Chart of the Day: Home sales crashed big-time by 82% in March

Total units sold hit 1,784.

According to Barclays, March home sales fell 35% m/m and 82% y/y. Private home sales fell to a three-month low of 480 units, and were also the lowest March monthly take-up since Mar 2008’s 301 units. 

Typically March sales pick up after Chinese New Year festivities in January or February, but not this year.

Here's more from Barclays:

This brings year-to-date total of units sold to 1,784 units, based on data released on Tuesday by URA.

We attribute the poor sales to only one new launch – The Santorini at Tampines, in the far eastern part of Singapore, which is not near an MRT station, and sold just 13% of its total 597 units.

High-end projects remain weak, returned units at projects sold last month. The highest median price in March was at Skysuites@Anson for which one unit was sold at S$2,817psf, bringing the total take-up for the project to 215 units, or 60%.

In addition, we estimate some 38 units were returned including 19 from the best-selling two launches in the month of February – Rivertrees and Riverbank, which could be due to bank loan rejections on tighter TDSR conditions.