Market Seasonality Propels an Increase in Contract Activity From February
Contract activity fell 30% versus a year ago.
January marked the twelfth consecutive month where sales fell by double-digits annually. However, compared to February 2023 sales increased 43%, far more than the typical increase from February to March, which has been 24% on average in the previous five years.
Year-over-year double digit sales declines occurred within all price categories, with sales from $1M to $1.5M dropping the most at 40%. Inventory continued to decline annually, but days on market increased 15% year-over-year. Co-ops in particular sat on the market 29% longer than a year ago at just over three months.
Limited Inventory Aids Relatively High Price Per Square Foot
Inventory slid 10% year-over-year but increased the same percentage month-over-month.
Co-op listings declined at a greater rate than condominiums, down 11% annually. Overall average price per square foot fell 3% compared to March 2022 due to a slip in co-op pricing.
Co-op average price per square foot fell 12% year-over-year as South Brooklyn sales under $400 per square foot comprised a greater share of contracts, while condominium price per square foot was up less than half a percent.
46% of deals sold below ask. However, 35% of deals traded for more than the last asking price, largely in northwest neighborhoods like Williamsburg or Park Slope, pushing overall negotiability just slightly above the last asking price.