Singapore condo resale prices dip 0.2% in March but more units sold: SRX Property

SINGAPORE - Resale prices of non-landed private residential properties continued to cool, dipping 0.2 per cent in March from February, according to flash estimates from SRX Property on Tuesday.

Year on year, prices have dropped 3.9 per cent from March last year.

March 2015 prices were down 6.2 per cent from the recent peak in January 2014; The price change in February 2015 has been revised from no change to a 0.4 per cent decrease.

Prices in the prime central areas - or Core Central Region - and the suburbs - or Outside Central Region - fell by 0.3 per cent and 04 per cent respectively. On the other hand, prices in the city-fringe - or Rest of Central Region increased by 0.4 per cent.

Resale volume recovered some ground. An estimated 440 non-landed units were resold in March, a 31.0 per cent increase compared to 336 units resold in February 2015 .

Year-on-year, resale volume was 18.6 per cent higher compared with 371 units resold in March 2014.

Still, resale volume is down 78.5 per cent compared to its peak of 2,050 units that changed hands in April 2010.

SRX Property said non-landed private residential prices continue to face downward pressure and negative market sentiment.

Their overall median Transaction Over X-Value (T-O-X) remained at negative 10,000, unchanged from the last three months. A negative T-O-X means that the buyers are purchasing units below their computer-generated market value.

For districts with more than 10 resale transactions in March 2015, district 27 (Yishun, Sembawang) had the highest median T-O-X of $11,000.

This means that majority of the buyers in this district has purchased units above the computer-generated market value.

Among relatively active districts, District 9, 10, and 11 posted the most Negative median T-O-X. Among districts with more than 10 resale transactions, the lowest median T-O-X was in district 9 (Orchard, Cairnhill, River Valley) and district 11 (Watten Estate, Novena, Thomson) at negative $50,000, followed by negative $40,000 in district 10 (Bukit Timah, Holland, Tanglin).

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