Condo resale volumes rebound by 68.2% in July

An estimated 1,817 units were resold in July, higher than the 5-year average for the month.

Condo resales rebounded in both price and volumes in July, according to the latest data from Singapore Stock Exchange.

Non-landed home resale prices increased by 8.0% year-on-year in July, with price increases in all regions: 8.2% in the Core Central Region, 8.3% in the Rest of Central Region, and 7.7% in the Outside Central Region (OCR). Month-on-month, overall prices increased by 1% compared to June.

An estimated 1,817 units resold in July, with more than half in the OCR, a 68.2% increase year-on-year, and 83.0% higher than the five-year average volumes for the month of July. This is also a 22.5% increase from the 1,483 units resold the previous month.

The most expensive transaction was at $18.5m for a condo at Le Nouvel Ardmore.

Overall median capital gain was $180,170, representing an increase of $10,170 from June 2021. This was calculated by comparing the current transacted price with the previous transacted price of the same unit.

“The price increase was led by a steep jump in prices of mass-market homes. Prices of condos in the OCR rose the steepest last month as the supply of new homes in the suburban region remains the lowest among all segments. As the supply of new homes continues to be limited and more HDB upgraders turn to the private resale market, prices of resale homes may continue to rise in the coming months,” said Research and Analytics Senior Vice President Christine Sun.

“Prices of some new projects were increased in recent weeks, which may have resulted in some buyers diverting their attention to the secondary market. Some could have rushed to close deals before the seventh lunar month. Other buyers may have decided to proceed with their purchases as prices of properties have been rising across the board, which includes new condos, private resale properties, and HDB resale flats,” she added.