According to REINS, the total number of second-hand apartments sold across greater Tokyo in July saw a year-on-year drop for the first time in five months, while the average sale price per square meter increased for the 15th month in a row.

A total of 3,002 second-hand apartments were reported to have sold, down 4.9% from last year. The average sale price was 39,130,000 Yen, up 1.0% from the previous month and up 7.9% from last year. The average price per square meter was 607,100 Yen, up 2.2% from the previous month and up 8.4% from last year. 

New listings were down 10.4% from last year. This is the 23rd month in a row to see a year-on-year drop in new listings.

Remaining inventory was down 23.0% from last year. This is the 20th month in a row to see a year-on-year drop.

In the Tokyo metropolitan area, a total of 1,555 apartments sold, down 7.6% from last year. The average sale price was 49,430,000 Yen, down 1.3% from the previous month but up 9.1% from last year. The average price per square meter was 821,400 Yen, up 0.2% from the previous month and up 10.5% from last year. The average apartment size was 60.18 sqm and the average building age was 21.50 years.

New listings were down 6.6% from last year while remaining inventory dropped 18.4%. 

Central Tokyo

In central Tokyo’s three wards of Chiyoda, Chuo, and Minato, a total of 189 second-hand apartments were reported to have sold, down 9.6% from last year. The average sale price was 76,230,000 Yen, up 12.1% from last year. The average price per square meter was 1,300,500 Yen, up 8.3% from last year. The average apartment size was 58.62 sqm and the average building age was 17.47 years. 

New listings were down 4.2% from last year while remaining inventory was down 17.6%. 

Detached House Sales hit highest number in history

July was the busiest month for sales of detached houses, with transactions reaching the highest number seen for the month since REINS began recording data in May 1990.

A total of 1,248 detached second-hand houses were sold across greater Tokyo, up 6.6% from last year. The average sale price was 34,950,000 Yen, up 12.2% from last year.

In the Tokyo metropolitan area, transactions were up 3.7% from last year while the average sale price increased by 8.8%. 

Saitama Prefecture saw transactions increased by 25.1%, with the average sale price increasing by 20.9%. This is the 4th month in a row to see three-digit increases in sale prices. Chiba Prefecture saw a 3.3% drop in transitions but a 22.9% increase in sale prices. In Kanagawa Prefecture, sale prices are up 12.2%. 

New listings in the Tokyo metropolitan area were down 17.9% from last year. Saitama saw a 12.2% drop, while Chiba and Kanagawa both saw 20%+ drops.

Remaining inventory in the Tokyo metropolitan area dropped 30.1% from last year. Saitama saw a 30.3% decrease, while Chiba saw a 32.1% decrease. Kanagawa has seen inventory drop 37.0%.

Source: REINS, August 10, 2021.

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