Central Tokyo apartment sale prices up 30% in June

The second-hand apartment market across greater Tokyo continued to see shrinking inventory and rising sale prices in June.

A total of 3,262 apartments were reported to have sold across greater Tokyo (Tokyo, Saitama, Kanagawa, and Chiba prefectures), up 5.0% from June 2020. The average sale price was 38,730,000 Yen, up 1.6% from the previous month and up 9.4% from last year. The average price per square meter was 594,200 Yen, up 1.4% from the previous month and up 11.1% from last year. This is the 14th month in a row to see a year-on-year increase in prices

In the Tokyo metropolitan area, a total of 1,609 apartments were reported to have sold, down 0.4% from last year. The average sale price was 50,070,000 Yen, up 3.6% from the previous month and up 14.0% from last year. The average price per square meter was 819,400 Yen, up 3.6% from the previous month and up 16.7% from last year. This is the 13th month in a row to see a year-on-year increase and the 4th month to see double-digit increases. The average apartment age remained relatively equal at 20.86 years, while the average apartment size dropped by 1.49 sqm to 61.11 sqm (658 sq.ft).

New listings in Tokyo were down 15.1% from last year. This is the 22nd month in a row to record a year-on-year decrease in new listings. The average size of an apartment listed for sale was just 49.53 sqm (533 sq.ft). In Saitama prefecture, new listings were down 20.7% from last year, while Kanagawa prefecture saw a 30.6% drop.

Remaining inventory in Tokyo was down 21.9% from last year. This is the 19th month in a row to see a year-on-year drop in inventory.

Central Tokyo

In central Tokyo’s three wards of Chiyoda, Chuo, and Minato, 205 apartments were sold, up 24.2% from last year. This is the 6th month in a row to see a year-on-year increase in transactions. The average sale price was 84,900,000 Yen, up 11.5% from the previous month and up 30.4% from last year. The average price per square meter was 1,450,200 Yen, up 10.0% from the previous month and up 30.7% from last year. This is the highest price on record. Sale prices have risen over 40% since mid-2015.

New listings were down 8.1% from last year. Remaining inventory dropped for the 19th month in a row with a 20.0% decrease in June. 

100 million Yen + sales

Sales of apartments priced over 100 million Yen are growing and taking up a larger share of total apartment sales in Tokyo. 

In the second quarter of 2021, a total of 291 apartments were reported to have sold in the Tokyo metropolitan area, up 169% from the same period in 2020. This represented 5.8% of the total apartments sold for the quarter, up from a 3.3% share in 2020.

Detached houses

Sales in the detached house market across the greater Tokyo region were up 15.2% from last year. This is the 12th month in a row to see a year-on-year increase. The average sale price was 35,410,000 Yen, up 18.2% from last year. The average house size was 104.35 sqm, up 0.4% from last year, while the average land size was 140.88 sqm, down 6.9% from last year. The average house age was 20.56 years.

Sales in the Tokyo metropolitan area were up 26.9%, while prices climbed 18.7% from last year. Chiba prefecture saw transactions drop by 6.6%, while Saitama saw a 19.2% increase. New listings across the region were down 22.7% from last year, while remaining inventory shrank by 33.4%.

Source: REINS, July 12, 2021.

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