Tokyo’s 23 wards were the only area within greater Tokyo to see a year-on-year increase in apartment sales in December, with transactions up 6.6%. Saitama Prefecture saw a 4.2% drop, Chiba saw an 11.2% drop, and Kanagawa saw a 7.4% drop.
In Tokyo’s central 3 wards of Chiyoda, Chuo, and Minato, 216 second-hand apartments were reported to have sold during the month, up 6.9% from last year and the 4th month in a row to see a year-on-year increase in sales. The average sale price was 1,602,200 Yen/sqm, down 1.5% from the previous month but up 10.7% from last year.
Remaining inventory in central Tokyo dropped by 65 units from the previous month to 3,085 apartments. There were 14.3 months of inventory on the market. In 2018 and 2019, the monthly average was around 19 months. Months of inventory (MOI) refers to the pace of sales by dividing the number of properties sold during that month by the total number of properties for sale.
Average inventory levels pre-pandemic were around 3,600 in the central 3 wards, but dropped to a low of 2,800 units in 2021 and 3,065 units in 2022.
100 million Yen + sales up 41% in Tokyo
In the 4th quarter of 2022, there were 400 reported sales of apartments priced over 100 million Yen in the Tokyo metropolitan area, up 41% from the 4th quarter of 2021. This is the highest quarterly number on record. Sales over this price represented 8.5% of all transactions.
Source: REINS, January 13, 2023.
776 total views, 2 views today