Private condo resale prices dropped 3.4% in November

Only 338 units were sold.

Resale prices of private condominium units slipped 3.4% year-on-year in November, according to data released today by SRX Property. On a month-on-month basis, prices decreased 1.1%, led by condos in the RCR and the OCR.

According to SRX Property, an estimated 338 units were transacted on the resale market last month, representing a 22.4% decrease from 500 transacted units in October.

“When sales volume is this low, macro-analysis becomes less relevant and individual transactions are more pronounced. On the macro level, we can project, with reasonable certainty, that demand will continue to be anemic and prices will be relatively stubborn until there is a significant change to Cooling Measures, interest rates, supply, or an external shock, or some combination of the above. Until then, the action is at the street level and requires micro-analysis. 50% of buyers in November paid above the X-Value for their unit and 50% paid below it. This means that not all buyers and sellers are being impacted by the Cooling Measures in the same way," said Sam Baker, SRX Property CEO.