Asking prices for properties decrease by a third since peak
THE average asking price of a house has collapsed by one-third but the pace of decline has started to ease off, new figures show.
A report from housing website Daft.ie indicates that the national average asking price for a house has fallen to €234,000, down €120,000 from the peak in early 2007.
There was a decrease of 3.4pc in the average asking price in the first three months of the year, the smallest quarterly fall in almost two years, Daft economist Ronan Lyons said.
The fall in asking prices has varied across the country.
In Dublin, Wicklow, Waterford and Cork, price falls were in line with the national average of 3.4pc, while prices were almost static in other counties, including Sligo and Roscommon.
In Galway city asking prices were hardest hit, falling by 9pc in the first three months of this year.
The length of time properties remain on the market increased slightly in the first three months.
It now takes 10 months to sell a property.
Almost one in three properties listed on the Daft.ie website in January was either sale agreed or sold, suggesting that those who price their properties keenly will find a buyer, Mr Lyons added.
He 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."
House asking prices are down almost 40pc from their peak in south Dublin, and down by one-third in Cork city.
In Galway prices have fallen 40pc from their peak level, while in Cavan asking prices have fallen back by a quarter.
Offaly asking prices are down 35pc from the peak, but Waterford city prices have come back by 28pc, the Daft.ie index shows.
A smaller percentage decline appears to have been in Limerick where asking prices have dropped by 23pc from their peak level.