New home sales surged 75% in May

Overall Private Home Sales Pre-circuit breaker to May 2020

This chart from Propnex Realty research reveals that new home transactions jumped 75% Month on Month (MoM) to 486 units in May 2020, which saw the whole month impacted by the circuit breaker. In the mean time, the resale sector fell 53% to 174 units.

This is compared to the 277 units sold in the new launch market, and 370 units in the secondary market in April 2020.

This slump in the resale segment is noted to be because of the inability to see properties during the circuit breaker period, as purchasers generally prefer to inspect a unit personally before considering.

In contrast, it was noticed that purchasers of new units became more comfortable with online viewings and internet transactions from April to May, with attractively priced developments and low interest rates probably nudging them to make a buy. This was what contributed to the healthy sales figures at Dairy Farm Residences.

The research shows that post-circuit breaker and with the systematic re-opening of the economy, the careful sentiment and lukewarm growth would probably weigh on home purchasing interest and rates generally. But the MoM reversal in new home transactions in May and the return of purchasers to snap up units in Phase 2 of the re-opening is a good sign of underlying demand, especially for strategically-priced condos.


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