Chart of the Day: Private condo sales plunged 53.6% in Q3

Only 2,279 units were sold last quarter.

A report by Square Foot Research released today revealed that private condo transaction volume in the t fell by 53.6% q-o-q in 3Q14 as a result of a lacklustre primary market.

Primary sales in the third quarter dropped to 1058 units from 2392 units in the second quarter. Meanwhile, secondary sales fell to 1,221 units from 1273 units in Q2.

“Price correction in 3Q14 is more pronounced for completed units where overall prices dropped by 4.3% year-on-year as compared to 2.6% year-on-year in the primary market. Prices saw the greatest dip in the Orchard area where overall median price in the secondary market fell by 38.8% in 3Q14,” noted the report.