October apartment transactions in greater Tokyo hit highest level on record

According to REINS, a total of 3,636 secondhand apartments were reported to have sold across greater Tokyo in October, up 31.2% from last year, and the highest number for the month of October since REINS began recording data in 1990. It was a similar story for detached home sales, with transactions jumping 41.8% from last year to 1,316 reported sales – the highest on record.

The average secondhand apartment sale price across greater Tokyo was 36,490,000 Yen, down 1.2% from the previous month but up 5.4% from last year. The average price per square meter was 560,400 Yen, up 0.1% from the previous month and up 4.8% from last year. 

Year-on-year transaction growth across greater Tokyo:

  • Tokyo: + 33.5%
  • Saitama Prefecture: +17.4%
  • Chiba Prefecture: +19.5%
  • Kanagawa Prefecture: +40.0%

Tokyo metropolitan area

In the Tokyo metropolitan area, there were 1,897 transactions in October, up 10.7% from the previous month and up 33.5% from last year. The average sale price was 45,870,000 Yen, down 1.1% from the previous month but up 4.0% from last year. The average price per square meter was 750,500 Yen, up 0.6% from the previous month and up 4.7% from last year. The average apartment size was 61.12 sqm, and the average building age was 20.88 years.

Although transactions are up, new listings are down 12.6% from last year. This is the 14th month in a row to record a year-on-year decrease. Remaining inventory dropped 18.4%, marking the 11th month of decline. 

Central Tokyo’s 3 wards

In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, 263 apartments were sold, up 37% from September and up 60.4% from last year. The average sale price was 69,390,000 Yen, down 12.0% from the previous month and down 3.4% from last year. The average price per square meter was 1,203,200 Yen, down 6.0% from the previous month but up 2.9% from last year. The average apartment size was 57.68 sqm. The average building age was 18.32 years, up from a 15.91-year average last year.

New listings dropped 10.2% from last year, while remaining inventory dropped 16.5%. 

Detached house sales

A total of 1,316 secondhand houses were reported to have sold across greater Tokyo, up 41.8% from last year. Transactions in the Tokyo metropolitan area were up 30.6%. Neighboring Kanagawa Prefecture saw a 74.2% increase in transactions. New listings in Tokyo were down 13.5%. Saitama, Kanagawa and Chiba also saw double-digit drops. Existing inventory also saw double-digit drops across the greater Tokyo area.

Source: REINS, November 10, 2020.

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