Singapore private home resale volume drops 7.2% to 2,603 units in Q1

This is the third consecutive decline in resale transactions.

According to OrangeTee, resale volume in Singapore’s private home segment fell last quarter as sales activities slowed during the Chinese New Year festive period and March school holidays. 

Based on URA Realis data, 2,603 resale homes (2,276 non-landed, 327 landed) excluding EC were sold in Q1 2024, slipping by 7.2 per cent from 2,806 units (2,485 non-landed, 321 landed) in Q4 2023. This marks the third straight quarter of contraction in resale transactions. 

Here’s more from OrangeTee:

Resale volume in the city fringe dipped by 10.2 per cent from 856 units in Q4 2023 to 769 units in Q1 2024, while those in the suburbs declined by 8.4 per cent from 1,456 units to 1,333 units over the same period. Resale transactions in the CCR rose from 494 units in the fourth quarter of 2023 to 501 units in the first quarter of this year.

As a result, the proportion of total resale transactions in the prime CCR rose from 17.6 per cent in Q4 2023 to 19.2 per cent in Q1 2024. In contrast, the proportion of resale homes excluding EC in OCR dipped from 51.9 per cent to 51.2 per cent, while those in RCR slipped from 30.5 per cent to 29.5 per cent over the same period. 

The S$1-2 million price quantum remains the sweet spot for buyers. About 46 per cent of the total resale transactions (excluding EC) were in this price range last quarter, albeit a drop from 49.5 per cent in Q4 2023.