New condo offerings in Tokyo and Osaka down in February
Ken Worsley over at Japan Economy News reports: According to data released Monday by the Real Estate Economic Institute, the number of new condominiums put on the market in the Tokyo area in February fell 27.5% against a year ago, to 2,509. February was the 18th consecutive month in which the number of new units put on the market has fallen.
While the number of new units put up for sale declined, the average price of a new condo in the Tokyo area rose 1.2% to 48.23 million yen. At the same time, 1,548 of the new units put up for sale in February were sold that month, for a closing rate of 61.7%.
Meanwhile, in the Osaka area, 1,548 new condos were put on the market in February, for a decline of 30.5% against a year ago. The average price of a new condo in the Osaka area stood at 34.21 million yen in February, down 3.4% from a year ago, and showing a decline for the second consecutive month. 853 new units in the Osaka area sold in February, for a closing rate of 55.1%.
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