Chengdu's second-hand housing transaction volume hit a 15-month high, but buyers "started bargaining from 100,000 yuan"
2024-08-09 17:39:00
Although the property market has entered the traditional off-season, Chengdu's second-hand housing market is still hot.
Data from Chengdu Home Buying Channel shows that the number of second-hand home transactions in Chengdu exceeded 20,000 in July, reaching 21,240 units, an increase of 3,422 units from June, a month-on-month increase of 19.2% and a year-on-year increase of 38.3%; the transaction area increased by nearly 20% month-on-month.
"Since the beginning of this year, the number of second-hand housing transactions has been more than twice the number of new housing transactions. Especially since June, due to the weakening of owners' psychological expectations and price reductions, coupled with lower interest rates, some customers with urgent needs have been attracted to actively enter the market." CRIC Sichuan analysis pointed out.
Trading volume hits 15-month high
According to traditional practice, after experiencing the "small spring" in March every year, the real estate market will tend to decline inertially, but this year the Chengdu second-hand housing market is somewhat different.
According to CRIC data, in the 31st week of this year (July 29-August 4), the transaction area of second-hand housing in Chengdu was 385,300 square meters, a decrease of 18% month-on-month and an increase of 14% year-on-year, which is the same as the weekly average of the year.
According to Chengdu Home Buying Channel data, judging from the transaction trends in the past 15 months, the transaction volume of second-hand houses in Chengdu in July was higher than the average transaction volume in the past 15 months, second only to the peak in March and April last year.
However, "the increase in the number of online signings of second-hand houses in July is partly due to the lag in online signings." An industry insider in Chengdu told the "Daily Economic News" reporter that the overall transaction volume and consultation volume in the second-hand housing market have declined significantly recently.
In fact, although the Chengdu market has also faced a decline in popularity this year, it still remains at a relatively high level.
Data from Zhuge House Hunting shows that in the first half of the year, the total number of new and second-hand home transactions in Chengdu exceeded 150,000 units, with a total area of more than 16 million square meters, far exceeding Shanghai, Tianjin, Xi'an and Beijing, and the scale of the residential transaction market remained the largest in the country; in July, the scale of second-hand home transactions in Chengdu still ranked first in the country.
Information provided by the Chengdu branch of Shell Research Institute shows that the transaction volume of second-hand residential properties in Chengdu has been higher than the monthly average since 2022 for five consecutive months; the cumulative year-on-year decline from January to July narrowed by 5 percentage points from the previous month. In addition, the transaction cycle of tenant sources has fluctuated and accelerated since the beginning of this year, and has decreased. Among them, the transaction cycle in July was shortened by 8 days month-on-month, and the transaction cycle of customer sources was shortened by 2 days month-on-month.
“Start by bargaining for 100,000 yuan”
"Last month, our store sold five units, and the overall transaction volume did not change much." On August 7, Xiao Zhang, a broker at a Lianjia store in Chenghua District, Chengdu, told the Daily Economic News that the transaction price is generally much lower than the listing price. "Many customers come and negotiate for 100,000 yuan or 50,000 yuan. Some who want to sell quickly will have more room for price concessions."
Data from the Chengdu branch of Shell Research Institute showed that in July, the average price of second-hand transactions in the city decreased by 1.7 percentage points month-on-month, and choosing low-priced second-hand homes was common. Among them, the proportion of "extremely rigid" (note: referring to hard needs) transactions below 1 million yuan rose again, and the proportion increased by 3 percentage points month-on-month.
Xiao Guo is one of these "extremely strong" people. Previously, Xiao Guo studied and worked in Chengdu for a period of time, and then returned to her hometown. During the summer vacation, she has been looking for houses in Chengdu for 4 days, and the houses she chose are all below 1 million yuan.
She started by lowering the price by 100,000 yuan. "If they disagree, then slowly increase the price. I want to buy the most suitable house at the lowest price."
In fact, the decline in second-hand housing prices has become a general state in the current market.
Data from Zhuge House Research Center showed that in July, the average price of second-hand housing in 100 key cities was 14,329 yuan per square meter, a month-on-month decrease of 0.65%, an increase of 0.17 percentage points from the previous month, and a year-on-year decrease of 7.05%.
Specifically in Chengdu, data from the Chengdu branch of the Shell Research Institute showed that the proportion of low-priced housing transactions increased rapidly in the first half of 2024. The average total price of second-hand houses in the city was about 1.3 million yuan. Among them, the proportion of transactions within 1 million yuan has risen sharply since the second half of 2023, reaching 40% in the first half of 2024, a new high since 2017.
However, "in the second quarter, the average total price of second-hand houses has stabilized structurally, especially in July, the average price of second-hand houses in different total price ranges has further strengthened."
"Since the beginning of this year, the number of second-hand housing transactions has been more than twice the number of new housing transactions. Especially since June, due to the weakening of owners' psychological expectations and price reductions, coupled with lower interest rates, some customers with urgent needs have been attracted to actively enter the market." CRIC Sichuan analysis pointed out.
Trading volume hits 15-month high
According to traditional practice, after experiencing the "small spring" in March every year, the real estate market will tend to decline inertially, but this year the Chengdu second-hand housing market is somewhat different.
According to CRIC data, in the 31st week of this year (July 29-August 4), the transaction area of second-hand housing in Chengdu was 385,300 square meters, a decrease of 18% month-on-month and an increase of 14% year-on-year, which is the same as the weekly average of the year.
According to Chengdu Home Buying Channel data, judging from the transaction trends in the past 15 months, the transaction volume of second-hand houses in Chengdu in July was higher than the average transaction volume in the past 15 months, second only to the peak in March and April last year.
However, "the increase in the number of online signings of second-hand houses in July is partly due to the lag in online signings." An industry insider in Chengdu told the "Daily Economic News" reporter that the overall transaction volume and consultation volume in the second-hand housing market have declined significantly recently.
In fact, although the Chengdu market has also faced a decline in popularity this year, it still remains at a relatively high level.
Data from Zhuge House Hunting shows that in the first half of the year, the total number of new and second-hand home transactions in Chengdu exceeded 150,000 units, with a total area of more than 16 million square meters, far exceeding Shanghai, Tianjin, Xi'an and Beijing, and the scale of the residential transaction market remained the largest in the country; in July, the scale of second-hand home transactions in Chengdu still ranked first in the country.
Information provided by the Chengdu branch of Shell Research Institute shows that the transaction volume of second-hand residential properties in Chengdu has been higher than the monthly average since 2022 for five consecutive months; the cumulative year-on-year decline from January to July narrowed by 5 percentage points from the previous month. In addition, the transaction cycle of tenant sources has fluctuated and accelerated since the beginning of this year, and has decreased. Among them, the transaction cycle in July was shortened by 8 days month-on-month, and the transaction cycle of customer sources was shortened by 2 days month-on-month.
“Start by bargaining for 100,000 yuan”
"Last month, our store sold five units, and the overall transaction volume did not change much." On August 7, Xiao Zhang, a broker at a Lianjia store in Chenghua District, Chengdu, told the Daily Economic News that the transaction price is generally much lower than the listing price. "Many customers come and negotiate for 100,000 yuan or 50,000 yuan. Some who want to sell quickly will have more room for price concessions."
Data from the Chengdu branch of Shell Research Institute showed that in July, the average price of second-hand transactions in the city decreased by 1.7 percentage points month-on-month, and choosing low-priced second-hand homes was common. Among them, the proportion of "extremely rigid" (note: referring to hard needs) transactions below 1 million yuan rose again, and the proportion increased by 3 percentage points month-on-month.
Xiao Guo is one of these "extremely strong" people. Previously, Xiao Guo studied and worked in Chengdu for a period of time, and then returned to her hometown. During the summer vacation, she has been looking for houses in Chengdu for 4 days, and the houses she chose are all below 1 million yuan.
She started by lowering the price by 100,000 yuan. "If they disagree, then slowly increase the price. I want to buy the most suitable house at the lowest price."
In fact, the decline in second-hand housing prices has become a general state in the current market.
Data from Zhuge House Research Center showed that in July, the average price of second-hand housing in 100 key cities was 14,329 yuan per square meter, a month-on-month decrease of 0.65%, an increase of 0.17 percentage points from the previous month, and a year-on-year decrease of 7.05%.
Specifically in Chengdu, data from the Chengdu branch of the Shell Research Institute showed that the proportion of low-priced housing transactions increased rapidly in the first half of 2024. The average total price of second-hand houses in the city was about 1.3 million yuan. Among them, the proportion of transactions within 1 million yuan has risen sharply since the second half of 2023, reaching 40% in the first half of 2024, a new high since 2017.
However, "in the second quarter, the average total price of second-hand houses has stabilized structurally, especially in July, the average price of second-hand houses in different total price ranges has further strengthened."