“They say house prices are going up, so why is everyone rushing to sell?”… Over 70,000 listings in Seoul
Apartments for sale in Seoul are piling up. The analysis is that as urgent sales are sold out and transaction volume increases, homeowners are raising asking prices and buyers are taking a wait-and-see approach again.
According to real estate big data company Asil on the 3rd, the number of apartments for sale in Seoul as of the 1st recorded 71,441. Apartment listings decreased to 49,198 (as of January 2) at the beginning of this year, but then rose again. The number steadily increased, reaching 60,022 at the end of March (as of March 24), and after 5 months, the number increased by 10,000 to 70,000. This means that the number of properties for sale has increased by 31% compared to the beginning of the year.
The reason why properties for sale are piling up like this is because at the beginning of this year, when prices fell significantly, there were many properties for sale or foreclosure, but recently, as prices rose again, many properties were put up for sale by raising the asking price.
It is also related to the recent slowdown in trading volume. 메이저사이트According to the Seoul Real Estate Information Plaza, the apartment transaction volume in July recorded 3,583 cases, turning into a downward trend for the first time in nine months. The volume of apartment transactions in Seoul steadily increased from 559 cases in October last year, when transactions decreased significantly, to June this year (3,849 cases).
Even though transaction volume is decreasing and listings are piling up, prices are showing an upward trend. According to the Korea Real Estate Board’s weekly apartment price trend, apartment prices in Seoul rose 0.13% in the fourth week of August (as of the 28th). Prices have been rising for 15 consecutive weeks since the fourth week of May (as of the 22nd).
Experts explained that the reason for the accumulation of properties for sale is that homeowners do not put up quick sales, as the theory of rising house prices is ahead of the theory of decline. According to the consumer trend survey released by the Bank of Korea on the 22nd of last month, the consumer trend index ( CSI ) for August housing prices recorded 107, up 5 points from a month ago. Home Price Outlook CSI is an index that expresses consumer judgment about home prices one year from now as a number between 0 and 200. When the index exceeds 100, it means that there are more people who believe that house prices will rise than those who believe that they will fall.
However, there are many negative views on whether this upward trend in housing prices will continue until the second half of this year.
Park Won-gap , senior real estate expert at KB Kookmin Bank, said, “The rebound in actual transactions felt in the second half of the year will be weaker than the first half,” and explained, “In addition to the fact that properties have already been quickly sold in the first half, we need to take into account the increase in loan interest rates and the reversal of the housing crisis. ” At the same time, he predicted, “It may enter a downward trend again after late fall.”