According to the Real Estate Economic Institute, 3,002 brand new apartments were released for sale in greater Tokyo in May, up 51.8% from the previous month but down 14.1% from last year. This is the 6th month in a row to see a year-on-year decline in supply, and is the lowest level of supply reported for the month of May since 1992.
2,129 apartments were sold, resulting in a contract ratio of 70.9%, up 4.5 points from the previous month but down 0.2 points from last year. 330 apartments in high-rise buildings (over 20-storeys) were offered for sale, down 49.3% from 2015. The contract ratio was 73.9%, down 14.3 points from last year.
The average price of a new apartment across greater Tokyo was 56,920,000 Yen, down 1.0% from the previous month but up 18.3% from last year. The average price per square meter was 823,000 Yen, down 0.4% from the previous month but up 21.2% from last year.