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Increase market activity and expand bargaining space

Online auction volume of second-hand houses in Beijing rose 125.5% month on month in March

08:32, April 6, 2024 | Source: Beijing Daily
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According to the latest statistics on the official website of the Municipal Commission of Housing and Urban Rural Development, in March this year, the number of second-hand houses online signed in Beijing was 14280, up 125.5% month on month, the highest monthly turnover since last May. On a year-on-year basis, the number of online auctions of second-hand housing in Beijing in March fell 35.7%, which also means that the second-hand housing market has recovered, but there is still a gap with the "Little Spring" in 2023.

Industry insiders generally believe that the monthly turnover of 15000 sets is the "glory line" of the "boom and bust line" of the Beijing second-hand housing market, and the performance of online lot signing of second-hand housing in March is near this line, and the market is more active. According to the data, the number of online auctions of second-hand houses in Beijing in January and February this year was 12444 and 6332 respectively. The low number of online signings in February was mainly affected by the homecoming tide during the Spring Festival holiday. In March, with the return to Beijing after rework, the online lot number of second-hand houses in Beijing soon increased significantly.

Compared with the same period last year, in March 2023, the online sign volume of second-hand houses in Beijing reached a high of 22192 sets, far exceeding 15000 sets, while in March this year, it dropped by more than 30% year on year. In fact, the active performance of the second-hand housing market in March last year was also affected to some extent by the release of the backlog of housing demand during the epidemic prevention and control period. Therefore, the market is still in a "stable" environment.

The reporter observed that one of the characteristics of the second-hand housing market this year is "trading price for volume", compared with the Xiaoyangchun market where the price and volume rose together last year. According to the statistics of Maitian Real Estate, the average listing price of second-hand houses in Maitian fell 0.4% month on month in March. "If you want to buy a house now, you need to know the listed price, and you can basically talk about it when the house is right." The broker of an intermediary store in Chaoyang District told reporters that, generally, the current transaction price is equivalent to 95% of the listed price.

According to the analysis of Maitian Real Estate, there is a buyer's market where supply exceeds demand, and buyers have more options for housing supply. At the same time, owners also need to make greater price concessions to clinch a deal, and the bargaining space for second-hand housing continues to expand. The data shows that the bargaining space of second-hand housing in Beijing expanded by 0.1 percentage point month on month in March, and the market shows an obvious "price for volume" feature. From the perspective of transaction structure, after the Spring Festival, the proportion of sales of houses below 5 million yuan rose significantly, and the second-hand housing market showed the law that the market of just needed houses took the lead in starting.

(Editor in charge: Dong Zhaorui, Gao Xing)

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