March apartment sales hit highest level in history

According to REINS, the number of second-hand apartments reported to have sold across greater Tokyo in March reached the highest level for that month since record-keeping began in May 1990. A total of 4,228 apartments were reported to have sold, up 16.1% from last year and up 17.9% from February.

The average sale price was 38,370,000 Yen, up 1.6% from the previous month and up 10.0% from last year. This was the 10th month in a row to see a year-on-year increase. The average price per square meter was 590,200 Yen, up 2.3% from the previous month and up 9.2% from last year. This is the 11th month in a row to see a year-on-year increase.

The average apartment size was 65.02 sqm and the average building age was 22.13 years.

In the Tokyo metropolitan area a total of 2,221 apartments were sold, up 21.8% from the previous month and up 15.1% from last year. The average sale price was 48,340,000 Yen, up 2.2% from the previous month and up 11.8% from last year. The average price per square meter was 793,100 Yen, up 2.5% from the previous month and up 11.6% from last year. This is the 11th month in a row to see a year-on-year increase. 

The average apartment size was 60.95 sqm and the average building age was 20.57 years.

New listings and remaining inventory continues to shrink

New listings continued to drop with greater Tokyo seeing 19.3% fewer listings in March compared to the previous year. This is the 19th month in a row to see a year-on-year drop. In the Tokyo metropolitan area new listings were down 17.3% from last year.

Remaining inventory across greater Tokyo was down 24.9% from last year. This is the 16th month in a row to see a year-on-year decline. It has dropped a significant 4.5% from February. In the Tokyo metropolitan area inventory dropped 23.0% from last year and has shrunk 3.9% from February.

High-end sales soar

Transactions of apartments priced over 100 million Yen in the Tokyo metropolitan area for the first quarter of 2021 were up 28.2% from the same period last year. Meanwhile, new listings in that price bracket were down 13.7% and remaining inventory had dropped by 19.2%

Central Tokyo

Apartment transactions in central Tokyo’s three wards of Chiyoda, Chuo and Minato in March jumped 22.2% from last year. The average sale price was 80,050,000 Yen, up 18.3% from the previous month and up 18.0% from last year. The average price per square meter was 1,333,100 Yen, up 10.6% from the previous month and up 12.9% from last year. This is the 9th month in a row to see a year-on-year increase in sale prices. 

New listings for the month were down 15.3% from last year, while remaining inventory shrank by 20.4%. Inventory now sits at the lowest level it has been since July 2015.

Detached house sales

It was a similar story for detached house sales, with year-on-year transactions up 25.8% across greater Tokyo and up 25.1% in the Tokyo metropolitan area. The average sale price of a house in greater Tokyo was 34,660,000 Yen, up 11.5% from last year. In the Tokyo metropolitan area it was 49,590,000 Yen, up 10.0% from last year. New listings across greater Tokyo were down 26.3% from last year, while the Tokyo metropolitan area saw new listings drop 20.3%. Remaining inventory was down 31.0% in greater Tokyo and down 28.4% in the Tokyo metropolitan area.

Source: REINS, April 12, 2021.

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