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January 03, 2024
Softer HDB Resale Flat Volume Weighed On Prices In December 2023
Wong Siew Ying
Head of Research and Content
The HDB resale volume softened in December, affected by the seasonal lull which typically sees slower market activity amid the festive period and school holidays. Transaction data showed that 2,009 flats were resold in December – down by 6% from the 2,137 units sold in the previous month. When compared with December 2022, the resale volume was down by about 10% year-on-year. Non-mature towns made up about 62% of the transactions in December, with Sengkang, Woodlands, and Jurong West leading sales during the month.
Apart from the festive seasons, the HDB’s build-to-order (BTO) exercise in December could also have steered some buyers from the resale market to the BTO segment, especially those who do not have a pressing need for a new home. The HDB launched more than 6,000 new flats in seven towns - Bukit Panjang, Jurong West, Woodlands, Bedok, Bishan, Bukit Merah, and Queenstown - for application in December.
In view of the weaker sales, the average HDB resale prices fell marginally by 0.4% MOM to $578,587 in December, but were up by 5.2% YOY from December 2022 (see Chart 1).
Chart 1: HDB resale volume and average transacted price by month
Source: PropNex Research, Data.gov.sg
Jul-23 | Aug-23 | Sep-23 | Oct-23 | Nov-23 | Dec-23 | MOM % change | |
3-ROOM | $413,667 | $411,399 | $415,016 | $413,524 | $420,172 | $412,656 | -1.8% |
4-ROOM | $582,175 | $597,690 | $589,500 | $592,461 | $592,688 | $597,908 | 0.9% |
5-ROOM | $684,851 | $690,447 | $694,687 | $692,186 |
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