The below information is to illustrate trend data and is not to be interpreted as concrete pricing for any of the property types mentioned.  Always consult a real estate professional for property specific advice.

On December 10th, the Real Estate Information Network for East Japan (REINS) released the Monthly Market Watch Summary Report for November, 2021.

The report outlines the second hand condo and freestanding home sales in the month for the Greater Tokyo Area (GTA) along with other regional markets.

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

November’s second hand condo sales contracts executed in the GTA was 3,416, down 5.6% Year on Year (YoY), the fifth consecutive month of YoY decline. 

November’s contracts broken down by prefecture came in as follows; Tokyo prefecture saw 1,782 contracts executed (down 4.2% YoY), Saitama 380 (down 4.3% YoY), Chiba 440 (up 4.5% YoY), and Kanagawa 814 (down 13.6% YoY). 

Tokyo and Kanagawa saw monthly YoY decreases for the sixth and fifth consecutive months, respectively.  The number of executed contracts in Saitama decreased for the first time in three months, while the number of contracts in Chiba increased for the first time in five months.

The GTA’s median contract price per square meter rose YoY for the 19th consecutive month to 609,200 yen (up 7.1% YoY).  The GTA median sales contract price came in at 38.97 million yen (up 3.8% YoY), marking the 18th consecutive month of YoY increases.

The key takeaway; shrinking supply and high demand continue to drive price increases year on year.

Note: the chart shows 2021 monthly data whereas the article is talking about monthly YoY comparisons.

November’s newly registered listings on the REINS system was 13,931 (up 1.1% YoY), the first YoY increase in 27 months.  

This increase could mark the first signs of more sustained supply coming to market however it is too early to tell as total inventory still decreased 8.1% YoY in November to 35,389 listings total.

November’s second hand freestanding home contracts executed in the GTA decreased YoY for the fourth consecutive month to 1,227 contracts (down 5.0% YoY). The average contract price rose for the 13th consecutive month, to 35.79 million yen (up 10.1% YoY).

Further Reading

November Monthly Market Watch Summary Report (Japanese only; December, 2021)