IPW Report # 24 - 1,511 Price Drops & 63 Price Increases

Irish Property Watch

Looks like the number of drops has started to pick up again.

The drops per day on Daft has decreased to 146.
The drops per day from all sites is just over 216 up from 178 last week.

Over the period 8th June to the 15th June 2008 there were 1,511 drops and the average drop was €30,785
Over the same period there were 63 increases and the average increase was €29,126
The 1,511 properties reduced the price by just over €45.5 million in total.
The 63 properties raised their price by just under €1.8 million in total.

17% (9,185) of properties for sale have been on the market for over a year.
46% (24,914) of properties for sale have been on the market for over 6 months.

1,428 properties were removed from Daft during the last week while 1,777 new properties were added to Daft.

I thought the VI’s had called the botom?

Blimey, I wasn’t expecting this until after the summer.

Same here, I thought that we would see a drop in the number of reductions as sellers disengaged from the market at the end of the Spring selling season. It might be the first indication that the desire to sell has overtaken the old ‘selling seasons’ convention.

Thinking about it, we should probably be looking at the number of drops as a proportion of the number of properties for sale, given that more are for sale and that more of them have been for sale for more than six months… :blush:

Someone posted that they expected to see a continuation of the trend once the Lisbon treaty was out of the way or has my mind begun to make things up?

https://www.treesdontgrowtothesky.com/cache/daft_num_drops.png

Even with a rising inventory its still possible to see a degree of seasonality in the number of asking price drops. ‘If’ this is a new trend its an important one, as it means that sellers are no longer willing to wait for the next selling season to actively market their property.

Exactly! Why should they wait for these silly seasons anymore. What good has it done them so far? None. The Estates Agents and media Cheerleaders have misled the public long enough to the point its hurting. People are reasonably intelligent in the long run.

Plus this trend we might be seeing could be something more fundamental like FEAR.