Chart of the Day: Condo sales outside central crashed 32.2% in Q3

Resale condo deals in the area plummeted 44.7% to 1,051 units.

This chart from OrangeTee & Tie shows that sales of private condominium units located in the Outside Central region (OCR) plummeted 32.2% QoQ to 2,156 units in Q3.

The firm noted that new condo sales in the area fell 13.3% QoQ to 1,039 units whilst resale condo deals crashed 44.7% QoQ to 1,051.

“The fall in sales could be attributed to a lack of new launches in the region and reduced home demand from HDB upgraders as their affordability could have been affected by the more stringent LTV ratios,” OrangeTee & Tie explained. “Some HDB upgraders may have received less sales proceeds from their existing flats or found difficulty offloading their flats as the HDB resale market is still weak.”

Based on the data, average new condo prices slipped 7.5% QoQ $1,354 psf whilst resale price inched up 0.1% QoQ to $1,053 psf.