Every month, the Housing Development Board (HDB) releases a comprehensive database of resale transaction information on Data.gov.sg. Ohmyhome analyses this huge chunk of data and picks out the most relevant points and trends for readers.
A total of 1,904 resale flats were transacted in February as compared to the 2,443 flats transacted in January. This reflected a decline of 22.1% in February.
Of the HDB flats transacted in February, about 42.8% were 4-room flats.
The drop in demand is not entirely unexpected as a result of the Chinese New Year festivities. Typically, sales are lull during this period.
Another contributing factor was the launch of the February BTO exercise, which could have prompted some buyers to shift their interest as well.
Average HDB resale prices sees increase in most flat types
Comparing the average prices between January and February, we observed that most of the flat types saw a spike in average resale prices, with the exception of 3-room flats.
With executive flats seeing a higher increase in percentage change in prices. This can be attributed to more million dollar deals occurring in this flat type. Despite a drop in transaction volume in February, average resale prices have held firm.
Growing Million-dollar deals in February
The number of million-dollar deals grew from 27 transactions in January to 29 deals in February, reflecting a 7.4% increase.
It is also worth noting that, in comparison with February 2021, there were 6 more million dollar deals this year.
Despite the drop in the HDB resale transaction, the appetite for million dollar deals continue to garner interest.
Highest million-dollar deal in February 2022: $1.31 million
Most deals were situated in The Pinnacle@Duxton. The most expensive flat sold in February 2022 was transacted at The Pinnacle@Duxton as well: a 5-room DBSS flat at a price tag of $1.31 million. It is also worth noting that 65.5% of the deals were for 5 room flats.
Outlook
On March 8, 2022, it was announced that additional measures will be in place to help those with difficulties selling in their flats due to ethnic quota limits. HDB will buy back flats from eligible EIP-constrained flat owners who face issues in selling their flats at a reasonable price. This will facilitate a smooth selling process for such affected sellers.
Preliminary figures from data.gov.sg indicate that there have already been 9 million-dollar deals in March.
We expect market sentiment for the HDB resale market to remain positive in the coming months. As resale prices are expected to remain firm.
Buyers with urgent housing needs will continue to play a pivotal role in driving demand for HDB resale flats.
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