On October 10th, the Real Estate Information Systems (REINS; pronounced "rains") released their updated report on real estate trends in the Greater Tokyo Area (GTA) for September 2024.
The report shows a continued year-on-year (YoY) decline in sales transactions.
AI generated photo based on the prompt "Tokyo sold condominiums" with a fantasy filter applied. All rights reserved.
The condominium sector saw a notable drop in sales transactions, while transacted prices per square meter continued to rise steadily.
The GTA consists of Tokyo, Kanagawa, Chiba and Saitama prefectures.
September 2024 Condo Sales Transactions Fall for Third Straight Month
In September 2024, sales contracts for existing condos in the GTA dropped 4.5% YoY to 3,047 units.
This marks the third consecutive month of YoY transaction volume decline.
Broken down by prefecture:
Prefecture | No. of Units Sold | % YoY Change |
Tokyo | 1,545 | 12.3% down |
Kanagawa | 756 | 2.2% up |
Chiba | 421 | 19.9% up |
Saitama | 325 | 4.1% down |
Kanagawa prefecture increased by 2.2% YoY, though sales fell in the Yokohama and Kawasaki areas.
That said, despite Tokyo’s overall decline, Chiba and parts of Kanagawa saw growth, indicating that buyers are increasingly looking beyond the capital for more affordable housing options.
September 2024 Condo Sold Prices Continue to Climb
Even as sales transactions dropped, prices continued to rise.
The average price per square meter for transacted condos in the GTA increased by 4.7% YoY to ¥759,000, marking the 53rd consecutive month of price growth.
The average transacted sales price per unit in the GTA reached ¥48.61 million, up 5.3% YoY.
Declining Inventory and New Listings
New GTA condo listings in September fell by 7% from the previous year to 16,195, marking the seventh consecutive month of declines.
Overall condo inventory levels also continued to shrink, with 45,403 units available, down 1.9% YoY.
"Overall" refers to the already listed condos going into September plus the month’s new listings.
This reduced supply could put upward pressure on prices in the coming months.
Stronger Demand for Single-Family Homes
Sales of existing single-family homes (SFH) in the GTA surged 16.6% YoY to 1,281 units, marking the fourth straight month of growth.
The average sold price for SFHs rose by 3.5% to ¥40.61 million, continuing an eight-month streak of price increases.
Further Reading:
September 2024 REINS Market Trends Report (Japanese only; has more granular data than what is presented above.)
Source:
R.E. Port News (Japanese only)
