Resale condos show recovery in November with 1.2% price increase: analysts

Growth was attributed to limited supply and recovering demand, particularly in the OCR.

Resale condo prices rose 1.2% MoM despite a 5.8% drop in volumes, driven by strong new project launches, regional price growth, and notable high-value transactions in November 2024.

In a commentary, OrangeTee highlighted the price increase for resale condos in November 2024 signals a recovery from October's decline. This growth was attributed to limited supply and recovering demand, particularly in the OCR, which recorded the strongest price increases.

OrangeTee also pointed out high-value transactions, such as a $13m unit at Leedon Residence and a $9.2m unit at Silversea, underscored the resilience of the resale market despite lower volumes.

For its part, Huttons observed resale condo transactions fell to 1,023 units, primarily due to the competition posed by five new private residential project launches.

These new developments captured buyer interest, redirecting demand away from the resale market. Huttons also noted interest in resale condos is likely to remain subdued as buyers focus on well-located units offering value in established neighborhoods.

Meanwhile, 99-SRX emphasized year-on-year price growth of 4.2% across CCR, RCR, and OCR, with the OCR leading at 3.6%.

The firm also noted rising median capital gains, which reached $380,000 in November 2024, reflecting sustained investor interest in the resale market. The highest gains were recorded in District 22 (Boon Lay/Jurong/Tuas), further demonstrating regional variances in market performance.