Apartment sale price in central Tokyo jumps 18% in September

Second-hand apartment transactions across greater Tokyo dropped 7.3% from last year to 3,328 units in September. This comes a month after double-digit year-on-year increases were recorded across all four prefectures. The average sale price increased by 1.3% from the previous month and 6.6% from last year to 36,930,000 Yen. The average price per square meter increased by 2.1% from the previous month and 4.1% from last year to 559,800 Yen.

In the Tokyo metropolitan area, 1,713 apartments were reported to have sold, up 8.7% from August but down 10.0% from last year. The average sale price was 46,390,000 Yen, up 1.9% from the previous month, and up 8.5% from last year. The average price per square meter was 746,200 Yen, up 3.1% from the previous month, and up 5.6% from last year. This is the 5th month in a row to record a year-on-year increase in the sale price.

New listings across greater Tokyo dropped for the 13th month in a row, with listings for the month dropping 14.7% from last year. In the Tokyo metropolitan area, new listings dropped 18.5% from last year. Saitama was the only prefecture to record an increase with a 5.2% year-on-year jump in supply.

Remaining inventory dropped for the 10th month in a row across greater Tokyo with a 13.7% year-on-year drop in September. In Tokyo, inventory dropped 15.4% from last year and 4.1% from the previous month.

Central Tokyo

A total of 192 apartments in central Tokyo’s three wards of Chiyoda, Chuo and Minato were reported to have sold in September, up 20.8% from August but down 23.2% from last year. The average sale price was 78,810,000 Yen, up 2.5% from the previous month and up 18.4% from last year. The average price per square meter was 1,279,400 Yen, up 1.7% from the previous month and up 6.5% from last year. This is the highest price on record.

New listings for the month were down 15.5% from last year, recording the 12th consecutive month of year-on-year declines. Remaining inventory dropped 13.1% from last year, marking the 10th month of decline.

100 million Yen+ transactions on the rise in 3rd quarter

Transactions of apartments over 100 million Yen in the Tokyo metropolitan area for the third quarter of 2020 were up 18.2% from the same period in 2019. Meanwhile, transactions in the sub-30 million Yen price bracket dropped 5.9% from 2019.

New listings priced over 100 million Yen dropped 8.8% from 2019, while inventory in this price bracket dropped 4.0%. 

Source: REINS, October 12, 2020.

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