Chart of the Day: Secondary condo sales slumped 25.3% in Q1

Sales volume sank in March following social distancing measures.

This chart from Knight Frank reveals that secondary condo sales, excluding executive condominiums, crashed 25.3% QoQ to 1,507 transactions in Q1. Meanwhile, primary sales declined by 8.4% to 2,115 transactions over the same period.

The private housing market initially showed to be resilient against the pressure caused by the pandemic, as sales continued to move in January and February with transactions rising 29% and 67% YoY respectively.

However, the spread of the outbreak in the US and Europe in March, as well as the rise in local cases, has impacted sales after social distancing measures adversely affected sentiments. Sales volume sank 32.9% YoY to 1,081 for the whole of March.