Record number of apartment sales in central Tokyo in August

According to REINS, 2,415 second-hand apartments were sold across greater Tokyo in August, down 14.0% from the previous month but up 14.0% from last year. This is the 5th month in a row to see a year-on-year increase in transactions.

August is typically a slow month for real estate sales due to the hot weather and summer holidays.

The average apartment sale price was 28,320,000 Yen, down 1.3% from the previous month but up 0.4% from last year. The average price per square meter was 448,200 Yen, down 0.8% from the previous month but up 2.6% from last year. The average building age was 20.44 years.

1,185 apartments were sold in the Tokyo metropolitan area, down 15.7% from the previous month but up 18.1% from last year. This is also the 5th month in a row to see a year-on-year increase in transactions. The average sale price was 35,020,000 Yen, up 0.7% from the previous month and up 0.4% from last year. The average price per square meter was 602,300 Yen, down 0.1% from the previous month but up 2.5% from last year. The average building age was 19.61 years.

Central Tokyo’s 3 wards:

In central Tokyo’s 3 wards (Chiyoda, Chuo and Minato), 142 second-hand apartments were sold, down 13.9% from the previous month but up 24.6% from last year. This is the highest number of transactions recorded for the month of August since record-keeping began in 2008, and is approximately 63% higher than the average seen between 2008 ~ 2012.

The average sale price was 51,650,000 Yen, down 4.5% from the previous month and down 7.5% from last year. The average price per square meter was 1,017,900 Yen, down 0.1% from the previous month but up 10.6% from last year. This is the third month in a row where prices have exceeded the 1,000,000 Yen/sqm level. The average building age was 16.27 years.

Meanwhile, the average asking price of an apartment listed for sale in August reached 1,190,600 Yen/sqm, up 1.7% from the previous month and up 20.1% from last year. Remaining inventory was up 41.5% from last year and indicates a remaining supply of 19.2 months.

Past transactions in August (central Tokyo’s 3 wards):

  • 2015: 142
  • 2014: 114
  • 2013: 128
  • 2012: 88
  • 2011: 77
  • 2010: 91
  • 2009: 97
  • 2008: 82

 

Sale prices per square meter

Greater Tokyo: 448,200 Yen +2.6% from Aug. 2014
Tokyo Metropolitan Area 602,300 Yen +2.5%
Chiyoda, Chuo, Minato 1,017,900 Yen +10.6%
Shinagawa, Ota, Meguro,
Setagaya
695,800 Yen +1.8%
Shinjuku, Shibuya, Suginami,
Nakano
764,800 Yen +6.5%
Bunkyo, Toshima, Kita, Itabashi,
Nerima
594,000 Yen +8.9%
Taito, Koto, Edogawa, Sumida,
Katsushika, Adachi, Arakawa
486,000 Yen +2.2%
Saitama Prefecture: 276,900 Yen -0.9%
Saitama City 374,600 Yen +16.2%
Chiba Prefecture: 240,800 Yen -2.5%
Chiba City 241,400 Yen +2.4%
Kanagawa Prefecture: 384,400 Yen +1.4%
Yokohama City 383,900 Yen -3.4%
Kawasaki City 510,700 Yen +9.5%
Tokyo Metropolitan Area
No. of sales in August: 1,185 (-15.7% from July; +18.1 from Aug. 2014)
Remaining inventory: 19,725 apartments (16.6 months)
Average sale price: 35,020,000 Yen (+0.7; +0.4%)
Average sale price per sqm: 602,300 Yen (-0.1%; +2.5%)
Average size: 58.15 sqm
Average building age: 19.61 yrs (-0.26 yrs; +1.35 yrs)
Central Tokyo’s 3 wards (Chiyoda, Chuo, Minato)
No. of sales in August: 142 (-13.9% from July; +24.6% from Aug. 2014)
Remaining inventory: 2,723 apartments (19.2 months)
Average sale price: 51,650,000 Yen (-4.5%; -7.5%)
Average sale price per sqm: 1,017,900 Yen (-0.1%; +10.6%)
Average size: 50.74 sqm
Average building age: 16.27 yrs (-0.47 yrs; +0.89 yrs)

SECOND-HAND HOMES

923 second-hand homes were sold across greater Tokyo, down 8.0% from the previous month but up 21.3% from last year. The average sale price was 29,170,000 Yen, up 0.03% from the previous month and up 0.9% from last year. The average house size was 105.94 sqm and the average land size was 153.00 sqm. The average building age was 21.51 years.

In the Tokyo metropolitan area, 254 homes were sold, down 9.0% from the previous month but up 11.4% from last year. The average sale price was 42,860,000 Yen, up 0.1% from the previous month and up 2.3% from last year. The average house size was 103.99 sqm and the average land size was 111.68 sqm. The average building age was 21.13 years.

In Tokyo’s popular residential areas of Shinagawa, Ota, Meguro and Setagaya, the average sale price was 61,780,000 Yen, down 15.5% from the previous month but up 6.2% from last year. The average house size was 104.07 sqm and the average land size was 89.60 sqm. The average building age was 19.72 years. The drop in the average sale price from July could be attributed to a smaller average block size (22.3% smaller), a smaller house size (14.1% smaller), and an older building age (3.53 years older).

BRAND NEW HOMES

336 brand-new homes were sold across greater Tokyo, down 7.7% from the previous month and down 7.7% from last year. The average sale price was 34,170,000 Yen, down 1.1% from the previous month but up 1.7% from last year. The average house size was 98.37 sqm and the average land size was 115.16 sqm.

75 brand-new homes were sold in the Tokyo metropolitan area, up 1.4% from the previous month but down 13.8% from last year. The average sale price was 40,310,000 Yen, down 10.0% from the previous month and down 2.4% from last year. The average house size was 91.84 sqm and the average land size was 97.24 sqm.

LAND

433 blocks of land (between 100 ~ 200 sqm) were sold in greater Tokyo, down 16.4% from the previous month but up 11.3% from last year. The average sale price was 195,400 Yen/sqm, up 1.5% from the previous month but down 2.8% from last year.

In the Tokyo metropolitan area, 129 blocks of land were sold, down 4.4% from the previous month but up 14.2% from last year. The average sale price was 318,000 Yen/sqm, down 7.2% from the previous month and down 3.4% from last year.

Source: REINS, September 10, 2015.

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