Apartment inventory continues to shrink in Tokyo

According to REINS, a total of 3,587 second-hand apartments were reported to have sold across greater Tokyo in February, up 3.1% from the previous month but down 4.3% from last year. The Tokyo metropolitan area saw an 8.8% year-on-year drop in transactions, while Saitama Prefecture saw transactions up 5.2%.

The average sale price in the Tokyo metropolitan area was 774,000 Yen/sqm, up 0.4% from the previous month and up 7.9% from last year. This is the 10th month in a row to see a year-on-year increase. The average apartment size was 61.08 sqm, down slightly from the average of 61.67 sqm seen in February 2020.

The number of new listings across greater Tokyo was down 24.3% from this time last year. This is the 18th month in a row to see a year-on-year drop. New listings were down 23.2% in the Tokyo metropolitan area, while Kanagawa Prefecture saw a 29.0% drop.

Remaining inventory across greater Tokyo was down 23.4% from last year. This is the 15th month in a row to see a year-on-year drop in inventory. 

Central Tokyo

Although the Tokyo metropolitan area as a whole saw a drop in transactions, central Tokyo’s 3 wards of Chiyoda, Chuo and Minato saw transactions increase by 21.5% from January and 3.4% from February 2020. A total of 243 apartments were reported to have sold. This is the highest number for the month of February since REINS began recording data on central Tokyo in 2008.

The average apartment price was 1,205,700 Yen/sqm, down 8.7% from the previous month but up 3.2% from last year. The average apartment size was 56.14 sqm, down from 58.25 sqm in February 2020.

New listings were down 18.1% from last year while remaining inventory was down 18.9%.

Detached Home Sales hit record high

Detached house sales were up 22.8% year-on-year across greater Tokyo, with 1,363 homes reported to have sold. This is the 8th month in a row to see a year-on-year increase in transactions, and the highest number for the month of February since REINS began recording data in May 1990. The average sale price was 33,920,000 Yen, up 6.5% from last year. The Tokyo metropolitan area saw a 27.5% year-on-year increase in transactions, while the average sale price climbed 8.0% to 47,60,000 Yen. Saitama and Kanagawa prefectures also saw double-digit increases in transactions. 

Meanwhile, new listings in the Tokyo metropolitan area dropped 29.8% from last year. This marks the 12th month in a row to see a year-on-year drop. Chiba Prefecture saw a 37.3% drop, while Kanagawa Prefecture saw a 35.4% drop.

Existing inventory in the Tokyo  metropolitan area is down 26.1% from last year. In Kanagawa Prefecture it is down 32.4%.

Source: REINS, March 10, 2021.

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