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In fact, it has been a norm for HDB resale transactions to be slightly lower during the traditional festive seasons, such as Christmas and Chinese New Year (CNY). This is because of the lack of urgency for the contracting parties to rush for legal completion. A closer look at the previous year’s pattern confirms that resale transactions tend to be reduced during these months.
For example, Table [1] below shows that in the Christmas month of 2007, the resale transactions were 1,954 deals, sandwiched between two high transactions of 2,340 deals in November 2007 and 2,306 deals in January 2008. Likewise, in the CNY month in the following February, the resale transactions were 1,958 deals, much lower than the 2,313 deals transacted in January 2007.
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Months |
Total Transactions |
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January 07 |
2,313 |
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February 07 |
1,958 |
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March 07 |
1,217 |
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April 07 |
2,089 |
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May 07 |
2,184 |
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June 07 |
2,250 |
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July 07 |
2,385 |
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August 07 |
2,553 |
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September 07 |
2,385 |
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October 07 |
2,463 |
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November 07 |
2,340 |
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December 07 |
1,954 |
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January 08 |
2,306 |
Table [2] below shows that in the Christmas month of 2008, the resale transactions were 2,036, which was 396 deals fewer than the previous month’s 2,432 deals. The CNY month in February 2008 also saw fewer resale transactions at 2,044 deals.
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Months |
Total Transactions |
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January 08 |
2,306 |
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February 08 |
2,044 |
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March 08 |
2,150 |
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April 08 |
2,339 |
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May 08 |
2,179 |
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June 08 |
2,258 |
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July 08 |
2,456 |
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August 08 |
2,186 |
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September 08 |
2,494 |
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October 08 |
2,389 |
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November 08 |
2,432 |
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December 08 |
2,036 |
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January 09 |
1994 |
Source of info – HDB inforweb
As such, the low transactions of January 2009, which coincided with the CNY, should not be taken with alarm.
With the economy worsening by the months and the increased state subsidises for first time flat buyers, HDB resale transactions should flourish in 2009.
Prepared by Sam Gian - Independent Real Estate Sales Trainer
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