Corcoran Sales Report | July 2024 | Condos & C0-Ops
While co-op activity increased year-over-year, condo sales fell 18%, resulting in an overall decline of 5%. Sales typically slow from June into July, though this year’s 2% monthly decline was less significant than the double-digit declines generally seen in the last seven years. The under $1M price segment had the largest nominal annual decrease, down 13 sales, due to limited inventory in this price category.
Only two of the eight submarkets, Carroll Gardens/Boerum Hill/Red Hook and South Brooklyn, saw an annual increase. South Brooklyn had the largest nominal change annually with almost 30 additional sales. Average days on market increased 21% year-over-year as lingering listings, mostly in the co-op market, finally sold.
Rising Inventory Indicates Possible Return to Normalcy
Inventory increased annually for the third consecutive month after nearly three years of year-over-year declines. Listings neared the historical July average of about 1,800 listings. Both condos and co-ops experienced a greatly needed double-digit replenishment of listings compared to a year ago. Co-op price per square foot fell 16% year-over-year to $622, and the increased share of co-op sales drove overall price per square foot down 2%.
The negotiability factor increased to just over 1% above ask due to several co-ops trading for more than 20% above last ask, skewing the number. However, two-thirds of July sales traded at or below ask. The majority of the residences selling above ask were co-ops in prime Northwest Brooklyn locations.
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