New apartment supply shrinks for 2nd month in a row

According to the Real Estate Economic Institute, 2,462 brand new apartments were released for sale across greater Tokyo in May, up 5.1% from the previous month but down 5.4% from last year. The average sale price was 60,300,000 Yen, up 8.7% from the previous month and up 0.8% from last year. The average price per square meter was 895,000 Yen, up 11.9% from the previous month and up 3.9% from last year.

The contract ratio was 62.2%, down 10 points from last year. Unsold inventory sits at 6,377 units, down 45 units from last year.

There were 19 high-rise buildings (over 20 storeys) containing 362 apartments released for sale, up 120.7% from last year. The contract ratio was 67.1%.

TOKYO METROPOLITAN AREA

1,226 new apartments were released for sale in the Tokyo metropolitan area, up 32% from the previous month and up 1.7% from last year. The average sale price was 71,730,000 Yen, up 6.0% from the previous month but down 2.8% from last year. The average price per square meter was 1,117,000 Yen, up 7.3% from the previous month and up 0.9% from last year.

The contract ratio was 69.7%, down 4.6 points from last year.

Source: The Real Estate Economic Institute, June 14, 2018.

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