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  • Writer's pictureAdam German

Greater Tokyo existing condo transactions continue 13 straight months rise in June 2024

The Real Estate Information Network for East Japan released its June 2024 market trends report for the Greater Tokyo Area (GTA) on July 10th. 


The GTA consists of Tokyo, Kanagawa, Chiba and Saitama prefectures. 


The Real Estate Information Network for East Japan (REINS; pronounced “rains”) is a broker accessed only MLS service that voluntarily asks member real estate brokerage firms to report sales transactions.   


As such, the below data is presented to illustrate trends only and in no way represent all transactions executed in the GTA.  


In June, the number of sales contracts executed for second-hand condominiums in the GTA reached 3,259 transactions, marking a 4.8% increase compared to the same month last year.  


This represents the 13th consecutive month of year-on-year growth.  


Broken down by prefecture: 

Prefecture

No. of Transactions

% Year-on-Year Change

Tokyo

1,818

6.4% up

Kanagawa

714

0.8% down

Chiba

381

5.0% up

Saitama

346

8.6% up

 All prefectures except Kanagawa saw an increase over the same month last year. 


The average transaction price per square meter was ¥779,500, up 7.9% year-on-year, marking the 50th consecutive month of increases.  


The average condominium contract price was ¥49.56 million, reflecting a 7.5% year-on-year rise and the 49th consecutive month of growth.  


The number of new listings in June totaled 15,845 condos for sale, a decrease of 4.4% year-on-year and the fourth consecutive month of decline.  


Total on-market condo inventory stood at 44,722 units, down 2.5% year-on-year, marking the second consecutive month of decline. 


In the second-hand single family home market, the number of transactions reached 1,302 contracts, a significant 14.4% year-on-year increase.  


The average contract price for detached houses rose to ¥40.16 million, a 7.1% increase, continuing a five-month trend of increasing prices. 


Further Reading: 

June 2024 market trends report for the Greater Tokyo Area 

mw_202406_summary
.pdf
Download PDF • 1.09MB

Source: 

R.E. Port News (Japanese only) 

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