Sales volume
For the full year of 2012, 4,942 and 23,473 homes were sold in the city and suburb, respectively. Of which sales in the secondary market make up 61.7 and 31.3 per cent for the city and suburb, respectively. The first half of 2012 saw the steepest increase in quarter-to-quarter (QoQ) sales growth for both regions. For the city, the 2nd quarter posted a high QoQ increase of 123 per cent. Whereas QoQ sales growth of suburban homes peaked in the 1st quarter at 54 per cent. From Figure 1, we can see that QoQ sales figure registered a decline in many quarters since 3Q 2009.
Source: Data from URA
Similarly, the year-over-year (YoY) sales volume showed negative growth in numerous quarters from 1Q 2010 (Figure 2). This may suggest the series of cooling measures implemented since 14 September 2009 have taken effect in softening demand.
Source: Data from URA
From Figure 3, we noted an interesting trend. Developers' sales form less than 50 per cent of total sales in the city for every quarter except in 1Q 2010 when it led with a 59 per cent sale volume.
In contrast, for suburban residences, developers' sales have steadily climbed since 2Q 2010 - breaching the 50 per cent mark in 2Q 2011. In all subsequent quarters, it had made up over half of total sale volume.
Source: Data from URA
Non-landed homes price movements
Price index Based on the URA (Urban Redevelopment Authority) price index for non-landed houses in the city and in the suburb, Figure 4 reveals a deceleration in the pace of price growth from 2Q 2010 to under 5 per cent in all following periods.
Source: Data from URA
The Y-o-Y price index movement displays price growth slowing for each quarter from 2Q 2010 to 3Q 2012. In the final quarter 2012, Y-o-Y price growth finally picked up. Homes in the city saw a 8 per cent increase in the price index compared to the 4th quarter in the preceding year. For the suburb, the price index rose 6.5 per cent Y-o-Y.
Source: Data from URA
Median price
Over the 4-year period, the median price surged to a high of S$16,528 and S$9,449 per square metre for the city and suburb, respectively.
Figure 6 shows that median prices have been rising every quarter since 3Q 2009, with only a slight slide of 6 per cent in1Q 2012 for city homes.
Source: Data from URA
All in all, the price index and median price trends show that prices continue to hold up despite the six rounds of cooling measures. On a positive note, the pace of price growth has tapered off.
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