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Asking prices fall 4% in second quarter of the year |
Asking prices for residential property around the country fell by 4.2% during the second quarter of 2010, according to the latest report published by property website Daft.ie. The national average asking price for property has fallen 37% since the peak and now stands at €220,000. The average time to sell a property is eight months, down from 10 months at the start of the year.
In Dublin prices fell by 5% in the past 3 months and are now 40% lower
than prices seen during the peak. Elsewhere in the country, prices are
34% below the peak on average. In Cork and Limerick prices fell by 3%
and 2% respectively during the last three months, while prices in
Waterford fell by 7%. The largest falls in the country were in Donegal,
Cavan and Monaghan, where asking prices fell by an average of 11%,
having been static for the past six months.
Ronan Lyons, economist with Daft.ie said: "While falls in asking prices
are slower than last year, the market is still in adjustment and the
total stock for sale, particularly outside the main cities, remains
high. Nonetheless, evidence from Dublin in particular shows that
properties are selling. Almost half the number of properties listed in
the capital in January are now sale agreed or sold."
He continued, "Around the country, about 5,000 properties were listed
for sale in April. Of these, 15% of properties have already been sold,
while a further 10% are sale agreed. This represents a slight slowing
down, compared with the first quarter, when 20% of properties listed in
January were sold by April 1, with a further 10% sale agreed."
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