According to research by AtHome, the average realized sale price of a secondhand apartment in greater Tokyo was 19,750,000 Yen in August, down 6.4% from the year before and 5.9% from last month. This is the first time in 2 years and 8 months that the price has fallen below the 20 million Yen mark.
The drop was particularly noticeable in Tokyo’s 23 wards where sale prices fell 13.5% from one year prior, and 12.1% from the previous month. The average price per square meter in Tokyo’s 23 wards fell 8% from last year to 446,100 Yen/smq, while in Chiba, it dropped 21.1% to 195,400 Yen/sqm. The average age of an apartment sold in greater Tokyo was 23.5 years.
The average sale price of brand new houses increased by 1.1% to 32,300,000 Yen.
The survey included data from the sale of 344 secondhand apartments and 1,589 brand new houses.
Average realized sale prices on secondhand apartments in August:
- Tokyo 23-ku: 23,050,000 Yen (-13.5% from August 2011)
- West Tokyo: 19,000,000 Yen (+0.5%)
- Kanagawa: 20,000,000 Yen (-3.5%)
- Saitama: 16,960,000 Yen (+17.0%)
- Chiba: 12,990,000 Yen (-20.5%)
- TOTAL: 19,750,000 Yen (-6.4%)
Average realized sale prices on new houses in August:
- Tokyo 23-ku: 42,650,000 Yen (-1.2%)
- West Tokyo: 32,830,000 Yen (-3.8%)
- Kanagawa: 33,170,000 Yen (+1.6%)
- Saitama: 26,620,000 Yen (-1.8%)
- Chiba: 24,610,000 Yen (-3.0%)
- TOTAL: 32,300,000 Yen (+1.1%)
Source: AtHome News Release, September 27, 2012