On September 10th, the East Japan Real Estate Distribution Organization (aka REINS) announced the trends in the Greater Tokyo Area real estate distribution market in August 2021.

The number of second hand condominium contracts in the Greater Tokyo Area decreased to 2,615 contracts (down 14.3% from the same month of the previous year), falling below the same month of the previous year for 2 consecutive months. 

The Greater Tokyo Area comprises the following prefectures; Tokyo, Saitama, Chiba and Kanagawa.

Broken down by prefecture, Tokyo saw 1,275 contracts (down 19.1% YoY), Saitama prefecture had 327 contracts (down 7.4% YoY), Chiba prefecture had 333 contracts (down 5.4% YoY), and Kanagawa prefecture had 680 contracts (down 11.9% YoY). 

All areas declined further from July’s transaction volumes.

The contracted price per square meter was 592,000 yen (up 7.9% year-on-year), rising for 16 consecutive months. 

The average contracted property price was 37.73 million yen (up 3.5% year-on-year), rising for 15 consecutive months. 

August’s newly listed second hand inventory was 12,319 properties (down 12.4% year-on-year), bringing total second hand inventory to 34,594 properties (down 19.0% year-on-year), both down double digits.

Transaction volume for second hand free-standing homes came in at 1,046 contracts (dropping 9.9% YoY), down from the same period of the previous year for the first time in 14 months. 

The average contracted price for second hand free-standing homes was 34.25 million yen (up 6.1% year-on-year), rising for 10 consecutive months.