Back in November’s flash report cover, the condo resale market experienced a decline in transaction volumes, and this trend seemed to continue into December. While resale prices remained unchanged month-on-month, the number of transactions dropped again, signaling a slowdown.
Strap in as we take a closer look at the performance of the market, discuss the key numbers, and share insights into what may lie ahead.
Table of contents
TL;DR – what should you know?
Resale condo prices stayed flat month-on-month but rose 4% year-on-year in December 2024. Resale volumes dropped by 2.5% compared to November, with 992 units sold. Price performance varied by region: CCR prices dipped by 0.2%, while RCR and OCR prices rose by 0.1% and 0.5%, respectively. The highest resale price was S$19.75M at Eden Residences Capitol.
Despite a year-end slowdown and competition from new launches, the resale market remains resilient, supported by strong demand for larger, move-in-ready units.
Condo resale prices had mixed regional trends
According to the SRX Price Index for Condo resale, overall prices remained unchanged compared to the previous month. Year-on-year, however, prices rose by 4% compared to December 2023. Breaking it down by region, the Core Central Region (CCR) experienced a slight dip of 0.2% in prices.
On the other hand, the Rest of Central Region (RCR) saw a modest increase of 0.1%, while the Outside Central Region (OCR) posted a stronger gain of 0.5%. Year-on-year, these regions recorded price increases of 2.1% for CCR, 3.8% for RCR, and 5.4% for OCR.
Declining transaction volumes
An estimated 992 resale condo units were transacted in December 2024, marking a 2.5% decline from November’s 1,018 units.
Despite this drop, resale volumes were 29.9% higher than in December 2023 and 10.1% above the five-year average for December. Regionally, OCR accounted for 47.2% of the transactions, RCR made up 34.4%, and CCR contributed 18.4%.
The percentage of sub-sale transactions – these are secondary sales that occur before a project’s completion – declined to 7.4% from November’s level.
High-value condo resale transactions in December 2024
The highest resale price for the month was recorded at Eden Residences Capitol, where a unit changed hands for an impressive S$19,750,000. In the RCR, the top transaction was a unit at JadeScape, sold for S$10,150,000. Over in the OCR, a unit at Kew Green was resold for S$3,515,000, securing its spot as the highest transaction in the region.
These transactions highlight the ongoing demand for premium units across various regions, with the CCR remaining a top choice for ultra-high-net-worth buyers.
Resale condos for you
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Median capital gains and returns for resale condos
The overall median capital gain for resale condos held steady at S$370,000 in December, unchanged from the previous month. District 13, covering the Macpherson and Potong Pasir areas, posted the highest median capital gain at S$679,000. In contrast, District 1, which includes Boat Quay, Raffles Place, and Marina, recorded the lowest median capital gain at -S$75,000.
Similarly, the overall median unlevered return for resale condos stood at 29.8% in December. District 21, comprising Clementi Park and Upper Bukit Timah, achieved the highest median unlevered return at 48.5%. On the other end of the spectrum, District 1 reported the lowest return at -4.2%.
These figures were calculated by comparing the current transacted price with the previous sale price of the same unit, with districts having fewer than 10 matching transactions excluded from the rankings.
Our thoughts on the numbers and what you can expect next
The dip in December’s condo resale volumes can be partly attributed to the typical year-end lull in the property market. Additionally, competition from November’s five new project launches – many of which saw strong take-up rates – drew some potential buyers away from the resale segment. However, demand for resale condos has stayed steady, supported by preferences for move-in-ready units, larger living spaces, and the widening price gap between new launches and resale properties.
Looking ahead, resale condo prices are expected to trend upwards in 2025. The increased completion of private residential units in 2024 – totaling 8,460 private units and 2,157 executive condominiums – compared to the smaller numbers in 2023, is likely to tighten the resale supply further. Additionally, if interest rates ease as anticipated, financing conditions could improve, potentially boosting demand in the resale market.
Even though the short-term dip in activity might seem concerning, the resilience of the resale market suggests it will continue to attract buyers seeking affordability and value in Singapore’s private housing sector. It’s worth noting that while interest rate cuts may not occur as frequently or significantly as some expect in 2025, the overall improvement in credit conditions could still support this segment in the months ahead.
Thinking about buying a resale condo of your own? Take a look at your options here.
About Sophiyanah David
Sophi, a seasoned copywriter specialising in Singaporean real estate and property, is one of the minds behind 99.co's informative articles. Like her colleagues at 99.co, Sophi is dedicated to keeping you informed about the ever-changing world of real estate so you can find your forever home. When off the clock, you can find her giggling and kicking her feet as she reads her romance novels, watching anime - if FMBA is not your fave, she might fight you (but you'll probably win) and looking up latest skincare trends.
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