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Survey results show that the 9-month total value of properties sold soared by 200%, 33%, and 20% from 2020 to 2023. However, sales declined for the first time this year, going down by 5%. Also, the blue portion of the graph shows that the contribution of primary market sales has gone down from a high of 25% in 2022 to 10% this year.
A closer look at the figures shows that primary market sales are down by 32%, while secondary market sales are relatively flat, down by just 3%. In other words, the data suggests that the secondary market is hardly affected by the slowdown.
Continued in tomorrow's post.