Corcoran Sales Report | August 2024 | Condos & C0-Ops

The Corcoran Report for Brooklyn in August 2024 provides a detailed analysis of the Brooklyn real estate market, focusing on condos and co-ops. Here are the key highlights:

  1. Contract Activity:

    • After five months of declines, August 2024 saw an annual increase in contract activity for both condos (up 10%) and co-ops (up 35%).

    • Overall, there was a 17% increase in contracts signed compared to August 2023, with 323 contracts signed across Brooklyn. However, contract activity was down 7% compared to July 2024.

  2. Submarket Performance:

    • Six of eight Brooklyn submarkets showed year-over-year growth in contracts signed. Notable submarkets included Fort Greene/Clinton Hill/Prospect Heights, which saw a 61% increase, and South Brooklyn, which experienced the largest absolute growth, with 86 signed contracts (up 54%).

  3. Price Range:

    • Contracts under $1M saw a 19% increase year-over-year, while higher price ranges also showed growth. Contracts in the $2M to $3M range increased 75%, and those over $3M increased 56%.

    • Contracts in the $1M to $1.5M range saw a slight decline (-10%).

  4. Days on Market:

    • There was a 15% year-over-year reduction in the average number of days condos stayed on the market, suggesting properties are selling faster compared to the same period last year.

  5. Inventory:

    • Both condo and co-op inventory increased significantly, marking the fourth consecutive month of annual inventory growth. Condo listings grew 27%, and co-op listings increased 49% compared to August 2023.

  6. Price Adjustments:

    • The average price per square foot for co-ops dropped by 14% year-over-year to $556, while condo prices per square foot showed a 6% increase.

    • Negotiability (the percentage below the last asking price) showed that more than 70% of sales in August traded at or below the asking price, though several properties sold above asking, pushing up the average.

 
 
brooklyn brownstones
 

Brooklyn Sees Healthy Inventory Growth and Price Adjustment

Inventory increased annually for the fourth consecutive month after a nearly three-year stretch of annual declines. Listings still were shy of the historical August average of about 1,750 listings. Both condos and co-ops saw much-needed double-digit increases in inventory compared to last year. Co-op listings increased an incredible 49% while condos increased 27%. Co-op price per square foot fell 14% year-over-year to $556, and the increased share of co-op sales drove overall price per square foot down 2%. The negotiability factor averaged slightly above ask due to several residences trading for more than 5% above last ask, skewing the number. However, more than 70% of sales traded at or below ask in August.

In summary, the Brooklyn real estate market in August 2024 saw a rebound in contract activity, with increased inventory and varied price adjustments across different price ranges. This trend marks a positive shift after months of decline

 

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