The sales grew, while the prices shrink for HDB resale flats in March: SRX

  • There is so much going on in the real estate and residential property world despite the Covid-19 outbreak. Astonishing stats came into the picture when the real estate portal SRX released its monthly report for March on 9th March 2020. Let’s go through the key points revealed in the report:
    • Prices for HDB resale flats dropped by 0.3% in March 2020 when compared to the prices in Feb 2020. The prices are still high by 0.7% in March 2020 from the prices in March 2019.
    • The sales of these resale flats increased by 16.8% in March this year from the prices in Feb 2020 which experienced a 13.1% decline.
    • In all 1,948 HDB resale flats were handed out in March 2020 which is 17.6% higher from the sales in March 2019.

  • Ms. Christine Sun, Head of Research and Consultancy, OrangeTee & Tie, opined that completed or nearly completed transactions before the social distancing measures were taken was the reason behind the rise in the sales volume in the last month.
  • She also said that we can experience a dip in sales volume owing to the social distancing measures but the sales may rise back on track as soon as the social distancing measures are lifted.
  • Among the properties sold last month, a five-room unit at the [email protected] bagged the crown of the most expensive resale flat which was sold at a whopping price of $1.2 million. While the highest price in a non-mature estate was bagged by an executive unit in Toh Guan Road which went for $818,000.
  • The overall median TOX value in March 2020 was zero which dropped by $2000 from February 2020.

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