On May 13th, the Real Estate Information Network for East Japan released their April 2022 Monthly Market Watch report for the Greater Tokyo Area (GTA).

The GTA consists of Tokyo, Saitama, Kanagawa and Chiba prefectures.

The data was taken from the REINS system, Japan’s broker accessed only MLS system where seller agents can alert buyer agents in a searchable database of what is currently for sale.

The REINS system also services the leasing market however this monthly Market Watch report only focuses on sales transactions, and not rentals.  

This data is not consumer accessible and this report serves as a bellwether for real estate professionals regarding the health of the second hand residential property market across a variety of metrics such as inventory levels, contracted price per square metre and average sales price per square metre.

The numbers below are presented as averages to illustrate trends and in no way guarantee a sales price.  Always consult with a licensed real estate professional for property specific needs.

The number of second hand condo sales contracts executed in the GTA was 3,094 contracts, down 9.7% Year-on-Year (YoY), marking the fourth consecutive month of YoY decline. 

Broken down by prefecture, Tokyo Prefecture saw 1,670 sales contracts executed in April (down 5.0% YoY), 333 contracts for Saitama Prefecture (down 20.3% YoY), 354 in Chiba Prefecture (down 13.7% YoY), and 737 in Kanagawa Prefecture (down 12.6% YoY), marking the fourth consecutive month of decline in all prefectures.

GTA condo sales prices per square metre rose for the second consecutive month to 687,200 yen (up 16.3% YoY), marking a double-digit increase for the 24th consecutive month. Compared to March, April was up 5.1%. 

The average GTA condo price per unit was 43.63 million yen (up 14.0% YoY).  In addition to the general upward trend in prices, the increase in the composition of contracted properties in the GTA is considered to be one of the factors behind the increase.

The number of newly listed condos in April was 14,226 units for sale.  Overall condo inventory currently listed for sale rose for the third consecutive month to 37,360 condos (+9.3% YoY).

The number of sales contracts executed for GTA second hand freestanding homes declined for the 4th consecutive month to 1,190 contracts executed (-11.7% YoY).  The average contract price per home was 36.64 million yen (up 7.6% YoY), an 18th consecutive month rise in average sales prices.

Further Reading

Real Estate Information Network for East Japan Market Watch Report for April of 2022 (Japanese only; May, 2022)