Going by transaction trends in the past years, HDB resale activity in February has tended to be among the slowest months in each year. There may be a few possible reasons for this - February being a short month, festivities and celebrations when the Lunar New Year falls in February, as well as the build-to-order (BTO) sales launch which happens during the month. And it appears to be shaping up the same way in February 2024.

Sales data showed that the HDB resale volume fell by nearly 19% month-on-month to 2,134 units in February from 2,625 units in the previous month (see Chart 1). On a year-on-year basis, resale transactions were up by 16% from the 1,837 flats resold in February 2023. Apart from the Lunar New Year holidays, the new flats offered in the HDB’s February BTO exercise could also have drawn some buyers from the resale market. In view of the softer resale volume, the overall average resale price dipped by 1% MOM to $585,589 in February, but was higher YOY, rising by 6.1% from February 2023.

The HDB launched 4,126 new flats across seven BTO projects for sale during the month. Of note, more than 80% of the BTO flats offered have a waiting time of less than 3 and a half years – shorter than the waiting times of more than 4 to 5 years previously, as completion timelines were affected by the Covid-19 pandemic. The shorter waiting times could have made BTO flats more attractive among some buyers who want a brand new flat but do not wish to wait too long to get the keys to their new home.

Chart 1: HDB resale volume and average transacted price by month

Source: PropNex Research, Data.gov.sg

Table 1: Average transacted HDB resale flat prices by Flat Type in last six months

Source: PropNex Research, Data.gov.sg

By flat type, the average resale price of larger flats fell MOM, whereas the 3- and 4-room flats posted marginal price increase from January to February by 1% and 0.4% respectively (see Table 1). The average resale price of 5-room flats dropped by 2.9% MOM to about $692,000, while that of executive flats fell by 2.6% MOM to over $843,000 in February. The declines could be due to the higher base in the previous month with the 5-room and executive flats both achieving MOM price growth in January.

Evaluating the sales data by towns and flat types, it was found that the average resale prices of several flat types posted MOM declines in February. In mature estates, the average resale price of 4-room, 5-room, and executive flats eased by 1.7%, 1.5% and 1.3% MOM respectively (see Table 2). Meanwhile, over in the non-mature towns, the average resale price of 5-room units declined by 2% from January to February. 

Table 2: Average transacted HDB resale flat prices in Mature and Non-mature towns

	Mature towns				Non-mature towns
		Jan-24	Feb-24	% change MOM		Jan-24	Feb-24	% change MOM
3 ROOM		$428,862	$438,101	2.2%		$411,567	$411,428	0.0%
4 ROOM		$693,556	$681,427	-1.7%		$549,526	$557,583	Oh no! Enjoy our Content? If it is of any consolation, know that you are not alone in this real estate journey. Let us show you the way to make this journey an interesting and enjoyable one! Do check and try again! Are you ready for more? {{ error ? 'Submit Email' : 'Count me in!'}} Suggested Reads A Home Where Someone Died?! Singapore Needs More Homes. But Where Do We Build Them Next? Upcoming Events View more PWS The Decision Framework 2026 October 10, 2026 Manchester University District: A Prime Investment Opportunity August 29, 2026 You may like Resale Condo Market Watch in July 2026 August 19, 2026 Sell Private, Buy Resale HDB: No More 15-Month Wait? August 18, 2026 Why Are Sentosa Cove Homes Selling At Million-Dollar Losses? August 14, 2026 New Waterfront Homes Sailing Into Berlayar Drive August 12, 2026 Community Care Apartments From Age 55: Who Should Consider One? August 11, 2026 Oh no! Enjoy our Content? If it is of any consolation, know that you are not alone in this real estate journey. Let us show you the way to make this journey an interesting and enjoyable one! Do check and try again! Are you ready for more? {{ error ? 'Submit Email' : 'Count me in!'}} You are Set! Stay tuned to our brain-teasing content slated to roll out via email soon. Email Submitted! You subscribed earlier! No biggie, remember to check your junk mail if you have yet to hear from us! Follow us on WeChat