Condo resale prices inches up 0.7% MoM in October

There are more buyers than sellers present in the market, OrangeTee says.

Condo resale prices were up 0.7% month-on-month (MoM) in October 2021. This continues the 15 consecutive months of rising resale prices.

Core Central Region (CCR), Rest of the Central Region (RCR), Outside Central Region (OCR). all recorded increases by 0.4%, 0.6%, and 0.9%, respectively. Year on year (YoY), overall prices increased by 9%.

An estimated 1,578 units were resold in October 2021, which is a 6.3% MoM decrease when compared to the 1,684 units resold in September 2021. 

OrangeTee’s Senior Vice President of Research & Analytics Christine Sun attributed this lower volume to rising prices and community safe management measures. Under the stabilisation phase, Sun also points out that viewer restrictions and caps on visitor numbers remain in place.

"Currently, there seem to be more buyers than sellers in the market especially in the suburbs where many HDB upgraders are looking for replacement homes after selling their flats in recent months," Sun said. 

Meanwhile, the highest transacted price for a resale unit was observed at $19.7m at Seven Palms Sentosa Cove. In RCR, a unit was resold at Reflections at Keppel Bay for $6.4m, while in OCR,  a unit at Breeze by the East was resold at $3.45m.

Overall median capital for October 2021 is at $220,960, a $12,540 decrease from September 2021. District 21, which is composed of Clementi Park and Upper Bukit Timah. Posted the highest median capital gain at $590,000, followed by District 10, Tanglin and Holland, at $470,000. 

District 4, made up of Harbourfront and Telok Blangah, on the other hand, was the only district that posted a median capital loss at $63,280. 

Overall, Sun expects sales to slow down as the end of the year approaches. Instead, she says that sales are expected to pick up again in January.