Chart of the Day: Auction listings down 15.5% in Q3

This was due to a fall in owner sale listings.

This chart from Knight Frank reveals that the number of auction listings (excluding properties sold before and after auctions) fell 15.5% QoQ to 338 listings in Q3, attributed to the fall in owner sale listings.

Ninety-nine (99) new listings were put up in the market during the quarter, fewer than the 113 new listings in Q2.

On the other hand, mortgagee listings jumped 19.2% QoQ to 174 listings in Q3. Mortgagee sale listings were on an uptrend since Q4 2017, with the exception of a dip in Q2 2019.

The success rate also improved to 2.7% in Q3 from only 0.8% in Q2 2019. Knight Frank noted that The improvement in success rate in the quarter could reflect that prices were closer to buyers’ expectations.

“There are more opportunities for prospective buyers to purchase rarely available homes in choice developments. More buyers are also entering the market, as the prices stabilises,” said Sharon Lee, head of auctions and sales for Knight Frank Singapore.