Secondhand apartment transactions drop 30.3% in April but prices continue to rise

According to REINS, 2,785 secondhand apartments were sold across greater Tokyo in April, down 30.3% from the previous month and down 10.7% from April 2013. 

While the number of transactions saw a steep drop, actual sale prices have continued to increase. The average sale price across greater Tokyo was 26,880,000 Yen, up 0.9% from the previous month and up 5.2% from last year. The average price per square meter was 424,000 Yen, up 1.8% from the previous month and up 7.7% from last year.

In the Tokyo Metropolitan area, 1,363 apartments were sold, down 31.3% from the previous month and down 7.4% from last year. The average sale price was 33,690,000 Yen, up 4.7% from March and up 7.8% from last year. The average price per square meter was 573,500 Yen, up 5.9% from March and up 11.4% from last year.

The average sale price in central Tokyo’s 3 wards (Chiyoda, Chuo and Minato) was 48,140,000 Yen, down 1.3% from March but up 9.8% from last year. The drop in price from the previous month is due to the average apartment size being about 2.7% smaller in April, while the average building age increased from 14.37 years in March to 16.50 years in April.

The average price per square meter was 896,800 Yen, up 1.5% from March and up 16.9% from last year.

Tokyo Metropolitan Area:

  • No. of sales in April: 1,363 (-31.5% from March; -7.4% from April 2013)
  • Remaining inventory: 17,609 apartments (12.9 months)
  • Average sale price: 33,690,000 Yen (+4.7%; +7.8%)
  • Average price per sqm: 573,500 Yen (+5.9%; +11.4%)
  • Average size: 58.75 sqm (-1.1%; -3.3%)
  • Average building age: 18.32 yrs (-0.1 yrs; +0.21 yrs)

Central Tokyo’s 3 wards (Chiyoda, Chuo, Minato):

  • No. of sales in April: 156 (-31.9%; -16.6%)
  • Remaining inventory: 1,983 apartments (12.7 months)
  • Average sale price: 48,140,000 Yen (-1.3%; +9.8%)
  • Average price per sqm: 896,800 Yen (+1.5%; +16.9%)
  • Average size: 53.68 sqm (-2.8%; -6.1%)
  • Average building age: 16.50 yrs (+2.13 yrs; +0.77 yrs)

SECONDHAND HOMES

927 secondhand homes were sold across greater Tokyo, down 23.1% from March and down 13.4% from April 2013. The average sale price was 29,220,000 Yen, down 0.5% from March and down 2.6% from last year. The average house size was 106.32 sqm (+2.7% from March and +0.6% from last year) and the average land size was 142.26 sqm (+0.1% from March but -4.2% from last year). The average house age was 20.18 years old.

In the Tokyo metropolitan area, 258 homes were sold, down 29.5% from March and down 18.4% from last year. The average sale price was 42,190,000 Yen, up 3.3% from March but down 2.6% from last year. The average house size was 107.13 sqm (+5.0% from March and +0.5% from last year) and the average land size was 112.71 sqm (no change from March and -5.8% from last year). The average house was 18.53 years old.

In Tokyo’s popular residential areas of Shinagawa, Ota, Meguro and Setagaya, the average sale price was 59,360,000 Yen, up 3.0% from March but down 12.7% from last year. The average house size was 109.15 sqm (+4.7% from March but -5.5% from last year) and the average land size was 93.66 sqm (+9.7% from March but -19.3% from last year). The average house was 16.60 years old.

BRAND NEW HOME SALES

354 brand new homes were sold across greater Tokyo in April, down 13.2% from March and down 14.9% from last year. This is the 7th month in a row to see a year-on-year decrease in transactions. The average sale price was 34,850,000 Yen, showing no change from March but up 1.1% from last year. The average house size was 100.36 sqm (+3.3% from March and +4.9% from last year) and the average land size was 119.17 sqm (+5.0% from March and +10.5% from last year).

105 new homes were sold in the Tokyo metropolitan area, down 4.5% from March and down 14.6% from last year. This is the 9th month in a row to see a year-on-year decrease in transactions. The average sale price was 40,630,000 Yen, down 2.7% from March but up 1.4% from last year. The average house size was 94.25 sqm (+1.3% from March and +3.4% from last year) and the average land size was 97.98 sqm (+2.6% from March and +10.6% from last year).

LAND

408 blocks of land (between 100 ~ 200 sqm) were sold in greater Tokyo, down 25% from March and down 17.1% from last year. This is the 7th month in a row to see a year-on-year decrease in transactions. The average sale price was 194,400 Yen/sqm, down 1.3% from March and down 4.6% from last year.

In the Tokyo metropolitan area, 111 blocks of land were sold, down 24% from March and down 29.7% from last year. This is the 7th month in a row to see a year-on-year decrease in transactions. The average sale price was 327,400 Yen/sqm, up 1.5% from March but down 1.8% from last year.

Source: REINS, May 14, 2014.

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