Housing conditions 2-2: Recent trends in the Housing Market

The number of condominiums sold rapidly increased since 1993 and fell in 1998 to 14,275 units in 2000, but it was 14,275 in 2000.
However, since then, the number of units decreased to 2,829 units in 2009.
Although there has been an increasing trend since 2010, it has been decreasing again in recent years, with 2,606 units in 2020 (2).
The average area per unit has been declining since peaking at 79.8m2 in 2003, and has been in the first half of 70m2 in recent years, but in 2020 it was 66.3m2, less than 70m2. (Fig. 2-2-1).

Figure 2-2-1 graph of the number of condominiums sold in Yokohama and the area per unit.

Document: Real Estate Economic Research Institute, Inc., “1989-2007 National Condominium Market Trends”
Haseko Research Institute, Inc. “Tokyo Metropolitan Area and Kinki Area Condominium”

The average price continued to decline after peaking at 67.93 million yen in 1990, and fell to around 39 million yen from 2000 to 2004.
However, after that, it turned on an upward trend, reaching 64.03 million yen in 2017, but the average price of 2020 (Reiwa 2) was 57.65 million yen. (Fig. 2-2-2)

Figure 2-2-2 graph of average price of condominiums in Yokohama City

Document: Real Estate Economic Research Institute Co., Ltd. “1990-2007 National Condominium Market Trends”
Haseko Research Institute, Inc. “Tokyo Metropolitan Area and Kinki Area Condominium”

Since 1992, the number of homes acquired has remained between 7,000 and 9,000 units since 1992.
Of the existing homes, apartments and others account for around 70% of existing homes. (Fig. 2-2-3).

Figure 2-2-3 Changes in Number of Homes Acquired Homes in Yokohama

Document: Ministry of Internal Affairs and Communications, 1988 (Showa 63), 1993 (Heisei 5) Housing and Land Statistics Survey, 1998 (Heisei 10)-2018 (Heisei 30) Housing and Land Statistics Survey"
※In 1988 (Showa 63, 1993), 1993 (Heisei 5), 1998 (Heisei 10), 2003, 2008 (Heisei 20), 2013 (Heisei 25), and 2018 (Heisei 30), the number of units for January to September was revised to annual values.

The ratio of the number of second-hand homes acquired as own homes to the total number of housing starts in the city and the number of second-hand homes acquired as owners is gradually increasing, and 18.5% in 2018 (Heisei 30). It has become. (Fig. 2-2-4).

Figure 2-2-4 Changes in the ratio of the number of existing homes acquired as own homes account for the total number of owned homes (Yokohama City).

Document: Ministry of Internal Affairs and Communications, 1988 (Showa 63), 1993 (Heisei 5) Housing and Land Statistics Survey, 1998 (Heisei 10)-2018 (Heisei 30) Housing and Land Statistics Survey"
※In 1988 (Showa 63, 1993), 1993 (Heisei 5), 1998 (Heisei 10), 2003, 2008 (Heisei 20), 2013 (Heisei 25), and 2018 (Heisei 30), the number of units for January to September was revised to annual values.

From 2014 to September 30, 2018, the total number of homes acquired 78,200 units.
Among them, sales, new homes and homes accounted for 84.5%, accounting for more than 80% of the total since 1999. (Fig. 2-2-5).

Figure 2-2-5 Changes in Percentage of Housing Acquisition (Yokohama City)

Document: Ministry of Internal Affairs and Communications, 1988 (Showa 63), 1993 (Heisei 5) Housing and Land Statistics Survey, 1998 (Heisei 10)-2018 (Heisei 30) Housing and Land Statistics Survey"

Regarding the intention of renovating or rebuilding own homes, the majority of respondents said they did not consider any of them, 23.7% of respondents were thinking about renovation, and 1.6% of respondents were considering rebuilding.
(Fig. 2-2-6).

Fig. 2-2-6 Housing Improvement Plan for Owner-Households (Yokohama City)

Document: Ministry of Land, Infrastructure, Transport and Tourism “Comprehensive Survey on Housing and Living in 2018”

If you are considering renovation or rebuilding in the future, the purpose is to "clean (repair damage)" at 75.3%. "Improvement of performance," which enhances heat insulation and energy-saving properties, has been selected for a certain purpose, with 26.3%. (Fig. 2-2-7).

Figure 2-2-7 Purpose of Renovation and Rebuilding (Yokohama City)

Document: Ministry of Land, Infrastructure, Transport and Tourism “Comprehensive Survey on Housing and Living in 2018”

About 50% of the issues for renovation and rebuilding, "lack of funds and income" accounts for about 50%. (Fig. 2-2-8).

Figure 2-2-8 Challenges for Renovation and Rebuilding (Yokohama City)

Document: Ministry of Land, Infrastructure, Transport and Tourism “Comprehensive Survey on Housing and Living in 2018”

Approximately 40% of the respondents believe that they will renovate or rebuild their homes within five years. Most of them are thinking over the long term, five years from now on. (Fig. 2-2-9).

Figure 2-2-9 Date of Renovation and Rebuilding (Yokohama City)

Document: Ministry of Land, Infrastructure, Transport and Tourism “Comprehensive Survey on Housing and Living in 2018”