Condo resale prices up 0.8% in November

New projects delays and homeowners cashing in on the housing boom drove up sales.

Condo resale prices rose for the 16th consecutive month in November, registering a 0.8% month-on-month, according to the latest data from the SRX and 99.co. 

Prices in the core central region (CCR), rest of central region (RCR), and outside of central region (OCR) inched up by 0.3%, 0.6% and 1%, respectively in November.

Compared to November 2020, overall prices rose by 9.3%, with prices in the CCR, RCR, and OCR climbing by 8.6%, 8.8%, and 9.9%, respectively.

Volume-wise, an estimated 1,636 units were resold in November, 2.4% higher than the 1,598 units resold the month prior.
 
The number of units resold was also 21.8% higher than in November 2020, and 67.5% higher than the 5-year average volumes for the month of November.

Sales may have improved after safe management measures were eased in November, following Singapore’s overall infection numbers and hospital situation stabilised, according to OrangeTee & Tie’s Christine Sun. 

“Moreover, many homeowners are cashing in on the housing boom. A number of investors, landlords and owner-occupiers have sold their condominiums in recent months since their house values have increased and there are many potential buyers in the market,” Sun noted.

Another reason for the sales boom may be due to demand from young married couples following construction delays in new projects. 

“Therefore, some young married couples have settled for more affordable condominiums in the suburbs. People prefer resale homes as they are larger but cheaper than new homes,” Sun said.

By region, 58.5% of the volumes are from OCR, 26.1% from RCR and 15.4% from CCR; with the highest transacted price for a resale unit achieved by a condo unit at Alba, which was sold for $26.4m.
 
In RCR, the highest transacted price is a unit at Aalto resold for $11.5m; whilst a $3.6m unit at The Vision in the OCR was resold for $3.6m.