New Launches Getting Pricier: Are Buyers Turning to Resale Condos? April Private Home Market Data Reveals Key Signals

April Condo Resale Prices Dip for Second Consecutive Month, While Transaction Volume Rebounds Sharply

Singapore's private residential resale market continued its consolidation trend in April.

According to the latest flash data, overall non-landed private home resale prices slipped by 0.4% month-on-month (MoM) in April, widening from the 0.1% dip in March. This marks the second straight month of price declines. However, in stark contrast to the easing price trajectory, market activity staged a significant comeback.

Transaction Volume Surges 20.9% Month-on-Month

A total of 1,125 non-landed private residential units were resold in April, representing a 20.9% increase from March.

Although transaction volume was 6.8% lower year-on-year (YoY) and about 9.5% below the five-year average for the same period, the sharp MoM jump indicates that market buying sentiment is steadily recovering.

After adopting a wait-and-see stance earlier in the year, many buyers are now returning to the market to seize suitable opportunities.

Price Growth Moderates Noticeably

On a YoY basis, overall resale prices in April remained 2.7% higher than the same period last year. Nevertheless, the pace of growth has moderated considerably compared to the 4.9% YoY increase recorded in March.

The market is gradually transitioning away from the rapid escalation seen over the past few years toward a more measured and sustainable growth trajectory.

Robust New Launch Sales May Drive Buyers Back to the Resale Market

Market observers note that the robust performance of recent new launches has indirectly nudged some buyers to refocus on the resale market.

April new launch Tengah Garden Residences sold approximately 99% of its units at a median price of around $2,120 psf, while East Coast project Vela Bay moved over 72% of its units at a median price of $2,886 psf.

With new project prices continuing to scale new heights, some buyers have pivoted to the resale market in search of larger living spaces, established neighbourhood amenities, and the immediate advantage of move-in readiness.

CCR Leads Declines, RCR Defies Trend with Gains

In terms of sub-market performance, trends diverged markedly across different regions.

The Core Central Region (CCR) posted the steepest decline, with resale prices retreating 2.6% MoM.

The Outside Central Region (OCR) edged down slightly by 0.1%, holding relatively stable.

In contrast, the Rest of Central Region (RCR) defied the downtrend with a 0.9% MoM gain, emerging as the sole region to clock positive growth.

RCR and OCR Remain Key Growth Drivers

Looking at YoY figures, the broader market remained firmly in positive territory.

The CCR recorded a 0.3% YoY uptick, while the RCR and OCR rose by 3.7% and 3.5% respectively.

This underscores that the RCR and OCR remain the two most resilient market pillars, while the CCR continues to be weighed down by consolidation in the prime segment.

OCR Still Accounts for Nearly Half of All Resale Transactions

In terms of transaction breakdown, the OCR remained the primary volume driver. In April, OCR deals made up 48.5% of total transactions—almost half of the market volume.

The RCR accounted for 32.2%, while the CCR made up 19.4%. This highlights that mass-market demand continues to serve as the core engine underpinning market activity.

Luxury Segment Sees Another Eight-Figure Deal

The highest-value transaction in April came from Sage, a freehold luxury development along Nassim Road. A unit changed hands for $12.8 million, making it the priciest resale deal of the month.

Despite price adjustments in the prime segment, trophy luxury assets continue to command strong interest from high-net-worth individuals.

Sellers Continue to Clock Healthy Gains

Notably, profitability among private home sellers remained sound.

The overall median capital gain in April stood at $408,000, up by $8,000 from March. District 10 was the top performer, boasting a median capital gain of $806,000.

Conversely, District 1 registered a median capital loss of $110,000, making it the weakest-performing sector for the month.

Market Enters a Healthier Consolidation Phase

On the whole, current market dynamics reflect moderating price appreciation rather than waning demand.

As new launch prices trend higher, a segment of buyers is re-evaluating the value proposition of the resale market. The combination of recovering transaction volumes and price stabilisation will foster a healthier and more sustainable market environment.

For owner-occupiers, the coming months may present an opportune window to revisit mature resale developments.

While resale prices have eased for two consecutive months, the notable rebound in transaction volumes demonstrates that underlying market demand remains intact, having evolved into a more price-sensitive and discerning landscape. With the price gap between new launches and resale homes widening further, more buyers are expected to turn their attention toward resale condominiums that offer move-in convenience and established amenities, particularly quality projects within the RCR and OCR.