Singapore condo resale volume grows by 21.7% to 1,075 units in July

The increase in sales could be partly seasonal.

The condo resale volume in Singapore picked up in July from June, rising by 32.2% month-on-month to an estimated 1,075 units from 813 units in June, according to SRX’s flash report. Transactions were also up on a year-on-year basis, climbing by 21.7% from 883 units in July 2023. 

“We think the increase in sales in July was partly seasonal, as more buyers and sellers returned to the market after the month-long school holidays in June,” said Wong Siew Ying, Head of Research and Content, PropNex. 

Here’s more from PropNex:

In tandem with the uptick in the transaction volume, the report noted that resale condo prices inched up by 0.8% MOM, and were up by 5.5% YOY when compared with July 2023. Resale prices rose across all regions from June to July, with the Core Central Region posting the steepest increase at 2.8% MOM. Overall, this is the fifth straight month of growth in resale condo prices starting from March 2024, as per SRX’s data. 

According to URA Realis caveat data, Cuscaden Reserve had the highest number of resale transactions in the CCR in July, with 6 units sold at an average price of around $3,000 psf. Since the project was relaunched for sale in March 2024, the 192-unit Cuscaden Reserve has transacted more than 100 units and it is now about 59% sold. Meanwhile, in the Outside Central Region, Treasure At Tampines continued to be popular among resale home buyers; it transacted 21 units in July at an average price of about $1,700 psf, based on caveats lodged. 

In July, the median transacted price of non-landed resale private homes rose in all three sub-markets, with a 6.4% MOM increase in the Rest of Central Region to $1.8 million. The median price in the CCR was up by 5.8% MOM to nearly $2.4 million, while the median price rose by 1.0% MOM to $1.4 million in the OCR in the month (see Table 1).

In terms of the median unit price, we note that the $PSF price gap between new non-landed private homes and that of resale homes has narrowed in July to 30.4% (see Chart 1), from 36.7% in the previous month. The narrower gap in median unit price, could perhaps be due to the OCR new launches in July which had influenced the overall median price. There were two mass market projects launched in July, namely Kassia in Flora Drive and Sora in Yuan Ching Road.

With more new launches – mainly in the RCR and OCR - due to come on from September onwards, it is possible that the price gap could widen again. Generally, we expect resale condo demand to stay relatively resilient this year amid a price sensitive market.