Condo resale prices dip 0.5% in October

However, resale volume increased by 8.1%.

Condo resale prices dipped 0.5% in October, the first price decline in the year, according to 99.co and SRX.

Despite this, transaction volumes rose by 8.1% compared to September, although overall resale activity has remained steady over the past three months.

Luqman Hakim, Chief Data & Analytics Officer at 99.co said several factors likely contributed to October's increase in transaction volumes despite the price dip.

“The notable price differences between new launches and resale non-landed private homes could have drawn some buyers to the resale market, where some units are more affordable,” Hakim said.

Hakim expects resale activity to soften as the year-end holiday season approaches as historically, both buyers and sellers tend to scale back during this period, leading to a natural slowdown.

“Additionally, the numerous condo launches scheduled for November could also divert some demand away from the resale market, further tempering activity in the coming months,” Hakim said.

The highest transacted price for a resale unit in October was $14.1m at Cuscaden Reserve.