Resale condo prices in the CCR climb 3.7% q-o-q in 1Q2024: OrangeTee & Tie
Resale prices of private residential developments in the Core Central Region (CCR) increased 3.7%, from an average of $2,118 psf in 4Q2023 to $2,196 psf last quarter. This marks the third consecutive quarterly resale price growth in the CCR, according to a market report by OrangeTee & Tie (OTT).
The average price gain in the CCR over the first three months of this year is higher than the 1.7% q-o-q increase in 4Q2023, and the 0.1% q-o-q increment in 3Q2023. The recent upward price movements in the CCR reverse the 5.2% q-o-q decline that was recorded in this sector in 2Q2023.
Resale transactions in the CCR rose from 494 units sold in 4Q2023 to 501 units sold in 1Q2024. As a result, the proportion of CCR resale transactions, compared to the private residential resale market, rose from 17.6% in 4Q2023 to 19.2% in 1Q2024.
Meanwhile, resale prices for private homes in the Rest of Central Region (RCR) rose 0.5% q-o-q from $1,783 psf to $1,792 psf, while prices in the Outside Central Region (OCR) fell 0.3% q-o-q from $1,447 psf to $1,443 psf.
Compiling the latest transaction data from URA Realis, OTT calculates that the landed and non-landed resale property market (excluding executive condos or ECs) saw prices increase by 1.4%, from $1,668 psf in 4Q2023 to $1,691 psf in 1Q2024. Christine Sun, chief research and strategist at OTT, notes that last quarter’s price increment in the private resale market is less than the 2.3% q-o-q price increase that was recorded in 4Q2023.
She adds that the stronger price gain over the first three months of this year was supported by an increase in resale prices in both the non-landed landed and landed segments, which notched quarterly increases of 1.4% and 1.2%, respectively.
This comes despite a seasonal lull due to the Chinese New Year festive period and the March school holidays, which resulted in a 7.2% quarterly decline in resale volume in 1Q2024. According to data from URA, a total of 2,603 resale homes, excluding ECs, were sold in 1Q2024, down from 2,806 units in 4Q2023.