PropNex Picks
|June 05,2024HDB Resale Prices Inched Up In May 2024 As Sales Picked Up
Share this article:
The public housing resale market remained relatively resilient in May. HDB resale flat prices crept up from April to May 2024, supported by a higher transaction volume during the month. Sales data showed that the average price of resale flat climbed by 1.2% month-on-month to $599,198 in May from $591,937 in the previous month (see Chart 1). When compared with a year ago, the average price was up by 5.1% from $570,281 in May 2023.
Notably, the slight increase in the average resale price came as demand improved. Transaction data showed that the number of resale flats sold rose by 5.7% from 2,377 units in April to 2,513 units in May. On a year-on-year basis, the HDB resale volume was up by 11.9% from May 2023. The resale volume in May is the highest monthly sales since 2,622 resale flats were sold in January 2024.
Non-mature towns accounted for about 59% of the monthly resale volume in May, with Sengkang, Woodlands, and Jurong West being the most popular. Meanwhile, mature estate Tampines posted the highest number of transactions, with 189 resale flats changing hands.
Chart 1: HDB resale volume and average transacted price by month
Source: PropNex Research, Data.gov.sg (retrieved on 3 June 2024)
Table 1: Average transacted HDB resale flat prices by Flat Type in last six months
| Flat Type | Dec-23 | Jan-24 | Feb-24 | Mar-24 | Apr-24 | May-24 | MOM % change |
| 3-ROOM | $412,651 | $420,936 | $425,098 | $423,212 | $430,591 | $432,071 | 0.3% |
| 4-ROOM | $597,880 | $597,705 | $599,686 | $610,418 | $604,800 | $612,619 | 1.3% |
| 5-ROOM | $698,992 | $712,135 | $691,786 | $706,353 | $710,615 | $719,132 | 1.2% |
| EXECUTIVE | $822,098 | $865,608 | $843,499 | $851,162 | $871,600 | $857,144 | -1.7% |
Source: PropNex Research, Data.gov.sg (retrieved on 3 June 2024)
By flat type, the average resale price of 4-room flats posted a 1.3% MOM increase in May to about $612,619, followed by 5-room flats which saw the average price rise by 1.2% MOM to $719,132. Meanwhile, the average price of 3-room resale flats inched up by 0.3% MOM, while that of executive flats dipped by 1.7% MOM in May after booking a 2.4% price growth in the previous month (see Table 1).
Evaluating the data by towns and flat types, a couple of flat types in mature towns witnessed a decline in the average resale price in May, with executive flats posting the steepest drop of 2.3% MOM to about $950,000, while that of 4-room flats eased by 1.4% MOM. By contrast, that of 5-room resale flats rose by 2.6% MOM to more than $840,000 (see Table 2). Over in non-mature towns, 4-room flats posted a decent price growth at 1.8% MOM to around $564,500 in May.
Table 2: Average transacted HDB resale flat prices in Mature and Non-mature towns
| Mature Towns | Non-Mature Towns | |||||
| Apr-24 | May-24 | % change MOM | Apr-24 | May-24 | % change MOM | |
| 3 ROOM | $440,902 | $442,797 | 0.4% | $418,363 | $415,714 | -0.6% |
| 4 ROOM | $707,956 | $697,990 | -1.4% | $554,405 | $564,503 | 1.8% |
| 5 ROOM | $818,695 | $840,376 | 2.6% | $658,951 | $665,246 | 1.0% |
| EXECUTIVE | $973,467 | $950,869 | -2.3% | $822,345 | $804,891 | -2.1% |
Source: PropNex Research, Data.gov.sg (retrieved on 3 June 2024)
In May 2024, mature towns made up the top 3 lists of estates in PropNex?s ranking of average transacted resale prices on a per square foot basis ($PSF) by flat types (see Table 3). The highest average PSF price for 4-room flats in May was $940 psf in the Central Area, while the Central Area and Bishan garnered the highest average unit resale price for 5-room flats and executive flats in the month at $997psf and $797 psf, respectively.
Table 3: Top 3 towns by Average $PSF transacted price by flat type in May 2024 (and corresponding price in previous month)
| 4-Room | |||||
| Top 3 | Apr-24 | May-24 | |||
| CENTRAL AREA | $787 | $940 | |||
| QUEENSTOWN | $952 | $874 | |||
| TOA PAYOH | $772 | $825 | |||
| 5-Room | Executive | ||||
| Top 3 | Apr-24 | May-24 | Top 3 | Apr-24 | May-24 |
| CENTRAL AREA | $955 | $997 | BISHAN | $772 | $797 |
| BUKIT TIMAH | - | $899 | ANG MO KIO | $617 | $706 |
| QUEENSTOWN | $772 | $888 | KALLANG/WHAMPOA |
Explore Your Options, Contact Us to Find Out More!
Selling your home can be a stressful and challenging process, which is why
it's essential to have a team of professionals on your side to help guide you through the journey. Our
team is dedicated to helping you achieve the best possible outcome when selling your home.
Find Your Ideal Property: Take the First Step and Indicate Your Interest!More Property PicksDiscover New Launch Projects
Appointed Marketing Agency:
PropNex Realty Pte Ltd - Licence No: L3008022J Dillon Sit | R058114G Privacy PolicyQuick Links
| |
We Use Cookies