February apartment transactions reach 12-year high

According to REINS, 3,749 second-hand apartments were reported to have sold across greater Tokyo in February, up 39.9% from the previous month and up 7.6% from last year. The average sale price was 35,730,000 Yen, up 2.7% from last year. The average price per square meter was 547,600 Yen, up 2.8% from last year. This is the 13th month in a row to see a year-on-year increase in sale prices. 

2,000 apartments were reported to have sold in the Tokyo metropolitan area, up 42.1% from the previous month and up 9.8% from last year. The average sale price was 44,260,000 Yen, up 2.3% from last year. The average price per square meter was 717,600 Yen, up 2.4% from last year. 

New listings dropped for the 6th month in a row with a 3.9% drop in February. Remaining inventory is down 4.8% from last year. This is the 3rd month in a row to see a year-on-year decline in inventory.

In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, 235 apartments were reported to have sold, up 40.7% from the previous month and up 9.3% from last year. This is the highest number of transactions seen during the month of February since REINS began recording this data in 2008. Transactions are more than double the number seen in 2008 and 2009.

The average sale price was 68,080,000 Yen, up 12.1% from last year. The average price per square meter was 1,168,600 Yen, up 6.1% from last year and the 9th month in a row to see a year-on-year increase. 

New listings in the city center dropped for the 5th month in a row with a 10.4% drop from last year. Remaining inventory dropped for the 3rd month in a row and is now down 8.6% from last year. 

Source: REINS, March 10, 2020.

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