Brooklyn Real Estate Report: November 2023
Sales Fall Versus Last Year but Improve Versus October
Brooklyn sales fell 5% year-over-year but, atypical of seasonality, rose 5% versus October. Although this was the 20th consecutive annual decline in sales, it was the second smallest year-over-year decrease of all 20. Annual shifts in activity varied by submarket and price point. South Brooklyn sales improved most versus a year ago, up 17% due to increases in the number of Fort Hamilton and Sheepshead Bay contracts over $400K. The $1.5M to $2M price segment had the most significant yearly increase, up 15% due to contract signings in Brooklyn Heights, Carroll Gardens and Greenpoint. Days on market jumped 5% year-over-year, the tenth consecutive annual increase.
November 2023: Negotiability Falls Slightly Below Last Ask Amidst Limited Inventory
Inventory fell annually for the 26th consecutive month, down 17% to just over 1,500 listings. Far fewer listings in southern neighborhoods such as Brighton Beach, Midwood and Gravesend drove the year-over-year decline. Average price per square foot fell 6% annually due to an increased share of co-op sales, driving the number of sales under $500 per square foot up nearly 20% year-over-year. Despite inventory constraints, 55% of deals were below last ask, although negotiability averaged just 0.5% below last ask. Brooklyn’s negotiability factor has been within 1% of last ask for thirteen of the last sixteen months.