Sales Improve Versus April to Reach Their Highest Level in a Year
Contract activity fell 4% versus a year ago but increased 28% compared to the previous month. The year-over-year change in May 2023 marked the first single-digit annual decrease after double-digit drops for over a year. Three submarkets achieved annual increases in contracts signed. South Brooklyn, which holds the largest market share of sales, increased most significantly, jumping 37%.
By price segment, sales under $1M and over $3M price segments also saw year-over-year increases. Days on market jumped 32% to nearly three months after more than three times as many sales took over a year to sell, but the metric fell 5% month-over-month.
With Inventory Down Year-Over-Year, Negotiability Tightened
Inventory decreased 7% year-over-year but increased 3% month-over-month, a typical Spring season trend. Condominium listings drove the overall decline with an 12% decrease in inventory while co-op listings increased 1% annually. Overall average price per square foot increased 7% compared to April 2023.
The increase can be attributed to the share of sales in both Park Slope and North Williamsburg nearly doubling. Overall average price per square foot increased just 1% annually due to growth among condominiums while co-op price per square foot fell 11%. 41% of deals sold below ask, and 29% traded above ask. Because above-ask sales skew towards higher price points, this pushed overall average negotiability just slightly above the last asking price.