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at 10:40 am on June 2, 2021 | 6 comments
SQM Research has released its Stock on Market data for May which revealed a hefty 6.3% decline in for sale listings over the month to be down 19.2% year-on-year:
Total property listings collapse.
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Old property listings drove the collapse.
By comparison, new property listings only fell by 2.4% in May, but were 54.1% higher year-on-year:
New property listings surged over the past year.
According to SQM Research Managing Director, Louis Christopher:
“Property listings fell in May due to strong market conditions. We have also seen a big fall in old listings during the month, indicating that old stock is getting moved everywhere. The downward trend in old listings suggests strong absorption rates, so new property listings are not completely offsetting the falls in old listings, indicating there are more buyers than sellers in the market, which is fuelling the property boom.