New apartment supply in July hits 26 year low

According to the Real Estate Economic Institute, 2,986 brand new apartments were released for sale across greater Tokyo in July, up 12.3% from the previous month but down 12.8% from last year. This is the first time that the supply for the month of July has fallen below 3,000 units since 1992.

The average sale price was 61,910,000 Yen, down 0.8% from the previous month and down 5.7% from last year. The average price per square meter was 917,000 Yen, down 1.2% from the previous month and down 3.7% from last year.

The contract ratio was 67.8%, down 4.1 points from last year. The contract ratio in Tokyo’s 23 wards was 73.0%, down 0.4 points from last year, but above the 70% line that indicates healthy market conditions.

TOKYO METROPOLITAN AREA

1,437 new apartments were released for sale in Tokyo’s 23 wards, up 0.6% from the previous month but down 22.9% from last year. The average sale price was 72,710,000 Yen, down 3.9% from the previous month and down 1.5% from last year. The average price per square meter was 1,146,000 Yen, down 3.5% from the previous month but up 3.1% from last year.

107 of the apartments sold were priced over 100 million Yen and accounted for 10.2% of total sales for the month. The contract ratio in the 100 million Yen + range was 79.2%.

Source: The Real Estate Economic Institute, August 15, 2018.

395 total views, 9 views today