Private housing supply surges to record high of 78,000 at end-1Q15

Land was sold much faster.

The Transport and Housing Bureau recently released the Statistics on Private Housing Supply in Primary Market as at 31 March 2015.

According to a research note from Barclays, a key takeaway included data regarding private housing supply rising by 4,000 units q/q to a record high of 78,000 units as at end 1Q 2015.

According to data from Centaline, private primary sales in 1Q 2015 reached 3,626 units.

Here's more from Barclays:

Although this is higher than 1Q 2014’s 3,552 units, as land was sold at a much faster pace, the overall private primary supply increased by 4,000 units q/q to 78,000 units.

The 1Q 2015 data suggest that developers added 6,000 units of land in 1Q 2015 on a net basis.

If we were to express the current 78,000 units of primary upcoming supply against 1Q 2015’s take-up run rate, this would imply 65 months of inventory.