According to REINS, 2,533 secondhand apartments were reported to have sold across greater Tokyo in December, down 9.9% from 2019. The average sale price was 37,390,000 Yen, down 0.5% from the previous month but up 5.3% from the previous year. The average price per square meter was 575,300 Yen, up 1.1% from the previous month and up 4.8% from the previous year. This is the 8th month in a row to record a year-on-year increase.

In the Tokyo metropolitan area, 1,280 apartment sales were recorded, down 14.3% from 2019. The average sale price was 47,650,000 Yen, up 0.6% from the previous month and up 7.8% from 2019. The average price per square meter was 771,700 Yen, up 1.7% from the previous month and up 6.4% from 2019.

New listings continued their decline, with a year-on-year drop of 18.5% across greater Tokyo, and a 12% drop from November. This is the 16th month in a row to see a year-on-year fall in new listings. It was a similar story in the Tokyo metropolitan area with new listings down 19.6% from 2019 and down 13% from November. 

Remaining inventory also continues to see double-digit drops with greater Tokyo recording an 18.9% year-on-year drop in inventory in December, while the Tokyo metropolitan area saw a 19.4% drop.

Central Tokyo

In central Tokyo’s 3 wards of Chiyoda, Chuo, and Minato, 155 apartments were reported to have sold, down 18.0% from 2019. The average sale price was 75,940,000 Yen, down 4.0% from the previous month but up 12.8% from 2019. The average price per square meter reached 1,290,000 Yen, up 0.4% from the previous month and up 11.2% from 2019. This is the highest sale price per square meter on record. 

New listings dropped 6.8% from November and are down 12.8% from 2019. This is the 15th month in a row to see a year-on-year drop in new listings, and is the lowest level seen since January 2015. Remaining inventory shrunk for the 13th month in a row with a 1.7% drop from November and a 17.4% drop from 2019. Inventory now sits at the lowest level since August 2015. 

Source: REINS, January 15, 2021.

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