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  • Writer's pictureAdam German

Second hand condo transaction volume in Greater Tokyo increases for 6 straight months

On December 11th, the Real Estate Information Network Systems (REINS; pronounced “rains”) released updated transaction trends in the Greater Tokyo Area's (GTA) real estate market for November of 2023.

REINS is Japan’s broker-accessed only MLS system.  Japan real estate law doesn’t require agents to list transaction records but encourages reporting for the good of the market.  As such, all data below is voluntarily submitted by agents and should not be interpreted as information derived from a complete transaction history.  That said, the data is valuable to illustrate trends.  The averages below are in no way a pricing guarantee.  Always consult a licensed realtor for your specific real estate needs.

Compared to November 2022, the number of transactions for second hand, strata title condos in the GTA reached 2,900 units—an increase of 3.7% compared Year-on-Year (YoY), marking a sixth consecutive month surpassing the previous year's figures. 


Condo transactions broken down by prefecture:

Prefecture

No. of Transactions

YoY Change

Tokyo

1,584

6.7% up

Chiba

351

6.0% up

Saitama

313

3.7% down

Kanagawa

652

0.8% down

The average transaction price per square meter soared to ¥749,800 (a 7.6% increase YoY), marking a continuous ascent for 43 months since May of 2020. 


The per-unit transaction price stood at ¥47.31 million (a 7.1% increase YoY), continuing a 42 month consecutive rise. 


The average floor area decreased marginally to an average of 63.10 square meters (a 0.4% reduction YoY).


Newly registered condo listings amounted to 16,281 units (a 12.5% increase YoY), maintaining an 11 month streak of surpassing the previous year's figures. 


Concurrently, the total inventory count rose to 46,993 units (a 14.2% increase YoY), marking a 22 month consecutive surge.


In contrast, second hand single family home transactions declined to 969 units (a 5.8% decrease YoY). The average SFH transaction price maintained stability at ¥38.16 million (a 0.03% increase YoY), marking the third consecutive month surpassing last year's figures, albeit with a nominal change.


Further Reading:

Real Estate Information Network Systems November 2023 Transaction Report (Japanese only)

mw_202311_summary
.pdf
Download PDF • 1.11MB

Source:

R.E. Port News (Japanese only)

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