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Pre-owned home deals hot in January
By Cherry Cao |
February 8, 2013, Friday
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Print Edition
Print Edition
SHANGHAI'S pre-owned home market started the year strongly despite an inventory drop, while the average price rose.
More than 21,000 units of previously-occupied homes changed hands across the city last month, the highest rate of sales for January in eight years, Shanghai Deovolente Realty Co said yesterday in a report. That represented a year-on-year surge of 479 percent, and a fall of 7.2 percent from December.
The city's inventory of pre-owned homes for sale fell from 165,000 at the start of 2012 to around 141,000 now, according to latest market data.
"Despite ever-decreasing inventory of previously-owned homes for sale, robust transactions were registered last month although January is a traditional low season for property purchases," said Lu Qilin, a researcher at Deovolente. "Solid demand from end-users continued to boost owners' confidence and more are raising prices or simply holding back from putting their homes on the market."
The average price of homes rose 8.5 percent annually, or 2.9 percent monthly, to 17,681 yuan (US$2,815) per square meter, a record in the city.
But as more owners raise prices, sales may be hit in coming months.
"We've noticed an ever-widening gap between buyers and sellers recently in price expectations," said Huang Hetao, a research manager at Century 21 China Real Estate. "A 10-percent price gap is not unusual at the moment."
More than 21,000 units of previously-occupied homes changed hands across the city last month, the highest rate of sales for January in eight years, Shanghai Deovolente Realty Co said yesterday in a report. That represented a year-on-year surge of 479 percent, and a fall of 7.2 percent from December.
The city's inventory of pre-owned homes for sale fell from 165,000 at the start of 2012 to around 141,000 now, according to latest market data.
"Despite ever-decreasing inventory of previously-owned homes for sale, robust transactions were registered last month although January is a traditional low season for property purchases," said Lu Qilin, a researcher at Deovolente. "Solid demand from end-users continued to boost owners' confidence and more are raising prices or simply holding back from putting their homes on the market."
The average price of homes rose 8.5 percent annually, or 2.9 percent monthly, to 17,681 yuan (US$2,815) per square meter, a record in the city.
But as more owners raise prices, sales may be hit in coming months.
"We've noticed an ever-widening gap between buyers and sellers recently in price expectations," said Huang Hetao, a research manager at Century 21 China Real Estate. "A 10-percent price gap is not unusual at the moment."
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