Condo resale volumes rises 32.2% in July amidst post-school holiday activity

An expert predicts a quieter condo resale market in August due to the Lunar Seventh Month.

Condo resale volumes in July increased 32.2% with 1.075 units resold from 813 in June, year-on-year (YoY), volumes were higher by 21.7%, according to 99-SRX Media Flash Report.

Of the total units resold during the month, 51.9% were from the Outside Central Region (OCR),  31.1% from the Rest of Central Region (RCR), and 17.% from the Core Central Region (CCR).

“We think the increase in sales in July was partly seasonal, as more buyers and sellers returned to the market after the month-long school holidays in June,” Wong Siew Ying, Head of Research and Content at PropNex said.

Meanwhile, Christine Sun, chief researcher and strategist of OrangeTee said, “Moving forward, the number of condos obtaining TOP will fall. The robust demand and declining supply of newly completed homes may continue to sustain the prices of resale condos.”

In addition, Mark Yip, CEO of  Huttons Asia said, “The resale condo market is likely to be quieter in August because of the Lunar Seventh Month. Prices of resale condo may remain flattish for the rest of 2024.”