Brooklyn Condo & Co-Op Sales: September 2024
Contract activity continues to gain momentum.
More inventory boosted enthusiasm in September.
Contract activity increased annually for the second month in a row after five consecutive months of declining sales.
- Condo contract activity increased 19% year-over-year, and co-op sales jumped 71% from a record low last year. This was the second time since January that contracts signed in both the condo and co-op markets increased.
- Five of the eight submarkets showed annual increases in activity. The growth in sales was concentrated in areas of Brooklyn farther from Manhattan.
- South Brooklyn had the largest nominal year-over-year increase with 45 additional contracts, also resulting in a surge in activity under $1M.
- Decisive buyers helped drive average days on market down 3% year-over-year.
Inventory continued its upward trend, marking the fifth consecutive month with a year-over-year increase after nearly three years of declines.
- Although inventory was nearing the historical September average of around 2,000 listings, they still fell short of this benchmark.
- Both condos and co-ops saw much needed double-digit increases in inventory compared to last year. Co-op listings increased 11% while condos increased 18%.
- A busy month for co-op sales in South Brooklyn adversely impacted overall price per square foot figures.
- The negotiability factor fell to 1.5% below ask for both condos and co-ops, resulting in the deepest overall average discount in 20 months.