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|April 18,2024Lack Of Impetus Led To Subdued Residential Property Sales In Q1 2024; But Home Prices Held Firm
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It seems like 2024 has started in somewhat of a similar fashion to how 2023 ended, with languid home sales amidst market uncertainties.
The early months of Q1 2024 were perhaps marked by a lack of impetus to sales, as many buyers took their time to return to the market - evaluating their options in the light of the cautious sentiment, high interest rates, and peaking home prices.
However, positive signs are beginning to show, with new launch project Lentor Mansion achieving a 75% take-up when it hit the market in March, and with the re-launch of Cucasden Reserve gathering sales momentum.
Private residential market
In the private residential market, developers’ sales got off to a slow start before picking up in March. Based on URA monthly home sales data, there were 1,175 new private homes (ex. EC) sold in the year-to-31 March period – slightly better than the 1,092 units sold in Q4 2023. However, it has underperformed the 1,256 new units transacted in Q1 2023.
The best-selling new private residential project during this period was Lentor Mansion in the Outside Central Region (OCR), which shifted 409 out of its 533 units. This was followed by Hillhaven and Lentoria – also in the OCR – which sold 79 and 60 units respectively, in Q1 2024.
Over in the resale market, 2,603 units of non-landed and landed private homes were sold – down from 2,831 units resold in the Q4 2023, and marginally lower than the 2,622 units transacted a year ago in Q1 2023, according to caveats lodged.
Despite the relatively muted sales in Q1 2024, the median transacted unit price of new and resale non-landed private homes are fairly stable, either reflecting a dip of 1.9% QOQ to an increase of 2.2% QOQ, based on caveats lodged (see Table 1).
According to the URA property price index flash estimates released on 1 April 2024, the overall private home prices rose by 1.5% QOQ in Q1 2024 – marking the third straight quarter of price increase following the 0.8% QOQ growth in Q3 2023, and 2.8% growth in Q4 2023.
Table 1: Median unit price ($PSF) of non-landed private homes sold (ex. EC) by type of sale and region by quarter
| CCR | RCR | OCR | ||||||
| New sale | Resale | Gap % | New sale | Resale | Gap % | New sale | Resale | Gap % |
2023Q1 | $2,926 | $2,114 | 38.4% | $2,651 | $1,658 | 59.9% | $2,073 | $1,317 | 57.4% |
2023Q2 | $2,905 | $2,096 | 38.6% | $2,493 |
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