The condominium resale market in October 2023 has presented some intriguing trends. Drawing on insights from the “Condo Flash Report October 2023,” written by our very own Chief Data Officer, Mr. Luqman Hakim, this article delves into the nuances of these trends, offering a detailed analysis of the market dynamics and also direct remarks from Mr. Luqman himself.
Key observations and trends
In a remarkable development, condo resale prices have continued their upward trajectory for the third consecutive month. This period also saw a slight recovery in the volume of sales, with a 14.7% increase from September, suggesting a dynamic market despite broader economic uncertainties.
October witnessed a nuanced movement in condo resale prices. Overall, there was a modest month-on-month increase of 0.4% compared to September 2023. However, this growth was uneven across regions, with RCR and OCR experiencing increases, while CCR saw a decrease.
Volume and sales distribution
The total volume of condo resales in October stood at 838 units, marking a significant recovery from September’s figures. However, this number still trails the volume recorded in October 2022, and the five-year average for October.
Read more: Despite a lower volume, condo resale prices only slightly increased
Sub sale transactions
Sub sale transactions, a vital indicator of market fluidity, accounted for 11.7% of total sales in October. This marked a slight decrease from September, suggesting a slight shift in investor behavior.
Record-breaking transactions
The month of October saw some record-breaking resale transactions. The highest was a staggering $22,000,000 at Bishopsgate Residences in the CCR. Other notable high-value transactions occurred in RCR and OCR.
Capital gains and investment returns
The resale market was also notable for its capital gains. The overall median capital gain for resale condos in October was $350,000, marking a slight increase from September. The variations across districts were significant, reflecting the diverse market dynamics.
Chief Data Officer’s commentary
According to the Mr. Luqman, the market’s resilience in OCR and RCR sectors is notable despite overall market challenges. However, there is an expectation of a stabilization in prices as supply increases, potentially impacting future trends.
Conclusion
The condo resale market in October 2023 exhibited a mix of continued price growth and a recovery in sales volume. While the market faces potential shifts in the coming months, the current trends provide valuable insights for stakeholders. The data from the “Condo Flash Report October 2023” offers a comprehensive view of the market’s current state and possible future trajectory.
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