On November 10th, the Real Estate Network for East Japan (REINS; pronounced “rains”) released October 2024 sales transaction data for the Greater Tokyo Area (GTA), showing a mixed landscape: while sales transactions for existing condos continued to decline, average prices per square meter saw a slight rise, continuing a multi-year upward trend.
View from atop the Park Hyatt Hotel in Shinjuku, Tokyo, Japan. The same hotel that Lost in Translation made famous. Photo by Matt Ketchum on Unsplash; available for hire.
October 2024 Existing Condominium Sales Transaction Trends
In October, the GTA recorded 3,092 completed sales contracts for existing condos, marking a 5.9% year-on-year (YoY) decrease and the fourth consecutive month of declining YoY sales transactions.
Broken down by prefecture:
Prefecture | No. of Transactions | YoY % Change |
Tokyo | 1,599 | 9.9% down |
Kanagawa | 709 | 9.9% down |
Chiba | 408 | 10.6% up |
Saitama | 376 | 5.3% up |
Existing Condo Prices Continue Steady Rise
The average price per square meter in the region reached ¥751,600, up by 0.8% YoY.
This increase extends an uninterrupted upward trend over 54 months, attributed to sustained demand and limited inventory.
The average transaction price per unit, however, showed a slight drop of 0.5% YoY, settling at ¥47.39 million.
The average contracted unit size decreased to 63.05 square meters, down 1.3% YoY.
Existing Condo Inventory and New Listings
New GTA existing condo listings in October totaled 16,698, a 2.0% decrease, marking the eighth straight month of YoY declines.
Overall inventory (new listings plus ones still for sale from previous months) fell by 0.9% YoY to 45,888 units, representing a six-month streak of declines in GTA existing condo inventory.
GTA Single Family Homes See Price Softening
Sales of existing single-family homes (SFH) totaled 1,174, down by 3.8% YoY, the first decline in five months.
The average sale price for these properties dropped by 4.3% YoY to ¥37.76 million, marking the first dip in nine months.
Further Reading:
October 2024 REINS Existing Condo Sales Transaction Report (Japanese only; more granular nationwide data available than presented above)
Source:
R.E. Port News (Japanese only)
