Tokyo second-hand apartment transactions reach highest level since 1990

August was a bumper month for second-hand apartment sales in greater Tokyo. In fact, it was the busiest month of August since REINS began recording data in May 1990.

Buyers returned to the market in force with transactions across greater Tokyo up 18.2% from last year to 3,053 units. This is the first year-on-year increase since February. Meanwhile, new listings dropped for the 12th month in a row and are down 13.3% from last year, causing inventory levels to shrink further. Remaining inventory now sits at the lowest level since March 2016.

The average sale price across greater Tokyo was 36,440,000 Yen, up 0.4% from the previous month, and up 5.3% from last year. The average price per square meter was 548,500 Yen, down 2.1% from the previous month but up 1.8% from last year.

Tokyo Metropolitan Area

In the Tokyo metropolitan area, transactions increased by 14.5% from last year to 1,576 units. The average sale price was 45,510,000 Yen, up 0.5% from the previous month and up 5.5% from last year. The average price per square meter was 723,800 Yen, down 2.7% from the previous month but up 1.5% from last year. New listings dropped 15.6% from last year while remaining inventory sank by 13.0%.

Central Tokyo

In Tokyo’s central 3 wards of Chiyoda, Chuo, and Minato, transactions dropped 5.4% from last year to 159 units in August. The average sale price was 76,910,000 Yen, up 13.1% from last year, and up 10.9% from the previous month. The average price per square meter reached 1,257,500 Yen, up 4.7% from the previous month, and up 5.1% from last year. This is the highest price on record. New listings were down 17.5% from last year, recording the 11th month of consecutive declines. Remaining inventory shrank for the 9th month in a row with a 13.5% drop in August.  

Source: REINS, September 10, 2020.

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