Remaining apartment inventory in Tokyo drops for first time in 27 months

According to REINS, a total of 2,810 second-hand apartments were reported to have sold across greater Tokyo in December, down 11.5% from the previous month and down 5.9% from December 2018. New listings dropped for the 4th month in a row, with a 7.4% drop from the previous year.

The average apartment sale price was 35,500,000 Yen, up 0.1% from the previous month and up 5.0% from the previous year. The average price per square meter was 548,900 Yen/sqm, down 0.2% from the previous month but up 4.7% from the previous year. This is the 11th month in a row to record a year-on-year increase. 

In Tokyo’s 23 wards, transactions for December were down 3.0% from the previous year. The average sale price was 725,300 Yen/sqm, up 0.4% from the previous month and up 6.4% from the previous year. This is also the 11th month in a row to see a year-on-year increase. New listings in December were down 12.1% from the previous month and down 8.7% from the previous year.

Remaining inventory dropped 1.7% from the previous year. This is the first drop in inventory since August 2017.

For the fourth quarter of 2019, sales of apartments over 100 million Yen increased by 31.6% from the same period in 2018. This is more than double the 10-year average for quarterly sales. 

Central Tokyo’s 3 wards

In central Tokyo’s 3 wards of Chiyoda, Chuo, and Minato, 189 apartments had sold, down 2.6% from the previous year. The average sale price was 1,160,200 Yen/sqm, down 5.6% from the previous month but up 4.6% from the previous year. The average apartment size was 58.05 sqm (625 sq.ft).

New listings dropped for the third month in a row, dipping 6.0% from the previous year. Existing inventory, meanwhile, saw a 4.3% drop from the previous month and a 1.5% drop from the previous year.

Source: REINS, January 15, 2020.

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