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

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