Resale volume of private apartments jumps 11% in March as prices continue rise

Condominiums seen from Leonie Tower in Singapore.
The Straits TImes

The number of private apartments resold jumped by 11.4% in March, as prices rose 1.5% from the month before.

According to SRX, an estimated 1,310 non-landed private residential units were resold in March, up from the 1,176 units in Feb this year.

Compared year-on-year, this is also an 11.7% increase from 1,173 units resold in March of 2017.

Still, this was 36.1% below the peak of 2,050 units resold in April 2010.

Prices of private residential units also registered an 8.5% increase from the year before.

In individual sectors, the increase for the core central region was 8.0% year-on-year and 2.2% month-on-month.

Prices for resale private units in the rest of central region were higher by 11.4% year-on-year and 1.3% month-on-month, while those in the outside central region were up 7.0% compared to March 2017 and 1.3% compared to Feb 2018.

SRX said in its report that the overall median Transaction Over X-Value (TOX) remained positive at $20,000 in March.

Units sold in districts 10 and 11 posted the highest median T-O-X of positive $60,000.

“This suggests that a majority of the buyers in those districts purchased units above the computer-generated market value,” SRX’s report said.