On August 19th, the Real Estate Information Network Systems (REINS; pronounced “rains”) released its July 2024 market trends for the Greater Tokyo Area (GTA), revealing significant shifts in both sales volume and pricing.
Greater Tokyo condominium market sees mixed results
The number of contracts for second-hand (existing) condos in the GTA totaled 3,193 in July, marking a 1.3% decrease compared to the same month last year— the first year-on-year (YoY) decline in 14 months.
July 2024 condo sales contracts broken down by prefecture
Prefecture | Sales Contracts | YoY % Change |
Tokyo | 1,746 | 0.5% down |
Kanagawa | 696 | 10.0% down |
Chiba | 373 | 0.3% up |
Saitama | 378 | 12.2% up |
Kanagawa's sharp drop had a substantial impact on the overall market performance, overshadowing growth in Saitama and Chiba.
In Tokyo, while the 23 wards experienced a YoY decrease for the first time in 14 months, the Tama region saw a rise for the seventh straight month.
Saitama has now posted YoY increases for eight straight months, Chiba for nine, while Kanagawa has seen declines for three consecutive months.
The average GTA transaction price per square meter surged to ¥789,700, reflecting a 9.8% YoY increase.
This marks the 51st straight month of rising YoY prices per square meter.
The average sales price per unit reached ¥50.49 million, up 10.7% YoY, continuing its 50-month upward streak.
Greater Tokyo condo inventory levels and new listings continue decline
New listings in July totaled 15,661, an 8.6% YoY decline, continuing a five-month trend of decreasing numbers.
Total inventory levels fell to 44,509 units, a 3.7% YoY decrease, marking the third consecutive month of declines, with the rate of reduction gradually expanding.
Further reading:
July 2024 Monthly Market Watch via Real Estate Information Network Systems (Japanese only)
Source:
R.E. Port News (Japanese only)
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