March 2024 was Brooklyn’s best performing month out of the past nine.
At over 350 sales, the number of signed contracts was the highest since June 2023. However, both condo and co-op activity declined annually, resulting in an overall decrease of 17%.
Sales activity under $1M had the most significant nominal decrease year-over-year — down 51 deals — while sales between $1M and $1.5M expanded by an impressive 35% because of strong new development activity within the price range.
While three of the eight submarkets in Brooklyn had more sales than a year ago, Park Slope and Gowanus had the most significant change, down 27 sales due to supply limitations.
Average days on market increased 4% for condos but fell 12% for co-ops.
Inventory fell to its lowest March figure in eight years, when Corcoran began recording the metric.
Inventory fell annually for the 30th consecutive month, down 17% to 1,415 listings. Both condo and co-op inventory fell by double-digits annually.
Active listings rose month-over-month, though the increase is typically greater than 8% from February to March.
The negotiability factor decreased slightly year-over-year and month-over-month to 0.7% below ask.
Brooklyn’s negotiability factor has been within 1% of last ask for seventeen of the last twenty months.
A shift in the market share of sales away from prime neighborhoods skewed overall average price per square foot down 3% annually and 7% month-over-month.