The resale condominium market has seen some ups and downs this year, though the fluctuations have mainly been minimal and the market has remained rather flat.
Fluctuations in resale condominium market mostly minimal
Year on year, some increases were however recorded. There was a 25% increase in the number of non-landed residential units sold this November in comparison to the same month last year. The 5-month average sales volume of this property type is also 10.7% higher this November.
Resale condominiums prices in the core central and rest of central regions rose 1.1% and 2.9% respectively this year; though prices in both regions fell 1% last month from October. In the rest of the central region, prices fell 0.6% in a year-on-year comparison. Overall, prices fell 1.5% in a year-on-year comparison.
However, prices of resale condominiums in the outside of the central region rose 0.8%. Overall, prices in this market segment fell 0.1% compared to a 0.8% rise the month before. Prices have been rising for 2 consecutive months before it fell in November. According to analysts, the decline could merely be a technical one as the fall is not drastic and is largely contained in the core central and rest of central regions. On the whole, the market trend is still on the up.
Luxury market doing well-considering cooling measure still in place
Sales volume for resale condos fell 7.2% last month, with 801 units sold compared to the 876 units in October. Analysts say the decline is expected due to the usual year-end lull in market activity. In the luxury market, however, the current trend of strong year-on-year growth in prices continues, in particular in the core central region. This is in spite of the cooling measures which remain in place, and analysts see this as an encouraging sign.
The highest transacted price last month was for a unit at Hilltops which sold for $25.8 million.