Resale prices of condos dipped 0.2% in January over December: SRX flash estimate

RESALE prices of private condos and apartments dipped 0.2 per cent in January 2015 compared to December 2014, according to flash estimates from SRX Property.

Prices in Core Central Region and Outside Central Region eased 1.7 per cent and 1.1 per cent respectively. Prices in city-fringe locations, or Rest of Central Region, rose 1.5 per cent.

Year-on-year, overall resale prices of non-landed private homes have dropped 6.5 per cent since January 2014, which was also the recent peak.

According to data compiled by SRX Property, an estimated 370 non-landed private homes changed hands in the resale market in January, reflecting a 2 per cent increase from the 363 units in December.

The January resale volume was 25.9 per cent higher than the 294 units in the same period last year.

The overall median transaction over X-Value (TOX) stood at negative S$10,000 in January 2015, the same as December 2014. The median TOX measures how much people are overpaying or underpaying against the computer-generated estimated market 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.