Chart of the Day: Mid-tier property sales picked up in Q3

New condo sales in the RCR jumped 92.5% to 1,671 units in Q3 amidst more launches.

This chart from OrangeTee and Tie shows that private condo sales in the rest of the central region (RCR) which is a proxy for the mid-tier segment inched up 7.8% QoQ from 2,150 units to 2,317 units in Q3. The firm attributed this to the surge in new home sales in the RCR.

Moreover, the firm noted that new condo sales skyrocketed 92.5% QoQ in the RCR from 868 units to 1,671 units in Q3.

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“The strong sales could be attributed to more units being launched in the reviewed quarter,” OrangeTee and Tie explained. “In Q3 2018, 2,338 new units were launched in
RCR, 187.2% higher than the 814 units launched in the preceding quarter.”

According to the firm, the average price of new homes in the area hit $1,718 psf whilst resale prices were at around $1,422 psf.