Condo resale volume drops 14% in December: report

A total of 661units were resold during the month, down from over 760. 

Condo resale volume dropped 14% month-on-month to 661 units in December from 769 units, SRX and 99.co reported. 

The December resale performance declined by 49% year-on-year. This is also 25.1% lower than the average volume recorded in the past five years. 

For the entire year, the total resale condo volume is estimated to be 11,949, declining by 26.1% year-on-year. 

Read more: Private home prices softening due to weak outlook: property analysts

Moreover, the overall prices grew by 9.7% in December, down from 10.8% in the previous year.

“For the next few months, buying sentiments are expected to remain cautious. Most buyers will likely be prudent in their home purchases, due to economic uncertainties, high mortgage rates and cooling measures,” Pow Ying Khuan, Head of Research, 99 Group, said.

“For 2023, condo resale prices are expected to rise moderately, but slower than the yearly growths recorded in the past two years. Volumes likely to subside slightly from 2022 which recorded close to 12,000. Supply and construction delays are improving with more units reaching TOP in 2023 and developers are expected to launch about 10,000 to 12,000 new units.”