Condo resale prices climb for fourth straight month with 0.5% uptick in June

Meanwhile, volume retreated 1.2%.

Non-landed private residential resale prices inched up 0.5% in June 2016, compared to May 2016.

According to flash estimates by SRX Property, this reflects the fourth consecutive monthly price hike. Further, this increase was observed across the board—CCR, RCR, and OCR posted an uptick in prices of 0.9%, 0.3%, and 0.5%, respectively. 

Moreover, the SRX Non-landed Private Residential Price Index revealed that on a YoY basis, June 2016 prices edged up 1.1% from June 2015. CCR saw a YoY price jump of 9.2%, while RCR and OCR prices slipped 0.8% and 1.5%, respectively. Prices in June also display a 5.9% drop from the recent peak in January 2014.

Further, resale volume dipped 1.2% in June. Around 754 units were resold during the month, registering a 1.2% slip versus May 2016’s 763 resold units. Compared to June 2015’s 592 resold units, June 2016’s resale volume skyrocketed 27.4%. Meanwhile, resale volume for the month was down by a whopping 63.2% compared to its peak of 2,050 units resold in April 2010.

Overall median Transaction Over X-Value (TOX), which measures whether people are over- or underpaying the SRX Property X-Value estimated value, came in at negative $7,000 for June 2016. This is a $1,000 increase compared to the negative $8,000 of the preceding month. This reflects the third consecutive monthly improvement.

SRX Property also reports that the median days-on-market (DOM) for condo units were 137 days in 2Q16. QoQ, median DOM was 137 days, which is 14.5 days shorter compared to 151.5 days in 1Q16.