Average discount on an apartment sold in 2020

According to Tokyo Kantei, the average percentage discount between the list price and sale price of a second-hand apartment across greater Tokyo reached a 10-year low in the second half of 2020. In other words, discounts are shrinking.

Discounts were the smallest for apartments that sold within a month of listing, as expected, with an average discount of 2.97% in 2020. In 2019, the average discount was 3.29%. 

The average time to sell was 4.15 months in the second half of 2020, a slight improvement from the first half (4.18 months), and within the typical 4-month range.

A total of 35.1% apartments sold within the first month of listing. Over half of all listings sold within the first three months. 10.4% of apartments took 12 months to sell. 

In the Kinki region, which includes Osaka, average discounts actually increased in 2020, with the first half of the year seeing a 7.61% discount, and the second half seeing an average of 7.80%. These are the largest discounts seen since 2012. The average time to sell an apartment was 4.47 months in the second half of the year, up from a 3.71 month average in the first half and the longest average seen in at least the past 10 years. Still, a third of apartments sold within the first month of listing.

Source: Tokyo Kantei, July 29, 2021.

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