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Observation and Analysis of Highest/Lowest Resale Prices

At first glance, you may noticed that the gap between highest and lowest resale price widened in the past 30 years in absolute monetary sense. That's true, in Jan 1990, the highest resale price is 233,000$, lowest resale price is 6,000$, difference is 227,000$
while in Feb 2020, the highest resale price is 1,025,000$, lowest resale price is 150,000$, corresponding difference is 875,000$, which is nearly 4 times the value as of in Jan 1990.

Those high resale price flats are normally bigger flats located at centre areas, and low resale price flats are smaller flats located at rural areas.

You may have the idea that the highest resale price are growing faster than the lowest resale price since the spread between them became bigger. Or from an investor's point of view, you may think that investing in bigger flats in centre areas will give you a better return, however the data and calculation suggest the opposite.

The highest resale price increased from 233,000$ in Jan 1990 to 1,025,000$ in Feb 2020, that is an overall 339.91% rise.
233,000 x (1+g) = 1,025,000
g = 339.91%

Or an annual compounded growth of 5.06%
233,000 x (1+Gannual)30 = 1,025,000
Gannual = 5.06%

while the lowest resale price raised from 6,000$ in Jan 1990 to 150,000$ in Feb 2020, that is a 2400% increase.
6,000 x (1+g) = 150,000
g = 2400%

corresponding annual compounded growth rate of 11.33%
6,000 x (1+Gannual)30 = 150,000
Gannual = 11.33%

The ratio between the highest and lowest resale price is from 233,000/6,000 = 38.83 in Jan 1990, to 1,025,000/150,000 = 6.83, the difference actually decreased significantly.

Observation and Analysis of Number of Resale Transactions

During the Asia Financial Crisis, number of resale flat transactions spiked from about 2,750 per month to nearly 6,000 transactions per month that is a 118.18% hike. Flats changed hand more than doubled during that period, it suggested that it was the most speculative period in the flat resale market.

There are 803,050 transactions from Jan 1990 to Feb 2020, total 362 months, hence the average transaction per month is 803,050/362 = 2,218, this number is pretty stable during the past 30 years.

Observation and Analysis of Total Resale Value Each Month

During the 1998-1999 Asia Financial Crisis, number of resale flat transactions spiked, so did the total resale values, from about 800 million per month to nearly 1.4 billion per month that is a 75% hike.

During the 2009-2010 period, the total resale values, from about 700 million per month to nearly 1.2 billion per month corresponding to a 71.43% hike.

Total transaction value during the past 30 years is 236,514,834,026$, on average each month the transaction value is 236,514,834,026$/362 = 653,355,895$.

Monthly Records - HDB Flat Resale Transactions

No Month
Total Transactions Total Resale Value(S$) Average Resale Price(S$) Lowest Resale Price(S$) Highest Resale Price(S$)
1 2010-01 2,825 1,010,981,844$ 357,870$ 140,000$ 750,000$
2 2010-02 2,418 869,406,601$ 359,556$ 154,000$ 800,000$
3 2010-03 3,264 1,179,503,634$ 361,368$ 166,000$ 800,000$
4 2010-04 3,036 1,109,133,557$ 365,327$ 150,000$ 780,000$
5 2010-05 2,812 1,045,367,212$ 371,752$ 166,000$ 780,000$
6 2010-06 3,517 1,331,107,218$ 378,478$ 165,000$ 778,000$
7 2010-07 3,679 1,416,610,135$ 385,053$ 165,000$ 900,000$
8 2010-08 3,298 1,282,017,769$ 388,726$ 187,000$ 811,888$
9 2010-09 3,002 1,194,190,968$ 397,798$ 180,000$ 888,000$
10 2010-10 2,773 1,114,278,891$ 401,832$ 192,000$ 840,000$
11 2010-11 2,208 877,376,824$ 397,363$ 162,000$ 780,000$
12 2010-12 2,022 812,434,592$ 401,798$ 187,000$ 880,000$
13 2011-01 2,131 855,874,364$ 401,630$ 202,000$ 818,000$
14 2011-02 1,747 719,164,193$ 411,657$ 210,000$ 840,000$
15 2011-03 1,991 812,953,188$ 408,314$ 205,000$ 850,000$
16 2011-04 1,980 812,838,833$ 410,525$ 194,000$ 842,888$
17 2011-05 1,958 821,059,527$ 419,336$ 190,000$ 875,000$
18 2011-06 2,026 861,731,759$ 425,337$ 192,000$ 868,000$
19 2011-07 1,996 858,453,119$ 430,087$ 208,000$ 870,000$
20 2011-08 1,730 754,015,587$ 435,847$ 223,000$ 898,000$
21 2011-09 1,790 780,802,275$ 436,202$ 195,000$ 845,000$
22 2011-10 1,615 721,331,491$ 446,645$ 230,000$ 838,800$
23 2011-11 1,745 774,636,361$ 443,918$ 200,000$ 899,000$
24 2011-12 1,572 705,082,284$ 448,526$ 190,000$ 903,000$
25 2012-01 1,559 698,389,108$ 447,972$ 226,000$ 870,000$
26 2012-02 1,629 725,753,858$ 445,521$ 237,000$ 894,000$
27 2012-03 2,360 1,067,518,189$ 452,338$ 249,000$ 910,000$
28 2012-04 2,155 975,180,980$ 452,520$ 240,000$ 869,000$
29 2012-05 2,323 1,067,350,456$ 459,471$ 240,000$ 895,000$
30 2012-06 1,993 916,607,789$ 459,914$ 209,000$ 900,000$
31 2012-07 2,179 1,001,362,842$ 459,552$ 225,000$ 1,000,000$
32 2012-08 2,075 971,478,267$ 468,182$ 232,500$ 988,888$
33 2012-09 1,760 828,504,653$ 470,741$ 215,500$ 980,000$
34 2012-10 1,937 918,565,601$ 474,221$ 247,000$ 1,010,000$
35 2012-11 1,735 826,105,173$ 476,141$ 235,000$ 970,000$
36 2012-12 1,493 708,887,638$ 474,808$ 251,000$ 943,999$
37 2013-01 1,633 780,252,322$ 477,803$ 240,000$ 950,000$
38 2013-02 886 420,550,736$ 474,662$ 255,000$ 880,000$
39 2013-03 1,306 622,071,186$ 476,318$ 260,000$ 930,000$
40 2013-04 1,692 824,693,758$ 487,408$ 242,000$ 1,020,000$
41 2013-05 1,605 774,905,242$ 482,807$ 208,000$ 1,000,000$
42 2013-06 1,317 629,108,976$ 477,683$ 230,000$ 928,000$
43 2013-07 1,484 711,024,848$ 479,127$ 248,000$ 961,000$
44 2013-08 1,354 649,433,483$ 479,641$ 257,000$ 980,000$
45 2013-09 1,212 572,877,216$ 472,671$ 230,000$ 950,000$
46 2013-10 1,391 653,502,715$ 469,808$ 230,500$ 960,000$
47 2013-11 1,209 562,237,590$ 465,043$ 240,000$ 1,050,000$
48 2013-12 1,008 468,612,832$ 464,894$ 240,000$ 983,000$
49 2014-01 1,098 497,011,564$ 452,652$ 235,000$ 980,000$
50 2014-02 959 431,570,835$ 450,022$ 233,000$ 888,000$
51 2014-03 1,444 646,911,697$ 448,000$ 240,000$ 980,000$
52 2014-04 1,557 702,152,337$ 450,965$ 242,000$ 956,000$
53 2014-05 1,447 643,999,232$ 445,058$ 235,000$ 980,000$
54 2014-06 1,223 546,871,508$ 447,156$ 210,000$ 930,000$
55 2014-07 1,352 593,948,339$ 439,311$ 213,000$ 950,000$
56 2014-08 1,329 590,656,690$ 444,437$ 245,000$ 960,000$
57 2014-09 1,472 641,034,024$ 435,485$ 210,000$ 900,000$
58 2014-10 1,560 681,400,093$ 436,795$ 195,000$ 1,088,888$
59 2014-11 1,351 583,657,632$ 432,019$ 210,000$ 980,000$
60 2014-12 1,304 566,743,591$ 434,619$ 200,000$ 1,000,000$
61 2015-01 1,250 550,476,092$ 440,381$ 210,000$ 980,000$
62 2015-02 1,151 503,190,051$ 437,176$ 220,000$ 1,040,000$
63 2015-03 1,348 580,613,087$ 430,722$ 210,000$ 1,060,000$
64 2015-04 1,630 701,830,759$ 430,571$ 208,000$ 1,060,000$
65 2015-05 1,567 687,857,003$ 438,964$ 200,000$ 998,000$
66 2015-06 1,706 737,222,117$ 432,135$ 225,000$ 975,000$
67 2015-07 1,551 667,884,902$ 430,616$ 215,000$ 940,000$
68 2015-08 1,449 631,612,213$ 435,895$ 200,000$ 1,050,000$
69 2015-09 1,498 653,538,988$ 436,274$ 200,000$ 1,000,000$
70 2015-10 1,748 750,424,732$ 429,305$ 200,000$ 950,000$
71 2015-11 1,470 644,165,390$ 438,208$ 195,000$ 1,088,000$
72 2015-12 1,412 620,320,607$ 439,321$ 220,000$ 1,018,000$
73 2016-01 1,280 553,085,012$ 432,098$ 202,000$ 1,068,888$
74 2016-02 1,200 525,331,648$ 437,776$ 200,000$ 988,000$
75 2016-03 1,655 726,795,579$ 439,151$ 215,000$ 1,050,000$
76 2016-04 1,824 798,208,927$ 437,615$ 205,000$ 980,000$
77 2016-05 1,829 811,772,212$ 443,834$ 200,000$ 1,063,888$
78 2016-06 1,827 797,437,101$ 436,474$ 218,000$ 1,070,000$
79 2016-07 1,572 695,800,924$ 442,621$ 208,000$ 1,040,000$
80 2016-08 1,882 822,401,369$ 436,983$ 215,000$ 1,100,000$
81 2016-09 1,668 738,089,962$ 442,500$ 215,000$ 1,120,000$
82 2016-10 1,678 730,768,024$ 435,499$ 210,000$ 1,038,000$
83 2016-11 1,580 699,095,014$ 442,465$ 198,000$ 1,100,000$
84 2016-12 1,378 602,841,489$ 437,476$ 190,000$ 1,150,000$
85 2017-01 1,185 506,595,777$ 427,507$ 205,000$ 1,108,000$
86 2017-02 1,085 485,427,627$ 447,399$ 210,000$ 1,180,000$
87 2017-03 1,903 846,891,894$ 445,030$ 200,000$ 1,116,000$
88 2017-04 1,839 806,639,232$ 438,629$ 200,000$ 1,040,000$
89 2017-05 1,980 878,702,856$ 443,789$ 205,000$ 1,080,000$
90 2017-06 1,747 783,533,057$ 448,502$ 200,000$ 1,080,000$
91 2017-07 1,780 780,956,542$ 438,740$ 175,000$ 1,160,000$
92 2017-08 1,960 872,355,752$ 445,079$ 190,000$ 1,028,000$
93 2017-09 1,680 760,562,264$ 452,716$ 190,000$ 1,055,000$
94 2017-10 1,785 791,797,022$ 443,584$ 186,000$ 1,050,000$
95 2017-11 1,980 877,219,566$ 443,040$ 185,000$ 1,138,000$
96 2017-12 1,585 713,028,080$ 449,860$ 197,000$ 1,053,888$
97 2018-01 1,072 478,518,895$ 446,380$ 190,000$ 1,000,000$
98 2018-02 1,183 524,243,828$ 443,148$ 195,000$ 1,130,000$
99 2018-03 1,881 859,748,238$ 457,070$ 185,000$ 1,150,000$
100 2018-04 1,838 823,771,812$ 448,189$ 170,000$ 1,080,000$
101 2018-05 1,740 780,997,293$ 448,849$ 180,000$ 1,080,000$
102 2018-06 1,975 874,396,062$ 442,732$ 175,000$ 1,120,088$
103 2018-07 2,539 1,129,593,341$ 444,897$ 188,000$ 1,150,000$
104 2018-08 2,067 912,789,629$ 441,601$ 168,000$ 1,160,888$
105 2018-09 1,985 860,962,829$ 433,734$ 160,000$ 1,185,000$
106 2018-10 1,992 858,530,402$ 430,989$ 185,000$ 1,168,000$
107 2018-11 1,866 802,240,949$ 429,925$ 168,000$ 1,050,000$
108 2018-12 1,737 756,551,325$ 435,551$ 190,000$ 1,150,000$
109 2019-01 1,550 666,206,331$ 429,811$ 172,000$ 1,185,000$
110 2019-02 1,304 559,277,902$ 428,894$ 180,000$ 1,035,000$
111 2019-03 1,653 716,173,067$ 433,257$ 165,000$ 1,145,000$
112 2019-04 1,915 826,217,472$ 431,445$ 173,268$ 1,200,000$
113 2019-05 2,070 897,550,756$ 433,599$ 170,000$ 1,170,000$
114 2019-06 1,884 813,866,405$ 431,989$ 176,000$ 1,188,000$
115 2019-07 2,114 917,665,185$ 434,089$ 160,000$ 1,205,000$
116 2019-08 1,902 823,147,078$ 432,780$ 172,000$ 1,200,000$
117 2019-09 1,830 791,393,505$ 432,455$ 165,000$ 1,040,000$
118 2019-10 2,206 948,587,195$ 430,003$ 150,000$ 1,100,000$
119 2019-11 1,910 829,760,482$ 434,430$ 178,000$ 1,080,000$
120 2019-12 1,848 797,566,358$ 431,584$ 178,000$ 1,056,800$
121 2020-01 1,911 822,740,927$ 430,529$ 150,000$ 1,025,000$
122 2020-02 1,661 729,090,358$ 438,947$ 140,000$ 1,100,000$
123 2020-03 1,937 841,738,707$ 434,558$ 160,000$ 1,232,000$
124 2020-04 424 187,072,613$ 441,209$ 190,000$ 1,010,001$
125 2020-05 363 161,849,180$ 445,866$ 165,000$ 1,140,000$
126 2020-06 2,438 1,053,464,013$ 432,102$ 180,000$ 1,186,888$
127 2020-07 2,456 1,072,011,529$ 436,487$ 160,000$ 1,085,000$
128 2020-08 2,426 1,087,289,531$ 448,182$ 180,000$ 1,185,000$
129 2020-09 2,482 1,141,889,066$ 460,068$ 188,000$ 1,258,000$
130 2020-10 2,427 1,158,972,623$ 477,533$ 182,000$ 1,208,000$
131 2020-11 2,324 1,099,934,688$ 473,294$ 180,000$ 1,248,000$
132 2020-12 2,488 1,198,319,655$ 481,640$ 195,000$ 1,218,888$
133 2021-01 2,492 1,213,385,088$ 486,912$ 180,000$ 1,210,000$
134 2021-02 2,160 1,065,652,356$ 493,358$ 180,000$ 1,210,000$
135 2021-03 2,445 1,204,242,253$ 492,533$ 190,000$ 1,220,000$
136 2021-04 2,341 1,173,610,960$ 501,329$ 205,000$ 1,250,000$
137 2021-05 1,970 1,006,311,043$ 510,818$ 190,000$ 1,210,000$

Singapore HDB flat resale transactions in last 10 years. Get to know the overall HDB property market trend; Estmate your property value when selling; Or get a benchmark price when you are buying. Help you to make informed decision when buying or selling your property.

Data Used here is from https://data.gov.sg, which are under the Singapore Open Data License.

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