Resale Activity Hits a Four-Year Low — What’s Happening?
October saw a 38.4% plunge in HDB resale transactions, with only 1,347 units sold — the slowest month since the pandemic lows of 2020. Prices dipped modestly by 0.6%, but the bigger story is the sharp drop in activity.
From an agent’s perspective, this signals a temporary sentiment shift, not a structural demand collapse. Buyers today are highly price-sensitive, and with the government releasing over 30,000 flats in 2025 across February, July, and October, many are naturally exploring new BTO options instead of paying resale premiums.
The latest October BTO launch — a massive 9,144 flats, including shorter waiting time units — further diverted eyeballs and applications away from resale. Add in policy enhancements that give singles priority when living near parents, plus families now allowed to jointly apply for two nearby units… and the primary market suddenly looks far more attractive.
Yet, analysts warn: one month does not define a trend. Once the BTO wave settles and unmet demand spills back into resale, we could see activity rebalance.
Agent Commentary — Reading Between the Numbers
The fall in million-dollar HDB transactions (down 49% from 172 to 87) shows that buyers at the upper end are reconsidering resale.
Why?
Because the price gap between top-end resale flats and smaller private condo units is narrowing.
For example:
- New launch Penrith starts from $1.44M for a 613 sq ft 2-bedder
- A nearby 4-room HDB in Dawson Road sold for $1.04M
For some buyers, that’s a justifiable jump into private housing — especially when factoring in capital growth, facilities, and lifestyle.
This is where agents play a crucial role:
- ✔ Helping families compare lease decay vs. long-term value
- ✔ Reviewing BTO probability vs. resale availability
- ✔ Breaking down affordability across HDB, EC, and private options
- ✔ Assessing long-term appreciation based on location and supply cycles
Infographic (Text Format)
📊 Key Market Shifts in October
- 📉 38.4% fewer resale transactions (lowest since 2020)
- 🏠 1,347 units sold — sharp month-on-month decline
- 💰 0.6% drop in resale prices
- 🚫 Million-dollar flats fell 49% (87 transactions vs. 172 previously)
- 🏗️ Over 30,000 BTO units launched across 2025
- 🏡 9,144 BTO flats released in October alone
- 👨👩👧 New policies give singles and families more priority options
- 🔄 Buyers shifting towards BTO and new launches instead of resale
Summary — Key Takeaways
- ✅ HDB resale transactions hit a post-2020 low due to strong BTO supply
- ✅ Prices dipped slightly but remain resilient overall
- ✅ BTO launches and new priority schemes drew buyers away from resale
- ✅ Million-dollar flat sales dropped nearly half, showing top-tier demand cooling
- ✅ Narrow gap between HDB resale and private condos is prompting upgraders to move
If you want a breakdown by town, flat type, or want to assess whether to sell/buy in this cycle, reach out and I’ll analyse your specific situation with real-time data and customised insights.