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Slight uptick in resale condo prices and sales in February despite sluggish start to 2024

2024-03-26 00:00:00.0 海峡时报-新加坡原网页

SINGAPORE - Resale condo volume and prices saw only a slight uptick in February, attributed to Chinese New Year festivities.

Despite the sluggish start to 2024, analysts remain optimistic about the market’s prospects, with expectations that resale transactions could start to pick up in the coming months.

From January to February, prices inched up by 0.2 per cent, following the 0.6 per cent dip seen in January and 0.3 per cent rise recorded the month before, according to flash data released by real estate portals 99.co and SRX on March 26.

Overall prices increased by 6.1 per cent compared with February 2023.

Resale condo volume inched up by 1.2 per cent in February, with 760 units resold.

PropNex head of research and content Wong Siew Ying noted that the slight uptick in resale volume in February halted a run of three straight months of a dip in condo resales.

Compared with the year before, condo resale volume was up by 0.9 per cent from 753 units in February 2023, said Ms Wong.

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“Still, the muted resale market activity in February was not unexpected in view of the Chinese New Year holidays and festivities during the month. In addition, sales activity also tended to be slower in the first couple of months of the year. We expect resale transactions could start to pick up from the second quarter of 2024, as more buyers return to the market,” she added.

Flash estimates for February by the property portals showed prices in the core central region (CCR) or prime areas rose slightly by 0.2 per cent, and by 0.1 per cent in the outside central region (OCR) or the suburbs.

Prices in the rest of central region (RCR) or city fringes remained unchanged.

In terms of February’s resale volume, an estimated 303 condo units were transacted in the OCR, constituting 43.8 per cent of total condo resale transactions. In the RCR, 246 units changed hands and 142 units were resold in the CCR.

Based on Urban Redevelopment Authority Realis caveat data, the median transacted unit price of resale non-landed homes rose by 3.9 per cent from January to February in the CCR and by 0.2 per cent in the RCR, while that of the OCR saw a 0.9 per cent dip.

However, compared with the previous year, resale median unit prices all increased across the sub-markets in February 2024, noted Ms Wong.

She said: “With prices finding stability in recent months, it could encourage buyers to return to the resale market. A stable market may also be beneficial for those who are looking at upgrading or right-sizing their home, as it gives them a bit more time to sell their existing property, while allaying the concern that resale prices would rise rapidly and in turn pricing them out of buying their desired replacement unit.”

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