HDB resale market trends in November 2023

November 2023 in Singapore’s HDB resale market shows a continuing trend of rising prices, despite a slight decrease in sales volume. This article delves into the dynamics of this market, guided by data from the HDB Flash Report for November 2023 and comments from our Chief Data Officer, Mr. Luqman Hakim.

Market dynamics

The HDB resale market experienced a 2.8% dip in volume this November. This slight decrease is likely a precursor to the December BTO launch, with expectations of further dips during the holiday season.

hdb resale market november 2023

Contrasting with the dip in volume, HDB resale prices continued their upward trajectory. November saw prices rise by 0.3% above the previous high in August, with transactions of 5-room flats largely fueling this increase.

hdb resale market november 2023

The report also showed the price trends by property type:

hdb resale market november 2023

In the table below, we can see the medians of resale prices by town:

hdb resale market november 2023

Additionally, we can see the media resale prices by the age of the HDB properties in the table below:

hdb resale market november 2023

Read more: HDB Resale: ALL you need to know to buy your dream flat

Million-dollar flats phenomenon

A notable trend is the rising volume of million-dollar flats. For the fourth consecutive month, transactions exceeded 40 units, breaking the 2022 record and underscoring the sustained demand for premium HDB units.

hdb resale market november 2023

Detailed price analysis

Price changes varied across room types and estates. Non-Mature Estates saw a 0.5% increase, while Mature Estates experienced a marginal decrease. Year-on-year, overall prices rose by 5.4%, with all room types witnessing increases.

hdb resale market november 2023

The table below spreads the index value and the monthly changes by month leading to November 2023:

hdb resale market november 2023

Read more: How much do you need to earn to buy an HDB resale flat? (2023)



Volume analysis

A total of 2,138 HDB resale flats were transacted in November, marking a 2.8% decrease from October. The distribution by room type and estate highlights significant market segments, with Non-Mature Estates accounting for over half of the sales.

hdb resale market november 2023

Below we can see the breakdown of monthly volumes by estates:

hdb resale market november 2023

Record transactions

The month’s highest transacted price was a 5-room flat at Henderson Rd, reaching S$1,460,000. In Non-Mature Estates, an executive apartment at Hougang St 31 topped the charts.

hdb resale market november 2023

Also, here’s a table of all the million-dollar resale transactions made in November 2023:

hdb resale market november 2023

Conclusion

hdb resale market november 2023
(Image credit: Milin John on Unsplash)

November’s HDB resale market reflects a complex interplay of rising prices and fluctuating volumes, with million-dollar flats setting new records. These trends offer key insights into the evolving landscape of Singapore’s housing market.

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