Headline: Resale price flat in May, volume up 30% year-on-year.
Observations:
- Non-landed Private Residential Resale prices flat in May. Non-landed Private Residential Resale prices remained flat in May 2015 compared to April 2015. In individual sectors, both RCR and OCR saw price increases of 0.8% and 0.3% respectively, while prices in CCR decreased by 1.2%.
According to the SRX Non-landed Private Residential Price Index:
- Year-on-year, prices have dropped 2.8% from May 2014;
- May 2015 prices were down 6.4% from the recent peak in January 2014.
- Price change in April has been revised from a 0.7% decrease to a 0.1% decrease.
- Resale volume improved. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 543 Non-landed Private Residential units were resold in May 2015 , a 4.2% increase compared to 521 units resold in April 2015 .
- Year-on-year, resale volume was 33.1% higher compared with 408 units resold in May 2014;
- Resale volume is down 73.5% compared to its peak of 2,050 units resold in April 2010.
- Overall median Transaction Over X-Value (T-O-X) remained neutral. According to SRX Property, the median T-O-X for Non-landed Private Residential is ZERO in May 2015. 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 $0 in May 2015. This means an equal number of people paid above and below, or at the computer-generated market value for their properties.
- District 21 posted highest median T-O-X. For districts with more than 10 resale transactions in May 2015, district 21 (Upper Bukit Timah, Ulu Pandan) had the highest median T-O-X of $16,000.
This means that majority of the buyers in this district has purchased units above the computer-generated market value.
- Among relatively active districts, District 9 and 15 posted the most Negative median T-O-X. Among districts with more than 10 resale transactions, the lowest median T-O-X were in district 9 (Orchard, Cairnhill, River Valley) and district 15 (Katong, Joo Chiat, Amber) with T-O-X of NEGATIVE $20,000.
This means that majority of the buyers in these districts has purchased units below the computer-generated market value.