Private Resale Non-Landed Prices Increase 0.5% in March, marking Fifth Consecutive Month of Increase. Price Reaches a 2.5 year High.
Volume Increases 51.8%.
1. Non-landed Private Residential Resale Prices increase by 0.5% in March 2017. Non-landed Private Residential Resale prices increased by 0.5% in March 2017 compared to February 2017. In individual sectors, CCR, RCR and OCR recorded a price increase of 0.4%, 0.7% and 0.4%, respectively.
According to the SRX Non-Landed Private Residential Price Index:
∙ Year-on-year, prices in March 2017 increased by 2.2% from March 2016. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 6.2%, 1.7%, 0.2% respectively;
∙ Index reaches 168.8 in March, a 2.5-year high since Sep 2014;
∙ March 2017 prices were down by 5.5% from the recent peak in January 2014;
∙ Price change in February 2017 was revised from 0.9% to 1.1%.
2. Resale volume increases by 51.8%. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 1,058 Non-landed Private Residential units were resold in March 2017. This is a 51.8% increase compared to 697 units resold in February 2017.
∙ Year-on-year, resale volume in March 2017 was 77.5% higher compared to 596 units resold in March 2016;
∙ Resale volume was down by 48.4% compared to its peak of 2,050 units resold in April 2010.
3. Overall median Transaction Over X-Value (TOX) is ZERO in March 2017. 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 in March 2017 is ZERO. This is a $10,000 increase compared to NEGATIVE $10,000 in February 2017.
4. District 5 posts highest median T-O-X. For districts with more than 10 resale transactions in March 2017, District 5 (Buona Vista, West Coast, Clementi New Town) posted the highest median T-O-X at POSITIVE $23,000.
This means that a majority of the buyers in this district purchased units above the computer-generated market value.
5. Among relatively active districts, District 12 posts the most negative median T-O-X. District 12 Balestier, Toa Payoh) posted a T-O-X of NEGATIVE $23,000.
This means that a majority of the buyers in these districts purchased units below the computer-generated market value.