Condo resale prices down in March whilst volumes log double-digit growth

Overall prices fell compared to March but is 5.1% higher than a year earlier.

Condo resale prices continued to decline on a monthly basis in March 2025 whilst the number of resale deals rose, according to the 99-SRX Media Flash Report.

Overall prices fell by 0.5% month-on-month (MoM) during the month, although they were 5.1% year-on-year (YoY) lower compared to March 2024.

Compared to February, prices in the Core Central Region (CCR), were 1.9% lower whilst those in the Rest of Central Region (RCR) and Outside Central Region (OCR) rose by 0.2% and 0.3%, respectively.

Compared to March 2024, resale prices in the CCR, RCR, and OCR were 4.6%, 5.2%, and 4.3% higher, respectively.

A total of 1,189 units were resold in March, a 19.7% MoM increase from the 993 units resolved in February.

Resale volumes were also 26% YoY higher, and 12.2% higher than the 5-year average for March.

This increase in volume may be driven by buyers responding to the dip in SORA rates, which has made financing more affordable, said Luqman Hakim, chief data & analytics officer at 99.co

“At the same time, some may find new launch prices remain out of reach, making resale condos a more attractive option. As such, resale units could become the go-to choice for those looking to balance space, location, and affordability,” Hakin said.

About 48.3% of the volumes were from the OCR, 31.7% from RCR, and 20% from CCR.

The most expensive unit resold was a $16.03m condo at St Thomas Suite.

In the RCR, a resale unit at Reflections at Keppel Bay was resold for $5.22m.

In the OCR, a unit at Sing Lian Building changed hands for $4.3m.

Hakim said that borrowing costs remained elevated compared to pre-pandemic levels, leading to buyers being cautious and price-sensitive. Many are unwilling to pay above the market value.

“On top of that, broader economic uncertainty – such as ongoing talks of new tariffs and potential global trade tension – has added to the cautious mood. Some are still adopting a wait-and-see approach, holding out in hopes of further price adjustments or clearer economic signals before committing,” Hakim said.

In response to the cautious sentiment, sellers have reportedly begun adjusting their expectations.

“As a result, closing prices may come in below asking, contributing to the slight downward trend,” Hakim said.