Resale condo prices up 0.2% in November

The volume of resold condos slipped 4.6% to 662 units.

Resale condo prices grew 0.2% MoM in November, SRX Property revealed. Resale condo prices in the core central region (CCR) led the trend with a 0.6% hike.

Meanwhile, resale condo prices in the rest of the central region (RCR) and outside the central region (OCR) both inched up by 0.1%.

Resale condo prices jumped 8.8% YoY, SRX Property noted. However, prices have slipped 0.7% in November compared to its peak in July.

Resale condo prices in the CCR also led the YoY increase as their prices climbed 9.5% compared to the rates in November 2017. Meanwhile, prices of resale condos in the RCR and OCR also rose 9% and 8.3% YoY, respectively.

Meanwhile, SRX Property revealed that resale condo volume dropped 4.6% MoM to 662 units from 694 units in October. On a YoY basis, the November resale condo volume crashed 55.4% compared to the 1,483 units resold a year ago.  

"There is a fair bit of latent demand in the market and is expected to build up in the coming months," OrangeTee & Tie head of research and consultancy Christine Sun said. "If sales volume remains thin, some genuine sellers may start reducing their asking prices and this could present good buying opportunity for long-term investors."