Apartment transactions and sale prices recover in June

Buying activity in the greater Tokyo area is starting to resume, with monthly transactions starting to recover from levels seen during the shut down in April and May. In June, a total of 3,107 second-hand apartments were reported to have sold across greater Tokyo, up 83.6% from May. This number is still 11% below the transactions seen in June 2019, but an improvement from the 52.6% year-on-year drop seen in April and the 38.5% drop seen in May.

The average sale price was 35,410,000 Yen, up 7.4% from the previous month and up 5.3% from last year. The average price per square meter was 534,800 Yen, up 2.8% from the previous month and up 1.4% from last year. 

New listings across greater Tokyo dropped for the 10th month in a row with a 6.7% year-on-year fall in June. Existing inventory is down 3.0% from last year.

In the Tokyo metropolitan area, 1,615 apartments were sold, up 83.1% from May but down 10.7% from last year. The average sale price was 43,940,000 Yen, up 5.5% from the previous month and up 5.9% from last year. The average price per square meter was 701,900 Yen, down 0.5% from the previous month but up 0.6% from last year. New listings dropped for the 10th month in a row, falling 8.8% from last year. Existing inventory fell for the 7th month in a row with a 5.8% drop.

In terms of transactions, sales over 100 million Yen fared the best in the second quarter of 2020. 

2nd quarter change in transactions by price bracket:

100 million Yen + -26.0%
70 ~ 100 million Yen -40.1%
50 ~ 70 million Yen -27.4%
40 ~ 50 million Yen -36.7%
30 ~ 40 million Yen -30.2%
20 ~ 30 million Yen -37.6%
10 ~ 20 million Yen -36.7%
Under 10 million Yen -42.8%

Central Tokyo

In central Tokyo’s three wards of Chiyoda, Chuo and Minato, 165 apartments were sold, up 58.7% from the previous month but down 21.1% from last year. The average sale price was 65,120,000 Yen, up 4.9% from the previous month but down 1.1% from last year. The average price per square meter was 1,109,600 Yen, up 0.5% from the previous month but down 2.7% from last year. 

New listings dropped 12.2% from last year, marking the 9th consecutive month of year-on-year declines. Existing inventory dropped for the 7th month in a row with a 9.0% year-on-year drop in June.

Source: Reins, July 10, 2020.

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