HDB resale flat prices continued to trend higher in April 2021.
First timers continued to make up the majority of buyers in April 2021, driven to the resale market because of delays in the BTO market. Sellers are demanding higher prices because of buoyancy in the market. This has led to a deadlock in the market as buyers are not willing or do not have the cash to pay the cash over valuation. This resulted in lower volume in April.
In the first four months of 2021, HDB resale volume is close to 10,000. If the level of demand continues at this level, we could be looking at almost 30,000 transactions in 2021. This will be the strongest performance in the HDB resale market since 2010.
74 HDB flats were sold for $1 million or more from January to April 2021, putting it very close to the total of 82 such flats sold for the whole of 2020. But at less than 1% of total market volume, this is still minute. The sale of such flats is either concentrated in central locations or limited in supply such as executive flats.