Singapore private home resale volume reaches two-year high in Q2

There were 3,802 resale homes transacted during the quarter.

According to an OrangeTee report, in the second quarter of this year, the Singapore private resale market experienced a significant surge, with sales volume reaching its highest point in two years. 3,802 resale homes, including landed and non-landed properties (excluding executive condominiums or EC), changed hands, based on quarterly real estate statistics from the Urban Redevelopment Authority (URA). 

This is the highest quarterly sales since Q2 2022 with 4,236 transactions and a substantial 41.4 per cent increase from the 2,689 units sold in Q1 2024. 

Here’s more from OrangeTee:

The resale market share has reached a new pinnacle in the last quarter, underscoring its growing dominance. Resale transactions accounted for 77.4 per cent of the total 4,915 units (including new sales, resale, and subsale) sold in Q2 2024, marking the highest proportion of resale transactions on record (Chart 1). The previous record was at 75.1 per cent with 2,694 resales out of 3,588 total sales transactions in Q4 2022. 

During the first six months of this year, a total of 6,491 resale homes were sold, showing a 16 per cent increase from the 5,598 units that were transacted during the corresponding period in 2023. The significant increase in resale transactions can be attributed to the higher availability of newly completed private properties. 

Around 30,000 homes were completed in 2022 and 2023, leading to an abundance of options for potential buyers. Moreover, as prices of new homes hold firm, buyers continued to turn to the secondary market, which offers more affordable home options, further fueling the surge in resale activity.