While the prices of resale condominiums fell for the second consecutive month, transaction volume has continued to rise.
Sales volume of resale condominiums rose significantly in July
882 resale condominium units were sold last month, bringing the sales volume 32.2% higher than that of June.
In a year-on-year comparison, however, the number of transactions recorded this July was almost 20% lower than that of 2018. We must, however, remember that the sudden surge in sales last July was due to buyers rushing to close deals before the cooling measures kicked in.
Analysts are nevertheless still pleased with last month’s market performance as sales volume was 11.1% higher than the 5-year volume average in July.
Buyers have returned after the June holiday lull and sales have picked up significantly.
Prices dip as more new projects launched
There has been an increase in the number of new launches which have hit the market in the past few months. With competition becoming fiercer, sales prices have dipped slightly by 0.5% in July. This is following a 0.4% fall in May after 4 consecutive months of price increments.
The most significant decline of 1.1% was in the city fringes. In the suburbs, prices fell 0.3% and in the core central region, 0.1%.
In each region, topping the charts with the multi-million dollar transactions. In the city centre, it was a unit at the freehold Boulevard Vue in Cascaden Walk which went for $17.5 million.
In the city fringe, a unit at Dakota Residences sold for $4.2 million; and in the suburbs, the sale of a unit at Bayshore Park made the top of the list at $3.3 million.