According to the Real Estate Economic Institute, 2,693 brand new apartments were released for sale in greater Tokyo in March, up 20.4% from the previous month but down 39.6% from last year. This is below the Institute’s previous estimate of 4,500 units, and is the 4th month in a row to see a drop in supply from 12 months prior. It is also the first time since 2009 that the annual supply for the month of March dropped below 3,000 units.
1,820 apartments were sold, resulting in a contract rate of 67.6%, down 5.3 points from the previous month and down 12.0 points from last year.
317 apartments in high-rise buildings (over 20-storeys) were offered for sale. The contract rate was 64.4%, down 14.6 points from last year.
The average price of a new apartment across greater Tokyo was 56,380,000 Yen, down 2.3% from the previous month but up 8.7% from last year. The average price per square meter was 802,000 Yen, down 4.0% from the previous month but up 9.0% from last year.