The real estate market continued to stall in May as businesses remained shut and people stayed home. Transactions in Tokyo are still down considerably from last year although there has been some improvement from April, and activity is already starting to resume in early June. Discounts still remain limited in many cases as sellers hold firm.
The median discount of an existing apartment reported to have sold in Tokyo’s 23 wards in May was 1.71%. This is an improvement from April (1.85%), although higher than the median of 1.49% seen in May 2019.
Two-thirds of apartments sold at a discount of less than 3%. A third of all sales were at full asking price. Only 4% of apartments sold at a discount of more than 10%, showing no change from 2019.
The median time to sell was 55 days, up from 52 days in 2019.
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