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|April 03,2024HDB Resale Prices Crept Up In March 2024 Despite Dip In Sales
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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 |
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