Resale home volume drops to a three-year low in 4Q23

Only 2,586 units exchanged hands last quarter.

The number of resold homes in 4Q23 dropped to 2,586 units, marking the lowest quarterly sales since 2Q22. The whole year, resale volume declined by 18.4% from 14,003 units in 2022 to 11,426 units.

The number of resale transactions in 2023 is also lower than the five-year average of 13,353 units from 2018 to 2022.

Meanwhile, resale home prices saw an upturn in 4Q23 as prices rose in the luxury, city fringe and suburban areas, according to OrangeTee.

Based on data from the URA, the average price of resale homes, excluding executive condominiums, grew 2.7% from $1,630 psf in 3Q23 to $1,674 psf in 4Q23.

Meanwhile, non-landed properties saw a 3.7% QoQ price increase, whilst landed properties dipped 3.1% in resale price in 4Q23.

The average price of non-landed and landed homes in the prime districts increased by 2.2 % from $2,081 psf in 3Q23 to $2,127 psf in 4Q23

In the same period, prices in the city fringe grew 2.3% from $1,742 psf to $1,782 psf, while those in the suburbs grew by 2% from $1,423 psf to $1,451 psf.

OrangeTee expects the prices of resale homes to increase moderately in 2024 as supply falls by 48.2%.

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