HDB flats resale market trends in November 2023

November 2023 in Singapore's HDB resale market shows a continuing trend of rising prices, despite a slight decrease in sales volume. This article delves into the dynamics of this market, guided by data from the HDB Flash Report for November 2023 and comments from our Chief Data Officer, Luqman Hakim.

Market dynamics

The HDB resale market experienced a 2.8 per cent dip in volume this November. This slight decrease is likely a precursor to the December BTO launch, with expectations of further dips during the holiday season.

Price trends

Contrasting with the dip in volume, HDB resale prices continued their upward trajectory. November saw prices rise by 0.3 per cent above the previous high in August, with transactions of five-room flats largely fuelling this increase.

The report also showed the price trends by property type:

In the table below, we can see the medians of resale prices by town:

Additionally, we can see the media resale prices by the age of the HDB properties in the table below:

Million-dollar flats phenomenon

A notable trend is the rising volume of million-dollar flats. For the fourth consecutive month, transactions exceeded 40 units, breaking the 2022 record and underscoring the sustained demand for premium HDB units.

Detailed price analysis

Price changes varied across room types and estates. Non-Mature Estates saw a 0.5 per cent increase, while Mature Estates experienced a marginal decrease. Year-on-year, overall prices rose by 5.4 per cent, with all room types witnessing increases.

The table below spreads the index value and the monthly changes by month leading to November 2023:

Volume analysis

A total of 2,138 HDB resale flats were transacted in November, marking a 2.8 per cent decrease from October. The distribution by room type and estate highlights significant market segments, with Non-Mature Estates accounting for over half of the sales.

Below we can see the breakdown of monthly volumes by estates:

Record transactions

The month's highest transacted price was a five-room flat at Henderson Rd, reaching $1,460,000. In Non-Mature Estates, an executive apartment at Hougang St 31 topped the charts.

Also, here's a table of all the million-dollar resale transactions made in November 2023:

Conclusion

November's HDB resale market reflects a complex interplay of rising prices and fluctuating volumes, with million-dollar flats setting new records. These trends offer key insights into the evolving landscape of Singapore's housing market.

ALSO READ: HDB resale market sees price increase and high-value transactions in October 2023

This article was first published in 99.co.