PropNex Picks
|April 03,2024HDB Resale Prices Crept Up In March 2024 Despite Dip In Sales
Share this article:
The average HDB resale price picked up slightly in March 2024, following a dip in February where the Lunar New Year holidays and the HDB’s build-to-order (BTO) sales exercise likely affected market activity. The price growth in March came despite a slight easing in the HDB resale volume.
Transaction data showed that HDB resale volume dipped by 3.2% month-on-month to 2,061 units in March from 2,130 units in the previous month (see Chart 1). When compared with March 2023, the resale volume was up down by 9.5%. In spite of the softer sales, the average resale price rose by 1.8% month-on-month to more than $596,000. On a year-on-year basis, the overall HDB average resale price was up by 5.2% from March 2023.
With private home prices likely to find more stability this year, PropNex anticipates that it could encourage some HDB flat owners to consider upgrading to a private property. Some of these would-be upgraders may contemplate selling their flat first before purchasing the replacement private home to avoid having to pay the hefty additional buyer’s stamp duty (ABSD) upfront.
Source: PropNex Research, Data.gov.sg
Table 1: Average transacted HDB resale flat prices by Flat Type in last six months
Flat Type | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 | Mar-24 | MOM % change |
3-ROOM | $413,717 | $420,409 | $412,656 | $420,975 | $425,041 | $422,621 | -0.6% |
4-ROOM | $592,461 | $593,082 | $597,985 | $597,149 | $599,686 | $610,406 | 1.8% |
5-ROOM | $690,818 | $691,162 | $698,665 | $712,135 | $691,786 | $706,400 | 2.1% |
EXECUTIVE | $855,699 | $839,811 | $822,098 | $865,608 | $843,499 | $851,162 | 0.9% |
Source: PropNex Research, Data.gov.sg
By flat type, the average resale price of several room types rose MOM, with 4-room and 5-room flats leading the price increase. The average resale price of 5-room flats climbed by 2.1% MOM to $706,400 in March, while that of 4-room flats went up by 1.8% MOM to around $610,400. Meanwhile, the average resale price of executive flats inched up by 0.9% MOM to more than $851,100 in March (see Table 1). In contrast, 3-room resale flats saw the average price slipped by 0.6% MOM to more than $422,600.
Evaluating the sales data by towns and flat types, 5-room flats in mature towns saw a faster rate of price growth, rising by 1.8% MOM to about $833,500 in March. This was followed by 4-room flats in mature estates where the average price rose by 1.7% MOM to $693,745, and executive flats in non-mature towns where the average price climbed 1.2% MOM to more than $813,600 (see Table 2). Meanwhile, the segment that saw the largest price decline in March was executive flats in mature towns, where the average resale price fell by 3.1% MOM to more than $921,000.
Table 2: Average transacted HDB resale flat prices in Mature and Non-mature towns
Mature towns | Non-mature towns | |||||||
| Feb-24 | Mar-24 | % change MOM | Feb-24 | Mar-24 | % change MOM | ||
3 ROOM | $438,101 | $432,891 | -1.2% | $411,428 | $407,524 | -0.9% | ||
4 ROOM | $681,935 | $693,745 | 1.7% | $557,111 | $561,133 |
Explore Your Options, Contact Us to Find Out More!
Selling your home can be a stressful and challenging process, which is why
it's essential to have a team of professionals on your side to help guide you through the journey. Our
team is dedicated to helping you achieve the best possible outcome when selling your home.
Find Your Ideal Property: Take the First Step and Indicate Your Interest!More Property PicksDiscover New Launch Projects
Appointed Marketing Agency:
PropNex Realty Pte Ltd - Licence No: L3008022J Alvin Tan S. T. | R020314B Privacy PolicyQuick Links
| ||
We Use Cookies