Swamped with supply

I’m beginning to get the impression that vast swathes of the market have succumbed to the *remarkable *glut of properties for sale. Outside of Dublin the market is staggering under the weight of homes for sale. And puny rental markets in most areas offer no viable alternative. Where the support level lies (at what price supply will start to be absorbed by demand) is hard to guess at, as is how long it will take the market to adjust to the new reality?.

562 properties for sale in Mullingar

snipurl.com/1smwg

500 in Portlaoise

snipurl.com/1smwv

Tralee 608

snipurl.com/1smwz

1173 Waterford City

snipurl.com/1smx3

Daftwatch graphic from

daftwatch.atspace.com/daftcounty_19.html

https://daftwatch.atspace.com/daftsales_c19.gif

Yeah 2pack. Its extraordinary the supply is building up like floodwater behind a dam. A dam with no safety run off and not designed to withstand the pressure. :frowning:

You can see it at first hand in the Price Drop fora over the past number of weeks in particular. The amount of drops is really gathering momentum, and this has to be an indication of increasing levels of unsold stock.

Do the same search for new developments only. That is pretty impressive. A quick stop gives 41 hits, but those individual hits include multople properties (up to 24 for a single listing I found).

about 7% of all the housing stock in Leitrim and in Roscommon is on Daft , for sale, right now. In Mayo and Cavan at least 5% .

In Galway its more like 2% .

buyleitrim.com

One of the reasons there are more for sale signs up at the moment and more properties still on the market is because a big chunk of estate agents (not all) are not putting up sale agreed signs or taking properties of the market when they are sale agreed. Rather we wait for contracts to be signed and the property to be effectively sold before changing the sign from “For Sale”.
The reason is so that they continue getting enquiries about properties so that if contracts are not returned within a reasonable amount of time they will organise to show the property to all new interested parties. It’s a way of putting a gun to the purchasers head and gives the vendor some piece of mind. Once you do not encourage gazzumping it’s a reasonable method as the vendor is the client and an EA is supposed to act in their best interest.

Gorey Co. Wexford 750 properties for sale compared to 450 in Wexford Town. Possibly reflects people attempting to sell holiday homes now that prices have stopped rising. I wonder if this was the intention of many holiday home owners when they first purchased?

snipurl.com/1soue

Always wanted a holiday home… you know what they say buy when there is blood on the floor

That’ll be five years hence then… :wink:

The Unwelcome Guest wrote

Sales drying up. Tax collected (€100,000 per house) from new houses to disappear. Stamp duty receipts now almost negligible. How will our Government Ministers finance their St Patrick Days annual world jaunt for the next five years?

Don’t buy until after the re-imposition of **Rates. **

Are they going to re-introduce rates?

water rates , yes, dunno about full on rates .