Condo resale prices up 2.3% in May

The Outside Central Region witnessed the highest price index increase of 2.6%.

Condo resale prices edged up 2.3% YoY in May, led by gains in the Outside Central Region (OCR) which rose 2.6% in the index, data from SRX Property revealed.

The Rest of Central Region (RCR) also recorded a 2.4% YoY price index increased, followed by the Core Central Region (CCR) with 1.4% YoY.

The volume of condo resales rose 3% MoM with 835 units resold in May, compared to the 811 units in April. However, on a YoY basis, the number of sold units crashed 46.1%.

SRX Property noted that the overall median transaction over X-value (TOX) stood at $10,000 in May 2019, remaining unchanged from the previous month. The median TOX for condo properties can measure whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

For districts having more than 10 resale transactions in May 2019, District 4, which comprises Telok Blangah and Harbourfront, posted the highest median TOX at $48,000, followed by District 21 (Upper Bukit Timah, Ulu Pandan) with $40,000.

Meanwhile, District 22 (Jurong) posted the lowest median TOX at -$13,000, followed by District 16 (Bedok, Upper East Coast) and 18 (Tampines, Pasir Ris) at -$11,000.