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Month: July 2019

HOUSE PRICE REPORT Q2 2019. The figures in this latest Daft.ie Sales Report are telling. Over 8,200 properties were listed for sale in May 2019, the highest monthly total in over a decade. Indeed, the last time that many properties were put on the market at the same time was April 2008. At that stage, market conditions were hugely different: 8,700 homes were put up on the market, but just 5,600 came off. Supply may have been strong but demand was weak – and, as most of us know, prices fell as a result. A new addition to this quarter’s sales report is a focus on sales of new homes. Indeed, it is something of a curiosity that Ireland’s longest running report on the sales market has never really had a new-homes segment to analyse. Supply collapsed shortly after the Daft.ie Sales Report started in 2006 and is only now recovering to anything like the level the country needs. The new infographic shows that 16% more new homes were sold in 2018 than in 2017 – 10,300 last year compared to 8,900 in the previous year. Despite the increase in the number of homes for sale, prices held up. In fact, the median price rose from €300,000 to €330,000 between 2017 and 2018. So, as supply has improved, demand has been there, ready and waiting. A contrast between Dublin and Munster is, I think, instructive. In Dublin, nearly 4,600 new homes sold in 2018 – up from 3,900 in 2017. This boost to new supply is obvious when looking at availability on Daft. Over the last 12 months, there have been an average of 5,000 homes on the city’s for-sale market at any one point. This is up from just 3,200 in the period July 2016-June 2017.

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