Unsold Units in Seoul Decrease as Pre-Sale Prices Rise: Real Estate Market Trends 2024

real estate

Submitted2024.05.10 17:53
Edit2024.05.10 19:24
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Excitement of unsold units in the metropolitan area by area

1018 unsold units in Seoul → 968 homes
Greatly reduced under 60㎡ only
Effect of the disappearance of the ‘high selling price’ tag

Pyeongtaek has a sharp increase of 2,360 unsold homes.
Falling short of Hwayang District, Brain City, etc.

Photo = News 1 Unsold small houses in Seoul are looking for owners one after another. As pre-sale prices continue to rise, the mindset to downsize houses is spreading, and the price competitiveness of houses that have been given in the past is becoming more evident. On the other hand, the southern part of Gyeonggi Province, including Pyeongtaek, is breathing because the number of unsold units has increased rapidly recently despite favorable factors such as the metropolitan area’s GTX and semiconductor development. By region, the sales report card is mixed by region and supply situation.

Unsold units in Seoul’s tight stores have declined.

According to the Ministry of Land, Infrastructure and Transport on the 10th, the number of unsold units in Seoul in March was 968. There were 50 fewer households than in February (1,018 households). The decline in small houses was particular. The volume of unsold units with specific use areas of 40 to 60 m2 decreased by 59 households from 463 households in February to 404 households in March, hitting the lowest level since last January (355 households). The number of unsold units of ultra-small units (less than 40㎡) also decreased from 383 to 369 homes in the past month. This is compared to the increase in use only of 60 to 85 m2 from 147 homes to 170 homes. According to the Seoul Real Estate Information Plaza, as of February, he was unable to find 72 contractor homes at ‘Elimmia Station’ in Mia-dong, Gangbuk-gu. In March, the number of unsold units decreased to 47 homes. Many unsold units are known to have been removed from exclusive use units of 49㎡ and exclusive use units of 59㎡. Although this property is close to Mia Station on Seoul Subway Line 4, the average membership competition rate at the time of sale last April was only 3.3 to 1. The price of this exclusive use apartment of 84㎡ is about 1.1 billion won. Just last year, a controversy arose over high retail prices. Since then, the average pre-sale price in Seoul has jumped 23.9% in one year (30.68 million won per 3.3 m2 in March last year → 38.01 million won in March this year), which is said to opinions changed.

The number of unsold units at ‘Namguro Station Dongil Centasia’ in Garibong-dong, Guro-gu is also gradually decreasing. There was a decrease of five families from 28 households in February to 23 households in March. It is an apartment with only small units of 33~67㎡. This complex performed a random supply (unregistered subscription) a total of 10 times. Just last year, there was a lack of housing types available, and in the 10th voluntary supply held last month, 246 people came to hire 6 families. The market is assessed to be expanding where price competitiveness determines sales performance, and small unsold units are being reassessed.

Pyeongtaek continues to fall short this year

The total volume of unsold units in Gyeonggi-do increased by 37% from 6,069 homes in January to 8,340 homes in March, compared to Seoul. The impact of Pyeongtaek, where the number of unsold homes rose rapidly from 361 to 2,360 homes during this period, is estimated to be significant. This year, a total of five centers were awarded in Pyeongtaek’s Hwayang district, Gajae district, and Brain City. Nowhere was the membership competition ratio greater than 1:1. The analysis is that consumers are turning away from it due to location and pricing issues.

The Hwayang area that is being built in Hyeondeok-myeon is far from the center of Pyeongtaek, and the infrastructure and transportation infrastructure are not yet in place. The situation in Brain City is not much different. Soo-min Yoon, a real estate expert at Nonghyup Bank, said, “Even if the pre-sale price cap system is applied (in Hwayang District and Brain City, etc.), the price is at the end of the 400 range million earned for a unique 84㎡ unit, and there is no price advantage compared to the market price in the city center. For example, the recent transaction price of only 84㎡ for ‘Vision Lotte Castle’ in Bijeon-dong, which is part of the capital city of Pyeongtaek, is in the low to mid range of 300 million won .

The number of unsold homes in Anseong Island, which is adjacent to Pyeongtaek, increased rapidly from 459 homes in January to 1,689 homes in February. Last month, the Housing and Urban Corporation (HUG) declared Anseong as a no-sale management area. It is known that there are many unsold properties in Anseong, especially in Gongdo-eup. Last May, a complex was offered here for the high range of 400 million won based on a unique 84㎡ unit, but the high price tag is still there.

Reporter Lee In-hyuk [email protected]