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|May 08,2024Rebound In HDB Resale Volume In April: Sengkang Posted First-Ever Million-Dollar Resale Flat Transaction
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The demand for HDB resale flats remained stable in April, with the resale volume rising by 16.2% to 2,384 units from 2,051 units resold in March. The increase in resale transactions snapped two straight months of decline in sales, amidst the seasonal lull and Lunar New Year festivities earlier in the year. When compared with April 2023, transactions were up by 9.5%.
Of note in April, Sengkang town posted its very first million-dollar resale flat transaction, with a 143-sq m maisonette changing hands for exactly $1 million. It is one of 68 flats resold for at least $1 million during the month. At the time of writing, only three HDB estates have not witnessed any million-dollar resale flat deals - being Jurong West, Choa Chu Kang, and Sembawang.
Meanwhile, the average transacted resale price stayed relatively resilient from March to April, dipping slightly by 0.9% month-on-month to about $591,500 in April (see Chart 1). On a year-on-year basis, the average resale price was up by 3.0% from $573,981 in April 2023.
In Q1 2024, the HDB resale price index climbed by 1.8% QOQ, building on the 1.1% QOQ growth in the previous quarter. This came as the resale volume in the quarter rose by 8% QOQ to 7,068 deals – the highest quarterly sales since Q3 2022 where 7,546 HDB resale flats were resold.
Chart 1: HDB resale volume and average transacted price by month
Source: PropNex Research, Data.gov.sg (as at 3 May 2024)
Table 1: Average transacted HDB resale flat prices by Flat Type in last six months
Flat Type | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24 | Apr-24 | MOM % change |
3-ROOM | $420,409 | $412,651 | $420,936 | $424,956 | $422,998 | $430,110 | 1.7% |
4-ROOM | $593,082 | $597,880 | $597,705 | $599,686 | $610,418 | $604,626 | -0.9% |
5-ROOM | $691,162 | $698,665 | $712,135 | $691,786 | $706,353 | $710,615 | 0.6% |
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