability landed 0.4% below ask. This was only the second month since July with an average below the last asking price. The number of transactions reported signed at over 5% above ask was more than cut in half versus October 2023.