Condo resale prices remain flat in February, again: SRX flash estimates

RESALE prices of condominiums and private apartments remained flat in February this year compared to January, according to flash estimates released by SRX Property on Tuesday.

Prices in Core Central Region (CCR) and in the suburbs or Outside Central Region (OCR) increased 1.5 per cent and 2 per cent respectively. However, prices in city-fringe locations or Rest of Central Region (RCR) fell 0.8 per cent.

Year on year, the SRX overall resale price index for non-landed private homes has eased 3.2 per cent from February 2014. Last month's index was also down 5.8 per cent from the recent peak in January 2014; SRX Property also said that the month-on-month change in the price index for January 2015 has been revised from a 0.2 per cent decrease to unchanged.

Resale volume remained low. According to data compiled by SRX Property, an estimated 321 non-landed private homes changed hands in the resale market in February, down 6.7 per cent from 344 units resold in the previous month.

Year on year, resale volume was 36.6 per cent higher compared with 235 units resold in February 2014.

The latest February 2015 resale volume is down 84.3 per cent compared to the peak of 2,050 units in April 2010.

The overall median transaction over X-value (TOX) remained at negative S$10,000 in February 2015, unchanged from the preceding two months. The median TOX measures how much people are overpaying or underpaying against the computer-generated estimated value or the so-called X-value.

According to SRX Property, non-landed private residential prices continue to face downward pressure and negative market sentiment.