closing prices of property consistently fell in 2007

jetski

Housing shifts from seller's market to buyer's
Thursday, 10 January 2008 11:42
The latest report on the Irish property market shows a dramatic shift in the sector in 2007. Daft.ie's Review of 2007 says that the market has changed from a seller's to a buyer's as closing prices of property consistently fell.

It says this shift, combined with general uncertainty in the market, has led to a large build-up in the stock of property available for sale, which peaked in September.

However, the last three months of 2007 saw a small reduction in this stock, which Daft says is a possible indication of a tentative renewal of activity in the market.

Advertisement'Sellers can no longer expected to achieve 5-10% more than their asking price as they might have up to late 2006,' commented Ronan Lyons, economist at Daft.ie.
'Now at the start of 2008 sellers are typically expected 5-10% less than their asking price,' he added.

He said that evidence had suggested that many sellers were not selling below their asking prices for most of last year. However with the recent fall in housing stock, Mr Lyons said this might be the first sign that vendors are adapting to the new situation and agreeing sales below asking prices.

According to Daft.ie asking prices nationally were static in year-on-year terms in 2007, just 0.4% higher on average than in 2006. In Dublin, asking prices were 1.7% higher while Dublin's Commuter Counties prices were static.

Today's report says that the average price for a property nationwide now stands at €353,000. The average price for a property in Dublin stands at €449,226. The average Cork city price is €378,562, Limerick is €259,243, Waterford €278,353 and Galway €328,726.

http://www.rte.ie/business/2008/0110/daft.html

gurramok

It says this shift, combined with general uncertainty in the market, has led to a large build-up in the stock of property available for sale, which peaked in September.

Old news Jetski from January.

Stock has gone past the peak witnessed last Sept in both sales and rental.