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  • Writer's pictureAdam German

Greater Tokyo second hand condo sales rise for third month straight

On September 11th, the Real Estate Information Network Systems for East Japan (known as REINS, pronounced “rains”) released updated transaction data for Greater Tokyo Area’s (GTA) condo and single-family homes (SFH) for August of 2023.

 
Key Takeaways:
  • Greater Tokyo Area’s YoY second-hand condo transactions increased by 0.9% in August 2023, with Tokyo pref. seeing a 7.0% rise.

  • Transaction prices per square meter and per unit increased significantly, continuing consecutive monthly rises.

  • New condo listings surged by 14.9%, increasing total inventory by 19.9% YoY.

  • Existing single-family home sales decreased by 4.6%, with a 1.4% drop in transaction prices YoY.

  • Saitama continued its 20-month streak of declining sales, while other Greater Tokyo prefectures had mixed results.

 

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 August, 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 August of 2022, the number of transactions executed for second-hand 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

Aug. 2023 Condo Sales

​YoY % Change

Tokyo

1,313

7% up

Kanagawa

547

2.8% down

Chiba

260

12.2% down

Saitama

247

5% down

Although Tokyo pref. saw an increase, the other three prefectures all saw declines, with Saitama pref. recording its 20th consecutive month YoY changes to the downside.


The GTA average transaction price per square meter increased significantly to 748,000 yen (a 10.1% rise YoY), marking an increase for the 40th consecutive month.


The GTA average transaction price per unit reached 47.04 million yen (a 9.9% rise YoY), marking a continuous increase for the 39th consecutive month.


The average listed property’s floor area decreased by 0.2% YoY to 63.50 square meters, remaining relatively stable.


The number of new condos listed for sale in August reached 14,701 units (a 14.9% increase YoY), marking double-digit growth for the eighth consecutive month.


August’s condos brought the total amount of listed inventory to 45,961 units (a 19.9% rise YoY), surpassing YoY figures for the 19th consecutive month.


That said, August saw a 0.6% decrease compared to July's total listed inventory, maintaining a range of around 45,000 to 46,000 total condos for sale since March of 2023.


The number of sales transactions in August for existing single-family homes (SFH) reached 837 units (a 4.6% decrease), marking the 20th consecutive month to the downside YoY.


The SFH transaction price in the GTA averaged 37.25 million yen (a 1.4% decrease).


Further Reading:

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

mw_202308_summary
.pdf
Download PDF • 1.12MB

Source:

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





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