Condo resale prices in Singapore remained unchanged in December 2024, whilst the number of units sold decreased by 2.5% compared to the previous month, according to the latest 99-SRX Media Flash Report. The decline in sales volume is attributed to the typical year-end slowdown and competition from new project launches in November, which attracted many buyers.
Despite the dip, the resale market showed resilience, with overall prices increasing by 4% year-on-year. The Core Central Region (CCR) saw a slight price decrease of 0.2%, whilst the Rest of Central Region (RCR) and Outside Central Region (OCR) experienced increases of 0.1% and 0.5%, respectively. Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that demand remains robust, driven by interest in move-in-ready units and larger homes.
The report highlighted that 992 units were resold in December, with resale volumes 29.9% higher than in December 2023 and 10.1% above the five-year average for the month. The OCR accounted for 47.2% of sales, followed by the RCR at 34.4% and the CCR at 18.4%.
The highest resale price in December was S$19,750,000 at Eden Residences Capitol. The overall median capital gain for resale condos stood at S$370,000, with District 13 posting the highest gain at S$679,000.
Looking ahead, the resale market is expected to benefit from a significant rise in new unit completions and potential interest rate easing in 2025, which could further strengthen demand.
