Real Estate Sales

The June Report was publish on June 9, 2023 for the real estate sales for the month of May 2023. The data includes the average price per square meter for listings in the Kansai region in one data set. The Kansai region includes Wakayama, Osaka, Nara, Hyogo, Kyoto, and Shiga Prefectures.

Data for Real Estate Sales will not included new construction.

The Data will be Broken Down into Three Categories:

1. Condominium Sales
2. House Sales
3. Land Sales

Sub categories will include units sold and the number of new listings to hit the market.

１．Condominium Sales
Kansai Region

Units Sold

May 2023: ¥396,800 per square meter a total of 1,221 units sold
May 2022: ¥389,700 per square meter a total of 1,349 units sold
Year-over-year change of 1.8% per square meter
Month-to-month change of -0.6% per square meter (April to May)

May 2023: ¥27,270,000 average price
May 2022: ¥26,620,000 average price
Year-over-year change of 8.9%
Month-to-month change of 3.3% (April to May)
Average Floor Area: 68.72m²
Average Age: 27.03 years

New Properties Listed

May 2023: ¥443,000 per square meter a total of 5,125 units listed
May 2022: ¥437,200 per square meter a total of 4,364 units listed
Year-over-year change of 1.3% per square meter
Month-to-month change of 0.2% per square meter (April to May)

Total Inventory

May 2023: 19,110 total units at ¥436,700 per square meter
May 2022: 15,646 total units at ¥427,000 per square meter
Year-over-year change of 2.3% per square meter
Month-to-month change of 0.8% per square meter (April to May)
Total Inventory year over year change: 22.1%

Osaka City

Units Sold

May 2023: ¥554,700 per square meter a total of 328 units sold
May 2022: ¥535,100 per square meter a total of 372 units sold
Year-over-year change of -11.8% per square meter
Month-to-month change of 3.7% per square meter (April to May)

May 2023: ¥34,510,000 average price
May 2022: ¥33,450,000 average price
Year-over-year change of 3.2%
Month-to-month change of -3.4% (April to May)
Average Floor Area: 62.21m²
Average Age: 27.00 years

New Properties Listed

May 2023: ¥603,500 per square meter a total of 1,721 units listed
May 2022: ¥585,400 per square meter a total of 1,495 units listed
Year-over-year change of 15.1% per square meter
Month-to-month change of 3.1% per square meter (April to May)

May 2023: ¥32,040,000 average price
May 2022: ¥30,560,000 average price
Year-over-year change of 3.1%
Month-to-month change of 4.7% (April to May)
Average Floor Area: 53.09m²
Average Age: 24.10 years

Northern Osaka (Hokusetsu Area)

Units Sold

May 2023: ¥402,600 per square meter a total of 122 units sold
May 2022: ¥400,900 per square meter a total of 173 units sold
Year-over-year change of 0.4% per square meter
Month-to-month change of -1.2% per square meter (April to May)

May 2023: ¥31,160,000 average price
May 2022: ¥30,220,000 average price
Year-over-year change of 3.1%
Month-to-month change of 4.2% (April to May)

Average Floor Area: 77.40m²
Average Age: 27.00 year

New Properties Listed

May 2023: ¥409,100 per square meter a total of 436 units listed
May 2022: ¥389,100 per square meter a total of 412 units listed
Year-over-year change of 5.1% per square meter
Month-to-month change of -1.9% per square meter (April to May)

May 2021: ¥30,230,000 average price
May 2020: ¥29,770,000 average price
Year-over-year change of 1.5%
Month-to-month change of -2.6% (April to May)
Average Floor Area: 73.89m²
Average Age: 30.01 years

２．House Sales (Detached Homes)
Kansai Region

Homes Sold

May 2023: average price of ¥22,690,000 for a total of 885 homes sold
May 2022: average price of ¥22,640,000 for a total of 857 homes sold
Year-over-year change of 0.2% (average price)
Month-to-month change of 2.5%  (average price from April to May)

Average Land Area: 130.03m²
Average Building Area: 104.65m²
Average Age: 27.03 years

New Homes Listed

May 2023: average price of ¥26,530,000 for a total of 3,329 homes listed
May 2022: average price of ¥26,170,000 for a total of 2,794 homes listed
Year-over-year change of 1.4% (average price)
Month-to-month change of -1.9%  (average price from April to May)

Average Land Area: 137.21m²
Average Building Area: 108.59m²
Average Age: 28.04 years

Total Inventory

May 2023: average price of ¥26,350,000 for a total of 13,543 homes
May 2022: average price of ¥26,150,000 for a total of 11,097 homes
Year-over-year change of 0.8% (average price)
Month-to-month change of -0.1%  (average price from April to May)

Average Land Area: 140.00m²
Average Building Area: 110.60m²
Average Age: 29.02 years

Northern Osaka (Hokusetsu Area)

Homes Sold

May 2023: average price of ¥30,880,000 for a total of 56 homes sold
May 2022: average price of ¥36,500,000 for a total of 63 homes sold
Year-over-year change of -15.4% (average price)
Month-to-month change of -1.5%  (average price from April to May)

Average Land Area: 116.73m²
Average Building Area: 104.69m²
Average Age: 23.07 years

New Properties Listed

May 2023: average price of ¥35,870,000 for a total of 209 homes listed
May 2022: average price of ¥37,180,000 for a total of 166 homes listed
Year-over-year change of -3.5% (average price)
Month-to-month change of -7.5%  (average price from April to May)

Average Land Area: 118.47m²
Average Building Area: 110.93m²
Average Age: 25.06 years

３．Land Sales
Kansai Region

Lots Sold

May 2023: average price per square meter of ¥139,500 for a total of 497 lots sold
May 2022: average price per square meter of ¥141,100 for a total of 486 lots sold
Year-over-year change of -1.1% price per square meter
Month-to-month change of -4.2%  price per square meter (April to May)

May 2023: ¥22,970,000 average price
May 2022: ¥22,800,000 average price
Year-over-year change of 0.7%
Month-to-month change of 0.7% (April to May)
Average Land Area: 164.73m²

New Properties Listed

May 2023: average price per square meter of ¥143,300 for a total of 2,600 lots listed
May 2022: average price per square meter of ¥138,300 for a total of 2,431 lots listed
Year-over-year change of 3.6% price per square meter
Month-to-month change of -3.1%  price per square meter (April to May)

May 2023: ¥22,960,000 average price
May 2022: ¥22,230,000 average price
Year-over-year change of 3.3%
Month-to-month change of -3.6% (April to May)
Average Land Area: 160.22m²

Total Inventory

May 2023: 13,693 total lots at ¥121,200 per square meter
May 2022: 11,641 total lots at ¥116,600 per square meter
Year-over-year change of 3.9% per square meter
Month-to-month change of -0.3% per square meter (April to May)

May 2023: ¥20,210,000 average price
May 2022: ¥19,700,000 average price
Year-over-year change of 2.6%
Month-to-month change of -0.9% (April to May)
Average Land Area: 166.80m²

Northern Osaka (Hokusetsu Area)

Lots Sold

May 2023: average price per square meter of ¥196,700 for a total of 53 lots sold
May 2022: average price per square meter of ¥217,900 for a total of 50 lots sold
Year-over-year change of -9.7% price per square meter
Month-to-month change of -18.3%  price per square meter (April to May)

May 2023: ¥32,160,000 average price
May 2022: ¥31,450,000 average price
Year-over-year change of 2.2%
Month-to-month change of -7.1% (April to May)
Average Land Area: 163.45m²

New Properties Listed

May 2023: average price per square meter of ¥263,700 for a total of 176 lots listed
May 2022: average price per square meter of ¥224,500 for a total of 150 lots listed
Year-over-year change of 17.5% price per square meter
Month-to-month change of 2.9%  price per square meter (April to May)

May 2023: ¥38,410,000 average price
May 2022: ¥35,240,000 average price
Year-over-year change of 9.0%
Month-to-month change of 1.5% (April to May)
Average Land Area: 145.65m²

Market Analysis

Condominiums

The ratio of the number of new contracts to new listings was 3.56x, and the price gap between new contracts and new listings was -1.3%.

Number of Sales
The number of pre-owned condominium contracts in the Kinki region fell 9.5% year-on-year to 1,221, continuing the year-on-year decline seen in April. The number of contracts has remained unchanged from 2022, but was up 7.9% from May 2019, exceeding the pre-pandemic levels.

New Listings
The number of new listings in the Kinki region increased 17.4% year-on-year to 5,125, recording double-digit growth for the fifth consecutive month. Although the number of contracts is declining, new listings continue to increase at a high rate, indicating that selling pressure remains strong.

Contracted unit (m²) price
The unit price per m² of pre-owned condominiums contracted in the Kinki region was ¥396,800/m², up 1.8% from the same month last year, marking the fourth consecutive month of year-on-year increase. The month-on-month figure was minus 0.6%.

Newly listed unit (m² ) price
Newly registered m² unit price in the Kinki region was ¥443,000/m², up 1.3% from the same month last year, marking the fourth consecutive month of year-on-year increase. It was also up 0.2% from the previous month.

Seven regions saw a year-on-year decrease in the number of contracts, while 10 regions saw an increase in the unit price per m².

The number of contracts decreased year-on-year in 7 of the 12 regions, and the number of contracted areas decreased by 1 from the previous month. The number of contracts decreased year-on-year in 7 of the 12 regions covered, and the number of areas with a decrease was down by one area from the previous month.

Of the 12 regions, 10 regions (excluding Kobe City and Wakayama Prefecture) saw a year-on-year increase in price per m², while the number of areas with an increase decreased by 3 regions from the previous month. Of the 12 regions, eastern and southern Osaka, Hyogo and other prefectures, and Kyoto and other prefectures saw double-digit increases in m² unit price, with suburbs and suburban areas in particular seeing notable rises.

Detached Homes

Supply-Demand Balance for Homes Sold
The number of transactions was 3.59x, and the price deviation rate was minus 15.1%.

Number of Sales
The number of contracts for existing detached houses in the Kinki region was 885, up 3.3% year-on-year. The number of transactions turned to increase again, up 21.1% from May 2019, exceeding the level prior to the pandemic, as was the case with existing condominiums.

New Listings
The number of new registrations in the Kinki region increased 19.1% year-on-year to 3,329, marking a double-digit increase for the fifth consecutive month. As with the existing condominium market, the rate of increase in the number of new listings was high, and selling pressure on existing detached houses continued to intensify.

Sales prices
The contract price of existing detached houses in the Kinki region was 22.69 million yen, up 0.2% year-on-year, marking the 28th consecutive month of year-on-year increase since February 2021. The month-over-month increase was also 2.5%. As with the unit price of existing condominiums, the price of existing detached houses continues to rise.

Newly Listed Prices
Newly listed prices in the Kinki region rose 1.4% year-on-year to 26.53 million yen, marking the fifth consecutive month of year-on-year increase. Newly registered prices in the Kinki region fell 1.9% from the previous month.

Year-on-year increase in number of contracts in 8 regions, and increase in contract prices in 8 regions

The number of contracts increased year-on-year in 8 of the 12 regions, and the number of areas where the number of contracts increased increased increased by 4 compared to the previous month. Among the areas that saw an increase, eastern Osaka and Wakayama saw double-digit increases, while Osaka City saw its 10th consecutive month of growth, and there were notable areas where transactions were strong.

Sales prices rose year-on-year in 8 of the 12 regions, with the number of rising areas remaining unchanged from the previous month. Among the rising areas, Osaka City and Kobe City saw double-digit price increases, with Kobe City and eastern Osaka seeing increases for the seventh and sixth consecutive months, respectively, and prices of existing detached houses remained strong.

For additional information please contact us here
Email: info@remax-apex.com

For the original data in Japanese click here → Kinki Reins