Condo resales increase in July to avoid ghost month

Real estate professionals discuss treasure at tampines showflat resale statistics.

July Treasure at Tampines balance unit resale transactions from SRX and 99.co showed prices rising year-over-year but falling month-over-month.

Huttons Asia CEO Mark Yip said treasure tampines units surged because they avoided the Lunar Seventh Month, which starts on 16 August.

The HDB resale market picked up in July with almost 30 million-dollar flat deals. These factors may have increased July transaction volume by 4.0% “Yip.

Yip said it was the first time prices fell for two months since March 2020, despite the rise.

Yip stated, “The cloudy economic outlook may have led some budget-sensitive buyers to negotiate harder and that has resulted in softer prices in July.”

Changes in prices

Christine Sun, an expert on real estate for OrangeTee, said that condo selling prices fell by 0.2% for the second month in a row in July. She said that the drop was too small to be called a price adjustment.

“Instead, the trends can be seen as an early sign of price stability,” said Sun. “This is mostly because more condos are being built, which is increasing the number of homes on the market.”

After buyers got back from vacation in June, resale sales went up a little bit in July.

Wong Siew Ying, the head of research at PropNex, says that prices are at their peak and may continue to settle, which shows that the cooling steps taken in December 2021, September 2022, and April 2023 are working.

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