Condo resale prices dipped 0.3% in February

Resale volume dropped by 10.8%.

Resale prices of non-landed homes slipped by 0.3% month-on-month in February, according to data from SRX Property.

The drop was led by a decline in resale prices of mass-market homes in the OCR. Prices of flats in the OCR dropped by 0.8%, while the CCR recorded no change while resale prices in the RCR rose by 0.1%.

On a year-on-year basis, prices dropped by 1.6%. February 2016 prices were down by 7.4% from the recent peak in January 2014.

Meanwhile, resale volume dropped by 10.8% month-on-month in February. An estimated 356 condos were resold last month, compared to 399 units in January. On a year-on-year basis, resale volume was 3.8% higher.

Resale volume was down by 82.6% compared to its peak of 2,050 units resold in April 2010.