Chart of the Day: Overall home sales in CCR surge 72% in Q1

A total of 4,269 private residential units were sold in the quarter.

This chart from PropNex research shows that the Core Central Region (CCR) saw the sharpest rise in overall home sales, surging 72% YoY to 1,073 in Q1, which is partly driven by a new launch, The M.

In total, 4,269 private residential units excluding executive condominiums (EC) were sold in Q1 prior to the circuit breaker, representing a 14% YoY increase from Q1 2019, where sales were still lukewarm following the introduction of fresh cooling measures in July 2018.

Of the 4,269 transactions in Q1, 2,080 units were from the resale market, whilst 2,149 new units were sold by developers. In the primary market, developers launched 2,093 new private homes in Q1 2020, down by about 30% from the 2,989 units put up for sale in Q1 2019.

The star performer in Q1 and subsequently for the first five months of the year was The M, which sold 375 units at a median price of $2,439 psf.