Resale of pte flats down 70.2% in Jan from a year ago: SRX

[princess_morbucks]

http://www.businesstimes.com.sg/breaking-news/singapore/resale-pte-flats-down-702-jan-year-ago-srx-20140210

RESALE of non-landed private residential homes tumbled 70.2 per cent from 1,039 deals in January 2013 to 310 deals in January 2014, and the Singapore Real Estate Report (SRX) says this is a direct result of cooling measures.
The 310 resale deals also represent a 9.1 per cent fall from last December's 341 transactions.
"While CNY has had some impact, it is clear from the long-term data that the cooling measures are having maximum impact on the volume side of the equation," said Jeremy lee, co-founder of srx.com.sg.
Overall resale prices of non-landed private residential units rose 2.3 per cent in January this year, marking the second consecutive monthly rise in prices since last December, according to the SRX Property Resale Index.

[princess_morbucks]

http://www.straitstimes.com/breaking-news/money/story/resale-prices-non-landed-private-homes-rise-january-second-straight-month-

The resale prices of completed non-landed private homes in Singapore rose last month for the second consecutive month, even as the number of transactions continued to drop.
Resale prices of these homes rose 2.3 per cent in January over December, after a revised 0.8 per cent increase in December over November, according to the latest data from the Singapore Real Estate Exchange (SRX) on Monday.
But the number of sales of such homes fell to 310 in January, a 9.1 per cent decline from December. The figure also marked a 70.2 per cent decline from January a year ago.
Part of the fall in transaction numbers was likely due to the Chinese New Year holiday that started at the end of January this year, said Mr Jeremy Lee, co-founder of srx.com.sg.

[princess_morbucks]

That goes to show that private non landed owners have the holding power and are unlikely to sell at a lower price!

[Amber Woods]

That goes to show that private non landed owners have the holding power and are unlikely to sell at a lower price!

If we look at the past market behaviour, as transaction volume decreases, prices will continue to increase at a slower pace. This is because real estate price is less elastic and usually lags the demand curve by a few quarters. This pattern is normal and we should expect prices to come down gradually going forward and more drastically if the transaction volume continues to strink.

[4wheels]

That goes to show that private non landed owners have the holding power and are unlikely to sell at a lower price!

Yes for now!