Prices dropped on low volume but sales in November 2014 were 6.6% higher than sales in 2013. On top of that, the median Transactions-over-X Value (T-O-X) improved to zero. The observations of the market according to SRX are as follows:
– Non-landed Private Residential Resale prices slipped by 1.1% (in November compared to October 2014). Prices dropped by 1.3% in RCR and OCR, while CCR saw a slight price drop of 0.1%.
– Resale volume shrank by 22.4%, an estimated 388 Non-landed Private Residential units were resold in November, compared to 500 transacted units in October.
– Overall median Transaction Over X-Value (T-O-X) reached zero. The median T-O-X for Non-landed Private Residential measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.
– Districts 9, 22 and 11 posted high median T-O-X. For districts with more than 10 resale transactions in November 2014, district 9 had the highest median T-O-X of $80,000, followed by $30,000 in district 22 and $15,000 in district 11. This means that majority of the buyers in these districts has purchased units above the computer-generated market value.
– Among relatively active districts, District 5 posts the most Negative median T-O-X. Among districts with more than 10 resale transactions, the lowest median T-O-X was in district 5 with T-O-X of NEGATIVE $40,000, followed by NEGATIVE $20,000 in district 16, and NEGATIVE $15,000 at district 19. This means that majority of the buyers in these districts has purchased units below the computer-generated market value
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