New Condominiums
The Real Estate Economic Institute (不動産経済研究所) released their report on new condominiums for the month of February. The data includes sales, inventory, new supply in Kansai region, which includes Wakayama, Osaka, Nara, Hyogo, Kyoto, and Shiga Prefectures.
The report was initially released on March 18, 2021.
We hope this report can supplement the monthly sales reports for the secondary market we publish every month.
The data will include sub categories such as;
- Average Sales Price
- Average Unit Price
- Inventory/New Supply
- Breakdown by Floor Plan
- Breakdown by Price Point
１．New Condominiums
Kansai Region
Average Price
February 2021: ¥39,540,000 average price
February 2020: ¥33,700,000 average price
Year-over-year change of 17.3%
Month-to-month change of -14.6% (January to February)
Average Floor Area: 54.09m2
Unit Price
February 2021: ¥731,000 per square meter
February 2020: ¥671,000 per square meter
Year-over-year change of 8.9% per square meter
Month-to-month change of 8.6% per square meter (January to February)
Inventory
Total Inventory 2021: 3,456 units
Total Inventory 2020: 2,590 units
New Supply 2021: 1,718 units (1,349 sales)
New Supply 2020: 1,035 units (779 sales)
Total Sales: 1,720 units
Breakdown by Floor Plan
| New Supply | Units Contracted | Contract Percentage | |
| 1K | 509 | 499 | 98.0% |
| 1DK | 18 | 13 | 72.2% |
| 1LDK | 121 | 70 | 57.9% |
| 2LDK | 190 | 133 | 70.0% |
| 3LDK | 750 | 553 | 73.7% |
| 4LDK | 130 | 81 | 62.3% |
| Total | 1,718 | 1,349 | 78.5% |
Breakdown by Price Point
| New Supply | Units Contracted | Contract Percentage | |
| ~¥25,000,000 | 579 | 544 | 94.0% |
| ~¥30,000,000 | 36 | 30 | 83.3% |
| ~¥33,000,000 | 63 | 51 | 81.0% |
| ~¥35,000,000 | 56 | 41 | 73.2% |
| ~¥37,000,000 | 96 | 80 | 83.3% |
| ~¥40,000,000 | 196 | 146 | 76.0% |
| ~¥43,000,000 | 95 | 63 | 66.3% |
| ~¥45,000,000 | 45 | 35 | 77.8% |
| ~¥47,000,000 | 54 | 34 | 63.0% |
| ~¥50,000,000 | 87 | 67 | 77.0% |
| ~¥55,000,000 | 118 | 74 | 62.7% |
| ~¥60,000,000 | 91 | 63 | 69.2% |
| ~¥65,000,000 | 37 | 21 | 56.8% |
| ~¥70,000,000 | 42 | 19 | 45.2% |
| ~¥80,000,000 | 54 | 36 | 66.7% |
| ~¥90,000,000 | 16 | 12 | 75.0% |
| ~¥99,999,999 | 16 | 6 | 37.5% |
| ¥100,000,000~ | 35 | 25 | 71.4% |
| ¥200,000,000~ | 1 | 1 | 100.0% |
| ¥300,000,000~ | 1 | 1 | 100.0% |
| Total | 1,718 | 1,349 | 78.5% |
2. New Condominiums Osaka City
February 2021: ¥37,930,000 average price (¥872,000 per square meter)
New Supply: 706 units (564 sales)
| New Supply | Units Contracted | Contract Percentage | |
| 1K | 365 | 355 | 97.3% |
| 1DK | 6 | 1 | 16.67% |
| 1LDK | 121 | 70 | 57.9% |
| 2LDK | 190 | 133 | 70.0% |
| 3LDK | 750 | 553 | 73.7% |
| 4LDK | 130 | 81 | 62.3% |
| Total | 1,718 | 1,349 | 78.5% |
Breakdown by Price Point
| New Supply | Units Contracted | Contract Percentage | |
| ~¥25,000,000 | 365 | 355 | 97.3% |
| ~¥30,000,000 | 10 | 6 | 60.0% |
| ~¥33,000,000 | 15 | 9 | 60.0% |
| ~¥35,000,000 | 7 | 4 | 57.1% |
| ~¥37,000,000 | 12 | 7 | 58.3% |
| ~¥40,000,000 | 22 | 14 | 63.6% |
| ~¥43,000,000 | 24 | 12 | 50.0% |
| ~¥45,000,000 | 13 | 10 | 76.9% |
| ~¥47,000,000 | 19 | 10 | 52.6% |
| ~¥50,000,000 | 29 | 21 | 72.4% |
| ~¥55,000,000 | 41 | 25 | 61.0% |
| ~¥60,000,000 | 32 | 20 | 62.5% |
| ~¥65,000,000 | 14 | 8 | 57.1% |
| ~¥70,000,000 | 19 | 11 | 57.9% |
| ~¥80,000,000 | 41 | 26 | 63.4% |
| ~¥90,000,000 | 8 | 7 | 87.5% |
| ~¥99,999,999 | 14 | 5 | 35.7% |
| ¥100,000,000~ | 20 | 13 | 65.0% |
| ¥200,000,000~ | 1 | 1 | 100.0% |
| ¥300,000,000~ | |||
| Total | 706 | 564 | 79.9% |
3. New Condominiums Osaka Prefecture (Osaka City excluded)
Price
February 2021: ¥47,450,000 average price (¥660,000 per square meter)
New Supply: 243 units (178 sales)
Breakdown by Floor Plan
| New Supply | Units Contracted | Contract Percentage | |
| 1K | |||
| 1DK | |||
| 1LDK | 3 | 1 | 33.3% |
| 2LDK | 26 | 18 | 69.23% |
| 3LDK | 188 | 147 | 78.2% |
| 4LDK | 26 | 12 | 46.2% |
| Total | 243 | 178 | 73.3% |
Breakdown by Price Point
| New Supply | Units Contracted | Contract Percentage | |
| ~¥25,000,000 | 1 | 1 | 100.0% |
| ~¥30,000,000 | 7 | 7 | 100.0% |
| ~¥33,000,000 | 9 | 9 | 100.0% |
| ~¥35,000,000 | 14 | 11 | 78.6% |
| ~¥37,000,000 | 19 | 17 | 89.5% |
| ~¥40,000,000 | 40 | 33 | 82.5% |
| ~¥43,000,000 | 20 | 12 | 60.0% |
| ~¥45,000,000 | 7 | 5 | 71.4% |
| ~¥47,000,000 | 11 | 6 | 54.5% |
| ~¥50,000,000 | 32 | 24 | 75.0% |
| ~¥55,000,000 | 34 | 21 | 61.8% |
| ~¥60,000,000 | 29 | 21 | 72.4% |
| ~¥65,000,000 | 8 | 5 | 62.5% |
| ~¥70,000,000 | 5 | 1 | 20.0% |
| ~¥80,000,000 | 2 | 2 | 100.0% |
| ~¥90,000,000 | 2 | 2 | 100.0% |
| ~¥99,999,999 | 1 | 0.0% | |
| ¥100,000,000~ | 1 | 0.0% | |
| ¥200,000,000~ | |||
| ¥300,000,000~ | |||
| Total | 243 | 178 | 73.3% |
Summary
- New supply increased by 66.0% (1,718 units) year over year, an increase observed for the second consecutive month.
- Average Price and Average Price per square meter increased, contract rate for new supply at 78.5%.
New supply for February was 1,718 units compared to 1,035 units in February 2020 an increase of 66.0%. Also an increase of 147.2% compared to new supply last month, 695 units.
Total inventory decreased by two units (3,456 units) compared to last month’s 3,458 units. On the positive spectrum, total inventory increased by 866 units compared to February 2020.
The Real Estate Economic Institute characterized the condominium market as;
- Regardless of the effects from the State of Emergency, all prefectures experienced a new supply contract rate of over 70% except for Shiga Prefecture at 100% for the second straight month.
- All prefectures, excluding Shiga Prefecture also observed an improvement in new supply contract rate as well.
- The new supply contract rate for Hyogo Prefecture was brought in large part to the large scale family condominiums and the city center compact type condominiums sales in Akashi City.
The expectation for new supply in March 2021 is about 1,400 units. Comparing the month of March in years past;
- February 2017: 1,575 units
- February 2018: 1,745 units
- February 2019: 1,499 units
- February 2020: 1,528 units
The month of February’s expectation for new supply was estimated to be about 1,000 units, but the increase in new supply hit the 1,000 unit mark with an increase of 1,023 total units.
For additional information please contact us here
Email: info@remax-apex.com
For the original Japanese Report clink here → Real Estate Economic Institute