房地产：2024年8月上海住宅买卖市场

Investment Rating - The report does not explicitly provide an investment rating for the Shanghai residential market Core Insights - The Shanghai residential market is experiencing a contraction in new supply, with a supply-demand ratio of 1.28 and a slight decrease in new stock area to approximately 1.92 million square meters as of the end of August 2024 [3][4] - The market is characterized by a significant increase in the proportion of mid-to-high-end projects, with properties over 120 square meters accounting for 35% of transactions, up 10% month-on-month [4] - The second-hand residential market saw a transaction volume of less than 16,000 units in August, a 12% decrease month-on-month, with an average transaction price of 38,396 yuan per square meter, down 1% [9][10] Summary by Sections New Commodity Residential Market - New supply continues to shrink, with 20 projects launched in August, a decrease of 3 from the previous month, and a focus on outer ring areas, which accounted for 60% of new launches [3] - High-priced projects (over 100,000 yuan per square meter) are gaining traction, with several projects selling out quickly [3] Second-Hand Residential Market - The second-hand market is in an adjustment phase post-policy release, with heightened price sensitivity among buyers, leading to longer transaction cycles [9] - Despite the decrease in transaction volume, demand remains healthy, with a stable number of listings around 200,000 units [9][10] Market Demand and Preferences - The market is primarily driven by first-time buyers, with an increase in demand for larger units, particularly in the 90-150 square meter range, which now accounts for over 31% of transactions [10] - Areas with better pricing and amenities are more favored, with certain districts like Huangpu and Xuhui showing resilience in transaction volumes despite overall declines [14] Popular Districts and Projects - Notable districts with increased transaction volumes include Pudong and Xuhui, with specific projects like Tangqiao and Fenglin showing significant month-on-month growth [15][16] - The report highlights that areas with established living facilities, such as Chongming and Jinshan, are also performing well in terms of sales [14][19]