Private condo resales up 32.2% to 882 units in July

Prices were down 0.5%.

The volume of private condo resales leapt 32.2% to 882 units in July from the 667 units transacted in June, SRX Property revealed. On a YoY basis, volumes dipped 19.8% after the market recovered from “unusually high activity” ahead of the introduction of cooling measures.

Also read: Private condo resale prices up 1% in July

Overall resale prices dipped 0.5% MoM but rose 0.1% YoY. Prices of resale condos located in the Rest of Central Region (RCR), Outside Central Region (OCR), and Core Central Region (CCR) fell across the board, registering declines of 1.1%, 0.3% and 0.1%, respectively.

CCR and RCR recorded YoY price decreases of 2.4% and 0.9%, respectively, whilst OCR recorded a YoY price increase of 1.8%.

The highest transacted price for a resale unit in the month was achieved at Boulevard Vue, where a high-floor unit was transacted at $17.5m. In RCR, the highest transacted price was a unit at Dakota Residences resold at $4.2m. In OCR, the highest transacted price was a unit at Bayshore Park resold at $3.3m.

OrangeTee & Tie head of research & consultancy Christine Sun commented, “The supply of new homes has increased since the launch of many new projects in recent months. The rising competition for potential buyers has probably caused some sellers to lower their asking prices for their resale homes.”

Meanwhile, the Overall Transaction Over X-Value (T-O-X) is NEGATIVE $10,000 in July 2019. The median T-O-X measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) the SRX X-Value estimated market value.

District 7 (Beach Road, Bugis, Rochor) posted the highest median T-O-X at POSITIVE $26,000, followed by District 13 (MacPherson, Potong Pasir) at POSITIVE $22,000.

District 5 (Buona Vista, West Coast, Clementi) posted the lowest median T-O-X at NEGATIVE $35,000, followed by District 22 (Boon Lay, Jurong, Tuas) at NEGATIVE $33,000.