Resale condos in Singapore stay on market longer as buyers hesitate, sellers hold firm
Resale condos in Singapore are staying on the market longer as buyers take their time, with sellers maintaining firm price positions, according to recent data from the Urban Redevelopment Authority (URA). The average days on market for resale apartments rose to 65 days in Q2 2024, up from 50 days in the same period in 2023, signaling a slowdown in transaction speed despite stable price expectations.
Buyer caution amid economic uncertainty
Analysts attribute the extended listing periods to cautious buyer behavior, driven by concerns over interest rates and long-term affordability. “Buyers are scrutinizing properties more carefully, especially in a market where price negotiations have become less frequent,” said Tan Liang, a senior property consultant at Colliers International.
The URA’s data shows that 38% of resale condos remained unsold after 60 days in Q2 2024, compared to 27% in 2023. This trend aligns with broader economic pressures, including higher borrowing costs and inflation, which have dampened demand.
Sellers resist price cuts despite longer listings
Despite the extended time on the market, sellers are holding firm on asking prices. The Council for Estate Agencies (CEA) reported that the median resale price for condos in Q2 2024 remained flat at S$1.2 million compared to the previous year.
“Many sellers are confident in the long-term value of their properties, especially in prime locations,” said Lim Mei Ling, a real estate agent with Century 21. “They’re not willing to undercut their expectations, even if it means waiting longer to sell.”
Comparing market dynamics to past cycles
This slowdown contrasts with the rapid transaction pace seen during the post-pandemic boom of 2021–2022, when resale condos often sold within 30 days. However, it mirrors the 2018–2019 period, when regulatory changes and economic headwinds also led to longer listing times.
Data from the Singapore Estate Agents Association (SEAA) shows that the current average days on market are 65, slightly below the 70-day peak recorded in 2019. This suggests the market is stabilizing rather than collapsing, according to property strategist David Tan.
What’s next for the resale condo market?
Industry experts predict the trend could persist into 2025 if macroeconomic conditions remain unchanged. “The key will be how buyers respond to rate cuts or policy adjustments,” said Tan Liang. “If interest rates ease, we might see a resurgence in demand, but for now, the market is in a holding pattern.”
The URA has not indicated plans for new regulations, but policymakers are closely monitoring the sector. As of July 2024, there are 12,000 resale condos listed on the market, a 15% increase from 2023, according to the CEA.
Urban Redevelopment Authority
Council for Estate Agencies
Colliers International
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