June condo resale volumes in all regions drop 29.9%

With so much daily news focused on the HDB resale market and its million-dollar trends, it’s easy to overlook the condo resale market. But if you’re considering upgrading to a recently MOP-ed condo or even a new launch condo, keeping an eye on this market is important.

Overview of June’s resale market

In June 2024, the resale volume for condos saw a sharp decline compared to the previous two months. However, this volume aligns closely with the average monthly volume observed over the past year, excluding April and May.

This drop is partially attributed to the June holidays and competition from new condo launches being marketed.

For instance, Sora‘s preview launch in June had an impressive turnout, drawing attention away from resale condos. It is anticipated that prices will continue to rise, as buyers increasingly see the value in newly built condominiums compared to new launches.

Read our in-depth review on Sora here!

Price trends: RCR, CCR, and OCR

According to the SRX Price Index for condo resale, the Rest of Central Region (RCR) experienced a price increase of 1.3% in June 2024. In contrast, the Core Central Region (CCR) saw a decrease of 0.6%, while prices in the Outside Central Region (OCR) remained unchanged.

Month-on-month, overall prices saw a modest rise of 0.2% compared to May 2024.
Year-on-year, there was a notable increase of 4.3% compared to June 2023.
Year-on-year, RCR and OCR recorded price increases of 6.4% and 5.7% respectively, while CCR prices decreased by 0.2%.

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Resale volumes and regional breakdown

In June 2024, approximately 809 units were resold, marking a 29.9% drop from the 1,153 units resold in May 2024.

This volume was 5.2% lower than in June 2023 but 0.7% higher than the five-year average for June.
By region, 50.5% of the resale volume came from OCR, 31.7% from RCR, and 17.8% from CCR.
Sub-sale transactions accounted for 11.1% of total secondary sales in June 2024, a 3% increase from May 2024. Sub-sale transactions refer to secondary sales that occur before the project is completed.

Rather look at condos that will MOP this year? Have a read here: Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025

Highest transacted prices

Reflections at Keppel Bay resale condo june 2024 — Reflections at Keppel Bay

The highest transacted price for a resale unit in June 2024 was a staggering S$13,600,000 at Reflections at Keppel Bay.

In CCR, the highest transacted price was a unit at The Tate Residences, which was resold for S$9,000,000.
In OCR, the highest transacted price was a unit at Waterfront Key, resold for S$4,080,000.

Check your affordability with 99.co’s affordability calculator!

Median capital gains

condo resale median capital gain and losses june 2024

The overall median capital gain for resale condos in June 2024 was S$320,000, a decrease of S$40,000 from May 2024.

District 21 (Clementi Park / Upper Bukit Timah) reported the highest median capital gain at S$685,000.
District 1 (Boat Quay / Raffles Place / Marina) had the lowest median capital gain at S$3,000.

Interested in upcoming new launches for the year? Take a look at your options here: Upcoming new launches, These are the 9 upcoming new launch condos in H2 2024

Median unlevered returns

In June 2024, the overall median unlevered return for resale condos stood at 28.9%.

District 21 (Clementi Park / Upper Bukit Timah) achieved the highest median unlevered return at 43.5%.
District 1 (Boat Quay / Raffles Place / Marina) had the lowest at 0.3%.

The capital gains and returns for a condo resale unit are calculated by comparing the current transacted price with the previous transacted price of the same unit. Districts with fewer than 10 matching transactions are excluded from the ranking.

Looking for HDB flats that MOP-ed recently? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT

Planning on purchasing 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.

Looking to sell your property?

Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.

One easy way is to send us a request for a credible and trusted property consultant to reach out to you.

Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.

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