Central Tokyo apartment transactions reach 9-year high in March

According to REINS, 3,719 second-hand apartments were sold across greater Tokyo in March, up 7.5% from the previous month and up 3.6% from last year. The average sale price was 31,450,000 Yen, down 0.2% from the previous month but up 2.9% from last year. The average price per square meter was 492,800 Yen, down 100 Yen from the previous month but up 3.2% from last year. This is the 54th month in a row to see a year-on-year increase. The average building age was 20.55 years.

In the Tokyo metropolitan area, 1,948 second-hand apartments were sold, up 9.2% from the previous month and up 7.9% from last year. This is the 12th month in a row to see a year-on-year increase in transactions. The average sale price was 38,560,000 Yen, down 0.3% from the previous month but up 2.3% from last year. The average price per square meter was 649,500 Yen, down 0.3% from the previous month but up 0.9% from last year.

In the first quarter of 2017, sales of apartments priced over 100 million Yen in the Tokyo metropolitan area were up 16.1% from the first quarter of 2016. Meanwhile, the number of new listings over 100 million Yen was down 3.7%. Transactions across all prices were up 7.6% from 2016.

Central Tokyo’s 3 wards

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 242 second-hand apartments were sold, up 14.7% from the previous month and up 13.6% from last year. This is the 7th month in a row to see a year-on-year increase in transactions and is the highest number of reported transactions for the month of March seen since record-keeping began in 2008. This is also the highest number of transactions seen for a single month to date. 

The number of new listings for the month was down for the 5th month in a row, with 1,259 apartments listed for sale in March, down 12.5% from last year.

The average sale price was 58,780,000 Yen, up 3.5% from the previous month and up 4.3% from last year. The average price per square meter was 1,056,400 Yen, up 4.3% from the previous month but down 0.3% from last year. The average building age was 16.96 years.

Remaining inventory was down 3.2% from the previous month and down 4.2% from last year. Inventory is currently sitting at 15.21 months, which is the lowest level seen since June 2015 (14.33 months).

Past transactions in central Tokyo’s 3 wards in March:

  • 2017: 242
  • 2016: 213
  • 2015: 230
  • 2014: 229
  • 2013: 206
  • 2012: 161
  • 2011: 92
  • 2010: 128
  • 2009: 126
  • 2008: 138

 

 

Sale prices per square meter:

Greater Tokyo: 492,800 Yen +3.2% from Mar. 2016
Tokyo Metropolitan Area 649,500 Yen +0.9%
Chiyoda, Chuo, Minato 1,056,400 Yen -0.3%
Shinagawa, Ota, Meguro,
Setagaya
731,100 Yen -2.0%
Shinjuku, Shibuya, Suginami,
Nakano
858,400 Yen +4.4%
Bunkyo, Toshima, Kita, Itabashi,
Nerima
649,300 Yen +8.7%
Taito, Koto, Edogawa, Sumida,
Katsushika, Adachi, Arakawa
538,400 Yen -1.0%
Saitama Prefecture: 295,800 Yen +7.4%
Saitama City 394,100 Yen +20.7%
Chiba Prefecture: 272,900 Yen +5.0%
Chiba City 264,000 Yen +14.7%
Kanagawa Prefecture: 411,000 Yen +2.4%
Yokohama City 437,300 Yen +9.3%
Kawasaki City 485,700 Yen +1.5%

 

Tokyo Metropolitan Area
No. of sales in March: 1,948 (+9.2% from Feb. 2017; +7.9% from Mar. 2016)
Remaining inventory: 25,385 apartments (13.03 months)
Average sale price: 38,560,000 Yen (-0.3%; +2.3%)
Average sale price per sqm: 649,500 Yen (-0.3%; +0.9%)
Average size: 59.37 sqm
Average building age: 19.53 yrs (+0.25 yrs; +0.07 yrs)

 

Central Tokyo’s 3 wards (Chiyoda, Chuo, Minato)
No. of sales in March: 242 (+14.7% from Feb. 2017; +13.6% from Mar. 2016)
Remaining inventory: 3,681 apartments (15.21 months)
Average sale price: 58,780,000 Yen (+3.5%; +4.3%)
Average sale price per sqm: 1,056,400 Yen (+4.3%; -0.3%)
Average size: 55.64 sqm
Average building age: 16.96 yrs (-1.17 yrs; -1.83 yrs)

 

SECOND-HAND HOMES

1,300 second-hand homes were sold across greater Tokyo, up 10.8% from the previous month and up 2.9% from last year. The average sale price was 30,630,000 Yen, down 0.6% from the previous month but up 1.2% from last year. The average house size was 104.72 sqm and the average land size was 148.27 sqm. The average building age was 21.48 years.

387 homes were sold in the Tokyo metropolitan area, up 3.8% from the previous month but showing no change from last year. The average sale price was 44,870,000 Yen, up 3.2% from the previous month but down 3.1% from last year. The average house size was 103.63 sqm and the average land size was 106.70 sqm. The average building age was 19.81 years.

In Tokyo’s popular residential areas of Shinagawa, Ota, Meguro and Setagaya, the average sale price was 69,910,000 Yen, up 8.0% from the previous month but down 19.5% from last year. The average house size was 117.85 sqm (6.1% smaller than last year) and the average land size was 95.69 sqm (14.7% smaller than last year). The average building age was 17.53 years.

BRAND NEW HOMES

572 brand new homes were sold across greater Tokyo, up 3.6% from the previous month and up 9.4% from last year. The average sale price was 34,760,000 Yen, down 1.1% from the previous month but up 2.6% from last year. The average house size was 97.98 sqm and the average land size was 120.13 sqm.

134 new homes were sold in the Tokyo metropolitan area, down 10.7% from the previous month but up 3.9% from last year. The average sale price was 41,940,000 Yen, up 1.8% from the previous month and up 2.1% from last year. The average house size was 93.50 sqm and the average land size was 99.72 sqm.

LAND

600 blocks of land (between 100 ~ 200 sqm) were sold across greater Tokyo, up 26.1% from the previous month and up 8.9% from last year. The average sale price was 196,900 Yen/sqm, up 4.5% from the previous month but down 3.3% from last year.

167 blocks were sold in the Tokyo metropolitan area, up 28.5% from the previous month and up 3.1% from last year. The average sale price was 335,000 Yen/sqm, up 1.0% from the previous month but down 1.0% from last year.

Source: REINS, April 10, 2017.