April Sales of Pre-Owned Apartments in Greater Tokyo Area Plunge, but Prices Remain StrongA · FULL TRANSLATION
- April 2026 pre-owned apartments in Greater Tokyo Area: 3,903 units sold (1.2% decrease year-on-year; first annual decline since October 2024); average price per square meter at 859,300 yen (+5.9% year-on-year, highest since September 1990, down -0.5% from last month)
- Inventory of 45,215 units (2.7% increase year-on-year for two consecutive months); new listings increased to 16,142 (+1.6%, first positive change in three months) = sellers replenish stock while buyer activity decreases
- Unique perspective: Pre-owned market shifts follow a fixed sequence—new listings increase → inventory levels rise from decreasing to increasing → sales volumes weaken → prices loosen last; April marks the mid-point of 'soft sales volume, rising inventory, firm prices'
- Greater Tokyo Area saw 1,635 units sold (9.0% decrease year-on-year for four consecutive months); average price per square meter at 10.1% increase year-on-year = pricing disconnect; price always loosens last
- Practical tips: Focus on inventory and new listings as leading indicators; central areas show faster declines in sales volumes; longer upward price trends indicate nearing end-stage where sellers are less likely to drop prices
In April 2026, the sales volume of pre-owned apartments in East Japan REINS's Greater Tokyo Area fell to 3,903 units (1.2% year-on-year decrease, the first annual decline since October 2024), while the average price per square meter reached 859,300 yen (5.9% increase on a yearly basis, now higher than in September 1990). Despite softer sales volume, prices remain firm. This month’s new listings increased by 16,142 units (+1.6%), marking the first positive change over three months. The inventory stood at 45,215 units (a 2.7% year-on-year increase), and consecutive monthly increases continued for two months.
Why This Matters to Taiwanese Readers: In April 2026, East Japan REINS reported that pre-owned apartment sales volume in the Greater Tokyo Area declined by 1.2% year-over-year to 3,903 units—the first decline since October 2024. However, average prices per square meter rose by 5.9%, continuing a record-72-month increase. Sales volume fell while prices remained firm, signaling the start of easing in supply and demand, but not yet in pricing. (Data cited from the report)
Numbers Breakdown: The decline in sales volume has been evident over the past five months, with new listings expanding from +25.9% in December to -1.2% in April, while inventory levels rose from -3.6% in December to +2.7% by February before stabilizing at +2.7%. New listings returned positive territory for the first time in three months, suggesting sellers are replenishing their stock as buyers’ activity declines.
A Unique Methodology Perspective: The shift in the pre-owned market follows a specific sequence—first new listings increase (sellers are more willing to list), then inventory levels rise from decreases to increases, followed by weakening sales volume. Finally, prices will loosen. April's Greater Tokyo Area data suggests this mid-point where sales volume is declining while inventory and new listings continue to grow.
What This Means: For buyers looking to purchase pre-owned properties (including Taiwanese investors in Japan), the rising inventory and declining sales volumes indicate improved negotiation opportunities, especially in central districts of Greater Tokyo. House owners who are selling should take advantage of the current market conditions, but the positive price trend may start to wane soon.
Practical Tips for Taiwanese Readers: Pay attention to inventory levels and new listings as leading indicators. Focus on central areas where sales volumes have declined more rapidly. A longer upward trend in square meter prices suggests a nearing end-stage where sellers are less likely to drop prices.
