Condo resale volume stumbled 13.1% in February | / Property news / Condo resale volume stumbled 13.1% in February

Condo resale volume stumbled 13.1% in February

Fresh property news selection on March 10. 2020, Tuesday.

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Prices also fell 0.8%. The volume of condo resales sharply fell 13.1% to 589 units in February from 678 units in January, according to SRX data. Volumes are 10.9% higher than in February 2019, but 7.7% lower than the 5-year average volume for the month of February.

Breaking down by regions, in February 2020, 50.2% of the volume came from Outside Central Region (OCR), 25.3% came from Core Central Region (CCR), and 24.5% came from Rest of Central Region (RCR).

“The private resale market was hit by a triple whammy of coronavirus, seasonal slowdown during the Chinese New Year period, and supply of new units from recent launches,” said Christine Sun, head of research & consultancy at OrangeTee & Tie.

Prices across all regions also fell by 0.1%, 0.8%, and 1.3% respectively, whilst overall prices dipped 0.8%. On a YoY basis, prices rose 0.8%.

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