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  • Writer's pictureAdam German

Greater Tokyo Area pre-owned condo transactions increase for fourth straight month

On October 10th, the Real Estate Information Network for East Japan released updated market trends for the real estate sector in the Greater Tokyo Area (GTA) for September, 2023.

 
Key Takeaways:
  • GTA pre-owned condominium transactions saw a 6.7% Year-on-Year (YoY) increase in September, continuing growth for four consecutive months.

  • GTA condo price per square meter rose 4.8% YoY, marking a 41 month consecutive increase.

  • September GTA condo listings for sale grew by 9.6% YoY marking growth for nine consecutive months.

  • In contrast, GTA pre-owned single family home (SFH) transactions decreased by 2.2% YoY for the 21st consecutive month.

  • The average transaction price for pre-owned SFH increased by 2.2% to 39.24 million yen.

 

The GTA refers to Tokyo, Saitama, Chiba and Kanagawa prefectures.


Sales transaction trends refers to the number of contracts signed for property during the month of September, 2023.


Percentages are reported below as Year-on-Year (YoY) changes. This means comparing the month in question to the same month the previous year.


REINS does not require agents to upload transaction records. The data below is aggregated by REINS from voluntarily shared transaction data from subscribed agents. The numbers below do not reflect the complete record of sales transactions and are only meant to illustrate market trends.

Compared to September of 2022, the number of transactions executed for pre-owned condos in the Greater Tokyo Area reached 2,367 units, marking a slight but continuous increase for the third consecutive month, with a 0.9% rise compared to the same month last year.


Broken down by GTA prefectures:

Prefecture

Sept. 2023 Condo Sales

​YoY % Change

Tokyo

1761

11% up

Kanagawa

740

7.1% up

Chiba

351

6.4% down

Saitama

339

0.6% down

Despite the decrease in Chiba, the rest of the prefectures saw YoY increases. Tokyo has now exceeded the previous year's figures for four consecutive months.


The average transaction price per square meter reached 724,400 yen, showing a 4., marking 41 months of consecutive growth.


The average transaction price per unit reached 46.18 million yen, demonstrating a 4.5% increase and continuing a 40 month growth streak.


Newly listed properties reached 17,006 units, marking a 9.6% increase and continuing a 9 month growth streak.


The total condo inventory for sale also increased to 46,291 units, indicating a 17.9% increase and surpassing the previous year's figures for the 20th consecutive month.


In contrast, pre-owned detached house transactions totaled 1,099 units, a decrease of 2.2%, continuing a 21-month streak of lower figures.


The average transaction price for these houses was 39.24 million yen, showing a 2.2% increase.


Further Reading:

Real Estate Information Network Systems for East Japan September 2023 Sales Transaction Report (Japanese Only)

mw_202309_summary
.pdf
Download PDF • 1.12MB

Source:

R.E. Port News (October, 2023; Japanese only)





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