Report shows Galway city property asking prices hardest hit

New figures produced by property website has revealed that asking prices in Galway city were hardest hit in the first three months of this year, falling by 8.8 per cent.

The report published yesterday shows that the average asking price of a house nationwide has fallen by 3.4 per cent during the first three months of 2010 and that the rate of decline is starting to ease. The national average price during March 2010 was €234,000, a total of €120,000 or 33 per cent below the peak of 2007.

The fall in asking prices varied across the country. In Dublin, Wicklow, Waterford, and Cork, price falls were in line with the national average of 3.4 per cent, while prices were almost static in other counties including Sligo and Roscommon. In Galway city asking prices experienced the biggest fall at 8.8 per cent.

In Connaught asking prices fell by an average of 2.5 per cent during the first three months of 2010 and are now 30 per cent below peak levels. The average asking price in Galway city in the first three months was €236,000, a fall of €148,000 from peak levels in 2007. In the rest of the country asking prices are €219,000 on average, down €93,000 from the peak.

The report also shows that the length of time properties remain on the market increased slightly in the first three months and nationally the average time to sell a property is now 10 months. However, economists have said that this could be a sign that long-standing properties are now shifting. economist Ronan Lyons 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. Furthermore, the news that almost one in three properties listed in January is either sale agreed or sold suggests that those who price their properties keenly will find a buyer."



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