Remaining apartment inventory in central Tokyo drops for 2nd month in a row

According to REINS, a total of 2,680 second-hand apartments were reported to have sold across greater Tokyo in January 2020, up 0.5% from last year. The average sale price was 36,720,000 Yen, up 11.5% from last year. The average price per square meter was 562,900 Yen, up 9.4% from last year. This is the 12th month in a row to record a year-on-year increase in sale prices.

In the Tokyo metropolitan area, 1,407 second-hand apartments had sold, up 2.3% from last year. The average sale price was 46,230,000 Yen, up 15.0% from last year. The average price per square meter was 748,200 Yen, up 10.3% from last year.

New listings in Tokyo dropped for the 5th month in a row and are down 6.5% from last year. Remaining inventory dropped 4.4% from last year. This is the second month in a row to see a year-on-year decline in inventory.

In central Tokyo’s 3 wards of Chiyoda, Chuo and Minato, 167 apartments had sold, up 13.6% from last year. The average sale price was 68,400,000 Yen, up 14.3% from last year. The average price per square meter was 1,147,500 Yen, up 2.6% from last year. The average size of an apartment sold was 59.61 sqm (641 sq.ft).

New listings in central Tokyo were down 12.5% from last year. This is the fourth month to see a year-on-year drop in listings. It was a similar story with remaining inventory recording a 6.4% drop from last year.

Source: REINS, February 10, 2020.

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