Real Estate Sales

The November Report was publish on November 10, 2023 for the real estate sales for the month of October 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

October 2023: ¥439,000 per square meter a total of 1,569 units sold
October 2022: ¥412,900 per square meter a total of 1,503 units sold
Year-over-year change of 4.4% per square meter
Month-to-month change of 6.3% per square meter (September to October)

October 2023: ¥30,190,000 average price
October 2022: ¥28,3600,000 average price
Year-over-year change of 6.5%
Month-to-month change of 6.9% (September to October)
Average Floor Area: 68.77m²
Average Age: 25.06 years

New Properties Listed

October 2023: ¥431,400 per square meter a total of 5,628 units listed
October 2022: ¥445,200 per square meter a total of 5,068 units listed
Year-over-year change of -3.1% per square meter
Month-to-month change of -0.3% per square meter (September to October)

Total Inventory

October 2023: 19,833 total units at ¥427,300 per square meter
October 2022: 16,834 total units at ¥437,300 per square meter
Year-over-year change of -2.3% per square meter
Month-to-month change of -2.0% per square meter (September to October)
Total Inventory year over year change: 17.8%

Osaka City

Units Sold

October 2023: ¥604,100 per square meter a total of 451 units sold
October 2022: ¥564,500 per square meter a total of 412 units sold
Year-over-year change of 7.0% per square meter
Month-to-month change of 0.6% per square meter (September to October)

October 2023: ¥38,100,000 average price
October 2022: ¥35,080,000 average price
Year-over-year change of 4.2%
Month-to-month change of 5.0% (September to October)
Average Floor Area: 63.06m²
Average Age: 23.07 years

New Properties Listed

October 2023: ¥568,700 per square meter a total of 1,843 units listed
October 2022: ¥611,100 per square meter a total of 1,775 units listed
Year-over-year change of -6.9% per square meter
Month-to-month change of -0.2% per square meter (September to October)

October 2023: ¥30,860,000 average price
October 2022: ¥31,980,000 average price
Year-over-year change of -3.5%
Month-to-month change of 2.1% (September to October)
Average Floor Area: 54.26m²
Average Age: 26.01 years

Northern Osaka (Hokusetsu Area)

Units Sold

October 2023: ¥423,700 per square meter a total of 173 units sold
October 2022: ¥396,000 per square meter a total of 198 units sold
Year-over-year change of 7.0% per square meter
Month-to-month change of -2.6% per square meter (September to October)

October 2023: ¥32,270,000 average price
October 2022: ¥29,580,000 average price
Year-over-year change of 9.1%
Month-to-month change of -1.0% (September to October)
Average Floor Area: 76.16m²
Average Age: 27.07 year

New Properties Listed

October 2023: ¥392,000 per square meter a total of 471 units listed
October 2022: ¥402,700 per square meter a total of 447 units listed
Year-over-year change of -2.7% per square meter
Month-to-month change of -4.5% per square meter (September to October)

October 2023: ¥28,920,000 average price
October 2022: ¥30,380,000 average price
Year-over-year change of -4.8%
Month-to-month change of -4.5% (September to October)
Average Floor Area: 73.79m²
Average Age: 31.09 years

２．House Sales (Detached Homes)
Kansai Region

Homes Sold

October 2023: average price of ¥24,150,000 for a total of 981 homes sold
October 2022: average price of ¥22,200,000 for a total of 948 homes sold
Year-over-year change of 8.8% (average price)
Month-to-month change of 3.1%  (average price from September to October)

Average Land Area: 134.23m²
Average Building Area: 109.05m²
Average Age: 28.02 years

New Homes Listed

October 2023: average price of ¥27,620,000 for a total of 3,943 homes listed
October 2022: average price of ¥27,480,000 for a total of 3,212 homes listed
Year-over-year change of 0.5% (average price)
Month-to-month change of 1.8%  (average price from September to October)

Average Land Area: 140.41m²
Average Building Area: 111.57m²
Average Age: 28.05 years

Total Inventory

October 2023: average price of ¥26,310,000 for a total of 15,070 homes
October 2022: average price of ¥26,740,000 for a total of 11,770 homes
Year-over-year change of -1.6% (average price)
Month-to-month change of -0.2%  (average price from September to October)

Average Land Area: 141.13m²
Average Building Area: 110.73m²
Average Age: 29.06 years

Northern Osaka (Hokusetsu Area)

Homes Sold

October 2023: average price of ¥33,420,000 for a total of 84 homes sold
October 2022: average price of ¥30,380,000 for a total of 70 homes sold
Year-over-year change of 10.0% (average price)
Month-to-month change of 2.5%  (average price from September to October)

Average Land Area: 127.30m²
Average Building Area: 118.13m²
Average Age: 26.04 years

New Properties Listed

October 2023: average price of ¥41,460,000 for a total of 292 homes listed
October 2022: average price of ¥40,290,000 for a total of 242 homes listed
Year-over-year change of 2.9% (average price)
Month-to-month change of 17.0%  (average price from September to October)

Average Land Area: 141.82m²
Average Building Area: 119.13m²
Average Age: 23.11 years

３．Land Sales
Kansai Region

Lots Sold

October 2023: average price per square meter of ¥156,900 for a total of 593 lots sold
October 2022: average price per square meter of ¥138,500 for a total of 546 lots sold
Year-over-year change of 13.2% price per square meter
Month-to-month change of 11.5%  price per square meter (September to October)

October 2023: ¥24,290,000 average price
October 2022: ¥21,260,000 average price
Year-over-year change of 14.3%
Month-to-month change of 9.6% (September to October)
Average Land Area: 154.84m²

New Properties Listed

October 2023: average price per square meter of ¥156,800 for a total of 3,100 lots listed
October 2022: average price per square meter of ¥144,200 for a total of 2,669 lots listed
Year-over-year change of 8.8% price per square meter
Month-to-month change of 3.2%  price per square meter (September to October)

October 2023: ¥25,020,000 average price
October 2022: ¥23,130,000 average price
Year-over-year change of 8.2%
Month-to-month change of 3.3% (September to October)
Average Land Area: 159.53m²

Total Inventory

October 2023: 15,036 total lots at ¥121,200 per square meter
October 2022: 12,217 total lots at ¥112,900 per square meter
Year-over-year change of 7.3% per square meter
Month-to-month change of 0.8% per square meter (September to October)

October 2023: ¥20,290,000 average price
October 2022: ¥19,060,000 average price
Year-over-year change of 6.4%
Month-to-month change of 0.9% (September to October)
Average Land Area: 167.43m²

Northern Osaka (Hokusetsu Area)

Lots Sold

October 2023: average price per square meter of ¥244,900 for a total of 48 lots sold
October 2022: average price per square meter of ¥222,700 for a total of 43 lots sold
Year-over-year change of 9.9% price per square meter
Month-to-month change of 8.2%  price per square meter (September to October)

October 2023: ¥35,420,000 average price
October 2022: ¥32,770,000 average price
Year-over-year change of 8.1%
Month-to-month change of 9.5% (September to October)
Average Land Area: 144.63m²

New Properties Listed

October 2023: average price per square meter of ¥266,200 for a total of 210 lots listed
October 2022: average price per square meter of ¥249,300 for a total of 172 lots listed
Year-over-year change of 6.8% price per square meter
Month-to-month change of 3.3%  price per square meter (September to October)

October 2023: ¥38,920,000 average price
October 2022: ¥36,540,000 average price
Year-over-year change of 6.5%
Month-to-month change of -4.7% (September to October)
Average Land Area: 146.18m²

Market Analysis

Condominiums

Transactions increased for the first time in 3 months compared to the previous year; selling pressure is on the rise

Number of Sales

The number of pre-owned condominium contracts in the Kinki region increased 4.4% year-on-year to 1,569, marking the first year-on-year increase in three months. The number of contracts has continued to rise and fall since 2019, and transaction volume has been on a steady rise and fall.

New Listings

The number of new registrations in the Kansai region was 5,628, a double-digit increase of 11.0% year-on-year, marking the 10th consecutive month of year-on-year increase. There was no change in the upward trend in the number of new listings, and selling pressure in the existing condominium market continued to increase.

Contracted unit (m²) price

The unit price per m² of pre-owned condominiums contracted in the Kinki region was ¥439,000/m², up 6.3% from the same month last year, marking the fourth consecutive month of year-on-year increase. Transactions were brisk, especially for relatively expensive properties, with a 4.3% month-over-month increase.

Newly listed unit (m² ) price

Newly registered m² unit price in the Kinki region fell 3.1% y-o-y to ¥431,400/m², following a decline in September. It was also down 0.3% from the previous month.

Number of contracts increased in 8 areas and m² price per m² increased in 8 areas compared to the previous year.

The number of contracts increased year-on-year in 8 of the 12 regions, and the number of areas where contracts increased increased increased by 3 compared to the previous month. Of the 12 regions, the number of contracts increased in 8 regions out of 12 regions, and the number of areas where the number of contracts increased increased increased by 3 regions from the previous month.

Unit price per m² increased year-on-year in 8 of the 12 regions, and the number of areas where it increased increased increased by one from the previous month. Among the rising areas, Nara Prefecture saw a double-digit year-on-year increase, while Osaka City, northern Osaka Prefecture, and Kobe City saw year-on-year increases for the fourth consecutive month. As the number of areas where transactions increased expanded, the number of areas where unit price per m² increased also increased.

Detached Homes

Year-over-year transactions increased for the sixth consecutive month; selling pressure remains strong

Number of Sales

The number of contracts for existing detached houses in the Kinki region increased 3.5% y-o-y to 981, marking the sixth consecutive month of year-on-year growth. The number of existing detached home transactions continued to increase, rising 16.0% from October 2019.

New Listings

In the Kansai region, the number of new listings was 3,943, up 22.8% year-on-year, marking the 10th consecutive month of year-on-year increase. Although transactions for existing homes are firm, the rate of increase in new registrations continues to far outpace the number of contracts, and selling pressure remains strong.

Sales prices

The contract price of existing detached houses in the Kansai region increased for the fourth consecutive month to 24.15 million yen, up 8.8% from the previous year. The price rose 3.1% from the previous month, indicating that, as in the case of existing condominiums, transactions are progressing mainly in the relatively expensive older detached houses.

Newly Listed Prices

Newly registered prices in the Kinki region were 27.62 million yen, up 0.5% year-on-year, marking the 10th consecutive month of year-on-year increase, although prices remained almost unchanged. Newly registered prices in the Kansai region rose 1.8% from the previous month.

Year-on-year increase in number of contracts in 7 regions and increase in contract prices in 10 regions

The number of contracts increased year-on-year in 7 of the 12 regions, and the number of areas where the number of contracts increased was the same as the previous month. Among the areas with year-on-year increases, northern Osaka, Kobe City, Hyogo and other prefectures, Shiga Prefecture, and Wakayama Prefecture saw double-digit increases, while Kobe City and Hyogo and other prefectures saw increases for the fifth consecutive month, indicating that some areas continued to see strong transaction activity.

Contract prices rose year-on-year in 10 of the 12 regions, with the number of areas where contract prices rose increasing by 3 from the previous month. Among the areas with rising prices, those in northern Osaka Prefecture, Kobe City, Kyoto City, and Shiga Prefecture posted double-digit price increases, while prices in eastern Osaka Prefecture and Osaka City rose for the 11th consecutive month and the 7th consecutive month, respectively.

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For the original data in Japanese click here → Kinki