According to REINS, 2,497 second-hand apartments were sold across greater Tokyo in December 2014, down 11.8% from the previous month and down 13.9% from December 2013. This is the 9th month in a row to see a year-on-year decline.

The average apartment sale price was 28,470,000 Yen, up 1.4% from the previous month and up 11.2% from the previous year. The average price per square meter was 448,700 Yen, up 1.6% from the previous month and up 10.9% from the previous year. The average building age was 19.85 years.

1,250 second-hand apartments were sold in the Tokyo Metropolitan Area, down 12.6% from the previous month and down 12.1% from the previous year. The average sale price was 35,070,000 Yen, up 2.9% from the previous month and up 12.7% from the previous year. The average price per square meter was 593,400 Yen, up 3.1% from the previous month and up 10.7% from the previous year. The average building age was 18.93 years.

Luxury sales are rising in the metropolitan area with 79 apartments priced over 100 million Yen selling in the 4th quarter of 2014, up 31.7% from the same quarter in 2013.

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), the average sale price was 57,310,000 Yen, up 15.4% from the previous month and up 28.5% from the previous year. The average price per square meter was 998,600 Yen/sqm, up 3.3% from the previous month and up 19.6% from the previous year. It has now exceeded the level seen in January 2008 when REINS began keeping records for central Tokyo sale prices.

While reported transactions in central Tokyo were down 11.1% from 12 months ago, remaining inventory dropped 14.6% over the same period. Inventory levels are at the lowest level seen since reporting began in 2008 and are down 51.7% from their peak in September 2011.

Although transactions are down from 2013, they are still above the historical average for December:

  • 2008/Dec: 105 sales
  • 2009/Dec: 98 sales
  • 2010/Dec: 113 sales
  • 2011/Dec: 114 sales
  • 2012/Dec: 116 sales
  • 2013/Dec: 171 sales
  • 2014/Dec: 152 sales

The number of new listings also reached a record low of 689 apartments in December and are down 55.3% from their peak of 1,543 listings seen in March 2008.

Sale prices per square meter:

Greater Tokyo: 448,700 Yen +10.9% from December 2013
Tokyo Metropolitan Area 593,400 Yen +10.7%
Chiyoda, Chuo, Minato 998,600 Yen +19.6%
Shinagawa, Ota, Meguro,
Setagaya
669,900 Yen +9.4%
Shinjuku, Shibuya, Suginami,
Nakano
739,700 Yen +17.5%
Bunkyo, Toshima, Kita, Itabashi,
Nerima
577,800 Yen +4.8%
Taito, Koto, Edogawa, Sumida,
Katsushika, Adachi, Arakawa
478,500 Yen +3.2%
Saitama Prefecture: 260,700 Yen +6.1%
Saitama City 321,100 Yen +12.2%
Chiba Prefecture: 261,100 Yen +14.5%
Chiba City 229,200 Yen +13.2%
Kanagawa Prefecture: 395,800 Yen +9.3%
Yokohama City 400,800 Yen +8.3%
Kawasaki City 497,800 Yen +7.7%

 

Tokyo Metropolitan Area
No. of sales in December: 1,250 (-12.6% from November; -12.1% from Dec. 2013)
Remaining inventory: 17,096 apartments (13.7 months)
Average sale price: 35,070,000 Yen (+2.9; +12.7%)
Average sale price per sqm: 593,400 Yen (+3.1%; +10.7%)
Average size: 59.10 sqm
Average building age: 18.93 yrs (-0.27 yrs; -0.34 yrs)

 

Central Tokyo’s 3 wards (Chiyoda, Chuo, Minato)
No. of sales in December: 152 (+3.4% from November; -11.1% from Dec. 2013)
Remaining inventory: 1,866 apartments (12.3 months)
Average sale price: 57,310,000 Yen (+15.4; +28.5%)
Average sale price per sqm: 998,600 Yen (+3.3; +19.6%)
Average size: 57.39 sqm
Average building age: 14.14 yrs (-2.31 yrs; -3.31 yrs)

SECOND-HAND HOMES

830 second-hand homes were sold across greater Tokyo, down 13.2% from the previous month and down 11.2% from December 2013. The average sale price was 29,270,000 Yen, down 1.1% from the previous month but up 2.7% from the previous year. The average house size was 104.12 sqm and the average land size was 149.38 sqm. The average building age was 20.47 years.

In the Tokyo metropolitan area, 253 homes were sold, down 8% from the previous month and down 12.8% from the previous year. The average sale price was 41,470,000 Yen, up 0.3% from the previous month and up 4.1% from the previous year. The average house size was 102.50 sqm and the average land size was 110.75 sqm. The average building age was 18.67 years.

In Tokyo’s popular residential areas of Shinagawa, Ota, Meguro and Setagaya, the average sale price was 64,430,000 Yen, up 7.0% from the previous month but down 1.0% from last year. The average house size was 108.18 sqm and the average land size was 103.80 sqm. The average building age was 14.92 years.

BRAND NEW HOME SALES

317 brand new homes were sold across greater Tokyo, down 25.6% from the previous month and down 10.2% from the previous year. The average house price was 33,780,000 Yen, up 1.6% from the previous month and up 0.3% from the previous year. The average house size was 98.10 sqm and the average land size was 120.66 sqm.

In the Tokyo metropolitan area, 71 brand new homes were sold, down 15.5% from the previous month but up 7.6% from the previous year. The average sale price was 41,900,000 Yen, up 5.2% from the previous month and up 2.1% from the previous year. The average house size was 94.81 sqm and the average land size was 100.11 sqm.

LAND

357 blocks of land (between 100 ~ 200 sqm) were sold in greater Tokyo, down 9.6% from the previous month and down 4.0% from the previous year. The average sale price was 188,500 Yen/sqm, down 0.7% from the previous month and down 9.8% from the previous year.

100 blocks were sold in the Tokyo metropolitan area, down 13.8% from the previous month and down 21.3% from the previous year. The average sale price was 311,200 Yen/sqm, up 0.9% from the previous month but down 9.4% from the previous year.

Source: REINS, January 15, 2015.

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