According to the Real Estate Economic Institute, 1,978 brand new condominiums were released for sale in greater Tokyo in April, down 26.6% from the previous month and down 13.5% from last year. This is the 5th month in a row to see a year-on-year decline in supply, and is 20% lower than the Institute’s estimate.
1,313 apartments were sold, resulting in a contract ratio of 66.4%, down 1.2 points from the previous month and down 9.1 points from last year.
175 apartments in high-rise buildings (over 20-storeys) were offered for sale, down 1.7% from 2015. The contract ratio was 49.7%, up 11.5 points from last year.
The average price of a new apartment across greater Tokyo was 57,510,000 Yen, up 2.0% from the previous month and up 8.4% from last year. This is the 11th month in a row to see the prices exceed those from 12 months prior. The average price per square meter was 826,000 Yen, up 3.0% from the previous month and up 9.0% from last year.
The total stock of unsold apartments was 5,881 units, down 158 units from the previous month but up 974 units from April 2015.