Daft House Price Report, Tipperary – Asking prices down one third from the peak, as pace of decline starts to ease

Asking prices for residential property around the country fell by 3.4% during the first three months of 2010, the smallest quarterly fall in almost two years, according to the latest report published by property website Daft.ie. The national average asking price during March 2010 was €234,000, a total of €120,000 or 33% below the peak in 2007.

The fall in asking prices has again varied across the country. In Dublin, Wicklow, Waterford and Cork, price falls were in line with the national average of 3.4%, while prices were closer to static in other counties, including Sligo and Roscommon. In Galway city asking prices were hardest hit, falling by 8.8% in the first 3 months of the year.

Tipperary & Munster
In Munster, asking prices fell by an average of 2.3% during the first three months of 2010 and are now 28% below peak levels. The average asking in Tipperary in the first three months of 2010 was €197,000, a fall of €68,000 from the peak in 2007.

The length of time properties remain on the market increased slightly in the first three months and nationally the average time to sell a property is now 10 months. However, this may be a sign that long-standing properties are shifting. By the start of April, of the 3,000 properties listed for sale in January, one in three was either sold or sale agreed. The percentage marked sale agreed is twice as high in Dublin, where price falls have been highest since the peak and the total stock for sale continues to fall steadily.

Commenting on the latest figures, Ronan Lyons economist with Daft.ie said: “Overall, prices continue to fall and the total number of properties on the market remains high. Nonetheless, in some parts of the country, especially Dublin, asking prices have been significantly discounted from peak levels and we are now seeing a steady decrease in the total number of properties sitting on the market. Furthermore, the news that almost one in three properties listed in January is either sale agreed or sold suggests that those who price their properties keenly will find a buyer.”

The full report is available at daft.ie/report, and includes a commentary from Brian Lucey, Professor of Finance at Trinity College Dublin.

For further information, please contact:
Ronan Lyons (086 604 5655, 01 421 8700), Daft.ie – media@daft.ie