Condo resale prices up but sales dip

Resale prices of condominiums and private apartments kept rising last month although the number of transactions fell, according to data out yesterday.

Prices were up 0.6 per cent last month over March, while sale volumes dipped 1.7 per cent.

Resale prices of non-landed private property rose 5.4 per cent in the first four months of the year and were 9.5 per cent higher than a year earlier, real estate portal SRX Property reported.

Prices continued their climb in all sectors across the island with the core central region up 9.2 per cent over April last year. The rest of the central region added 12.6 per cent, while values outside the central region were up 7.3 per cent.

Prices in the rest of the central region reached their highest since April last year, SRX noted.

About 1,360 non-landed private resale homes were moved last month, a 1.7 per cent decrease on the 1,383 sold in March.

  • 9.2%

    Percentage rise in April's resale volumes, from the 1,072 units transacted in the same month last year.

  • 26.9%

    Percentage rise in resale prices in the core central region, over April last year. 

But April's resale volumes were up 26.9 per cent on the 1,072 units transacted in the same month last year.

However, resales were 33.7 per cent lower compared with the 2,050 units sold in the boom month of April 2010.

The median transaction-over-X value (TOX) for last month was a positive $20,000, unchanged from March.

TOX measures how much a buyer is overpaying or underpaying on a property based on SRX Property's computer-generated market value.

District 11 - comprising Watten Estate, Novena and Thomson - posted the highest median TOX at $89,000, suggesting most buyers purchased units above the computer-generated market value.

District 27 - Yishun and Sembawang estates - had a negative TOX of $15,000, so most buyers potentially purchased below the computer-generated market value.

A version of this article appeared in the print edition of The Straits Times on May 09, 2018, with the headline 'Condo resale prices up but sales dip '. Print Edition | Subscribe