According to Tokyo Kantei, in 2016 approximately 40% of second-hand apartments in the greater Tokyo area sold within a month of listing, and at an average discount of 3.00%. Two-thirds of apartments sold within the first three months of being listed.
Almost a third of the apartments that sold within a month of being listed sold at full asking price.
Apartment size vs. discounts and selling time
In greater Tokyo, the average discount across all apartment sizes and regardless of listing time was 8.70%.
Apartments over 100 sqm in size represented 2.1% of transactions in the greater Tokyo area. The average discount was 9.30% and the average selling time was 3.99 months.
Apartments in the 50 sqm range took the shortest amount of time to sell with an average time of 2.88 months and an average discount of 6.34%. These apartments represented 22.1% of all transactions, with 60 sqm apartments representing 30.2%, and 70 sqm apartments accounting for 22.9% of sales. Apartments in the 90 sqm range represented 2.8% of sales.
In the Chubu region, which includes Nagoya, apartments in the 30 ~ 40 sqm range accounted for just 2.4% of sales, but took an average of 6.00 months to sell and sold at an average discount of 14.64%.
Distance from station
Apartments located a 10 minute walk or less from the nearest train station represented 57.2% of sales in greater Tokyo. An apartment located within a 6 minute walk of the nearest station took an average of 2.83 months to sell and at an average discount of 6.15%. Apartments that were a 15 ~ 20 minute walk from the nearest train station took an average of 3.23 months to sell and at an average discount of 7.56%.
|Time to sell:||<1 month||< 2 months||< 3 months|
Source: Tokyo Kantei, May 9, 2017.