PropNex Picks
|March 06,2024Lunar New Year And Bto Launch Weighed On Hdb Resale Market In February
Share this article:
Going by transaction trends in the past years, HDB resale activity in February has tended to be among the slowest months in each year. There may be a few possible reasons for this - February being a short month, festivities and celebrations when the Lunar New Year falls in February, as well as the build-to-order (BTO) sales launch which happens during the month. And it appears to be shaping up the same way in February 2024.
Sales data showed that the HDB resale volume fell by nearly 19% month-on-month to 2,134 units in February from 2,625 units in the previous month (see Chart 1). On a year-on-year basis, resale transactions were up by 16% from the 1,837 flats resold in February 2023. Apart from the Lunar New Year holidays, the new flats offered in the HDB’s February BTO exercise could also have drawn some buyers from the resale market. In view of the softer resale volume, the overall average resale price dipped by 1% MOM to $585,589 in February, but was higher YOY, rising by 6.1% from February 2023.
The HDB launched 4,126 new flats across seven BTO projects for sale during the month. Of note, more than 80% of the BTO flats offered have a waiting time of less than 3 and a half years – shorter than the waiting times of more than 4 to 5 years previously, as completion timelines were affected by the Covid-19 pandemic. The shorter waiting times could have made BTO flats more attractive among some buyers who want a brand new flat but do not wish to wait too long to get the keys to their new home.
Chart 1: HDB resale volume and average transacted price by month
Source: PropNex Research, Data.gov.sg
Table 1: Average transacted HDB resale flat prices by Flat Type in last six months
Flat Type | Sep-23 | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 | MOM % change |
3-ROOM | $415,016 | $413,524 | $420,173 | $412,656 | $420,975 | $425,041 | 1.0% |
4-ROOM | $589,500 | $592,461 | $593,082 | $597,964 | $597,578 | $599,775 | 0.4% |
5-ROOM | $694,947 | $692,186 | $691,162 | $698,665 | $712,095 | $691,786 |
Explore Your Options, Contact Us to Find Out More!
Selling your home can be a stressful and challenging process, which is why
it's essential to have a team of professionals on your side to help guide you through the journey. Our
team is dedicated to helping you achieve the best possible outcome when selling your home.
Find Your Ideal Property: Take the First Step and Indicate Your Interest!More Property PicksDiscover New Launch Projects
Appointed Marketing Agency:
PropNex Realty Pte Ltd - Licence No: L3008022J Lynette | R002523F Privacy PolicyQuick Links
|
We Use Cookies