There was no let-up in the private resale market last month with condominium unit prices and sale numbers both up.
Resale prices rose 1 per cent from January - their seventh consecutive month of growth - and were up 4.4 per cent over February last year.
Buyers were out in force as well with sale volumes increasing by 0.4 per cent from January to 1,399 units, making last month the eighth straight month when more than 1,000 resale apartments were sold.
Last month's sales were also 126 per cent higher than a year ago, according to flash data from real estate portal SRX.
Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, said the increase in resale transactions came as a surprise as activity typically slows during the Chinese New Year period.
"In contrast, sales of new private condominiums dipped last month," she added.
Ms Sun said more buyers are considering resale condos as new-home prices have been holding firm despite the pandemic.
"Some new projects had even increased their selling prices over the past few months. There are also fewer mega launches, especially in the mass market segment," she added.
Ms Sun also said that the balance of unsold stock in many launched projects is fast diminishing, resulting in some buyers being unable to find suitable units and turning to the resale market instead.
Likewise, ERA Realty head of research and consultancy Nicholas Mak said the price increase last month was broad-based, across all three market segments, from prime districts to the suburbs.
He noted: "Other than the fear of missing out and low interest rates, the price growth of resale condos was also driven by the relatively higher prices of new residential launches, which has a positive spillover effect on the surrounding older residential properties."
PropNex head of research and content Wong Siew Ying said a sizeable pool of Housing Board flat owners completing their five-year minimum occupation period this year might also be considering an upgrade to a private home, especially if their flat can fetch healthy gains in the HDB resale market.
Ms Sun said that although resale prices have been rising, there is still a wide gap between new and resale condos, which will keep some resale units attractive to buyers.
"The price disparity also indicates that there is still a good potential upside for many resale condominiums and some are currently undervalued," she added.
Ms Wong said: "Given the sustained demand for resale properties and the improved market sentiment, we expect resale prices to remain relatively stable, with a potential for a slight uptick this year."
The highest transacted price for a private resale unit last month was $25 million for an apartment at The Marq on Paterson Hill, SRX data showed.
Top spot in the city fringes went to a $5.1 million unit at Camelot By-The-Water in Tanjong Rhu Road while a home at Tierra Vue in St Patrick's Road fetched $2.7 million to lead the outside central region.
