Headline: Resale price dipped, volume up from February
Observations:
1. Non-landed Private Residential Resale prices dipped. Non-landed Private Residential Resale prices dipped by 0.2% in March 2015 compared to February 2015. In individual sectors, CCR and OCR experienced price decrease of 0.3% and 0.4%, respectively. Prices in RCR, on the other hand, increased by 0.4%.
According to the SRX Non-landed Private Residential Price Index:
- Year-on-year, prices have dropped 3.9% from March 2014;
- March 2015 prices were down 6.2% from the recent peak in January 2014;
- The price change in February 2015 has been revised from no change to a 0.4% decrease.
2. Resale volume increased. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 440 Non-landed Private Residential units were resold in March 2015 , a 31.0% increase compared to 336 units resold in February 2015 .
- Year-on-year, resale volume was 18.6% higher compared with 371 units resold in March 2014;
- Resale volume is down 78.5% compared to its peak of 2,050 units resold in April 2010.
3. Overall median Transaction Over X-Value (T-O-X) remained at NEGATIVE 10,000. According to SRX Property, Non-landed Private Residential prices continue to face downward pressure and negative market sentiment. The median T-O-X for Non-landed Private Residential measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.
- The median T-O-X remained at NEGATIVE $10,000 in March 2015, same as February 2015;
4. District 27 posted high median T-O-X. For districts with more than 10 resale transactions in March 2015, district 27 (Yishun, Sembawang) had the highest median T-O-X of $11,000.
This means that majority of the buyers in this district has purchased units above the computer-generated market value.
5. Among relatively active districts, District 9, 10, and 11 posted the most Negative median T-O-X. Among districts with more than 10 resale transactions, the lowest median T-O-X was in district 9 (Orchard, Cairnhill, River Valley) and district 11 (Watten Estate, Novena, Thomson) at NEGATIVE $50,000, followed by NEGATIVE $40,000 in district 10 (Bukit Timah, Holland, Tanglin).
This means that majority of the buyers in these districts has purchased units below the computer-generated market value.