Apartment transactions and sale prices continue recovery in July

Transactions and prices of second-hand apartments in greater Tokyo continue to improve as buyers return to the market. Monthly transactions in July were down just 2.4% from last year, ending a four-month run of double-digit declines. A total of 3,156 second-hand apartments were reported to have sold.

The average sale price was 36,280,000 Yen, up 2.5% from the previous month and up 5.4% from last year. The average price per square meter was 560,300 Yen, up 4.8% from the previous month, and up 4.7% from last year. This is the 3rd month in a row to see an increase in sale prices. 

New listings saw a year-on-year decline for the 11th month in a row, dropping 13.1% from last year.

Tokyo Metropolitan Area

In the Tokyo metropolitan area, a total of 1,682 apartments were sold, up 4.1% from the previous month but down 3.7% from last year. The average sale price was 45,300,000 Yen, up 3.1% from the previous month, and up 7.4% from last year. The average price per square meter was 743,600 Yen, up 5.9% from the previous month, and up 6.5% from last year. 

New listings dropped 16.6% from last year, recording the 11th month in a row to see a year-on-year decline. Remaining inventory dropped for the 8th month in a row and is now down 9.4% from last year.

Central Tokyo

In Central Tokyo’s 3 wards of Chiyoda, Chuo, and Minato, 209 apartments were reported to have sold, showing no change from last year but a 26.7% increase from the previous month. The average sale price was 68,000,000 Yen, up 4.4% from the previous month, and up 0.6% from last year. The average price per square meter was 1,201,300 Yen, up 8.3% from the previous month, and up 3.1% from last year. 

New listings dropped 21.8% from last year. This is the 10th month in a row to see a year-on-year drop. The average price of an apartment listed for sale in July increased by 12.8% from last year to 1,418,800 Yen/sqm.

Remaining inventory dropped for the 8th month in a row, with a 11.9% year-on-year fall in July.

Source: REINS, August 17, 2020.

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