Irish Property Watch is moving…

Irish Property Watch is moving to a new server this evening Saturday the 19th April. Please note that any comments posted on this wordpress blog after this time will not appear in the new Irish Property Watch web site.

The new site is accessible through http://www.irishpropertywatch.com

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Rental Report # 3 – 742 reductions, 99 increases

From the 9th to the 16th of April 2008 there were 742 rent reductions. The average reduction was €115 per month or 7.9%. There were 99 rent increases over the same period, the average increase was €186 or 12%

The number of properties for rent in Ireland increased to 11,444 from 10,900 the previous week an increase of 5%.

53% of the properties for rent have been listed for 3 weeks or longer.

66% of all properties listed in the last 3 weeks have not been rented as of the 16th of April.

IPW Report # 15 – 1,069 Price Drops

The number of drops per day reached a new high again this week and is now 153 drops per day.

Over the period 6th April to the 13th April 2008 there were 1,069 price drops and the average drop was €24,611 or 6.24%. Over the same period there were 61 price increases. The average increase was €16,758 or 5.2%.

The 1,069 properties reduced the price by €26.3million in total.
The 61 properties increased the price by €1million in total.

Daft IPW Rental Report #2 – 797 reductions

The number of properties for rent in Ireland was 10,904 and 1 in 14 properties reduced the rent in the last week. From the 2nd to the 9th of April 2008 there were 797 rent reductions. The average reduction was €102 per month or 7.4%.

63% of the properties for rent have been listed for 3 weeks or longer.

75% of the properties listed in the last 3 weeks have not been rented.

The report is available in html format.

IPW Report # 14 – 912 Price Drops

The number of drops per day reached a new high of 130 per day.

Over the period 30th March to the 6th April 2008 there were 912 price drops and the average drop was €20,516 or 5.8%. Over the same period there were 70 price increases. The average increase was €46,264 or  11.5%.

The 912 properties reduced the price by €20.5million in total.
The 71 properties increased the price by €3.2million in total.

Daft IPW Rental Report #1 – 574 reductions

This is the first rental report from IPW.

The number of properties for rent in Ireland was just under 11k and around 1 in 20 properties reduced the asking rent

Over the period 27th March to the 2nd of April 2008 there were 574 rental price reductions. The average reduction was just under €100 per month or 6.5% of the asking rent.

In the future we intend to publish longer rental trends and movements to keep you up to date on developments in the rental market.

The report is available in html format.

Daft IPW Report #13 – 703 Drops

A quick update on the number of price drops. We will release further numbers and analysis later this week.

Over the period 22th March to the 30th March 2008 there were 703 price drops and the average drop was €23,739 or 6.2%.

The 703 properties reduced the price by €16.8million in total.

The number of drops per day was 88

Report available in html formats.

Daft IPW Report #12 – 2,531 Drops

Latest Drops

Over the period 22th February to the 19th March there 2,531 price drops and the average drop was €25,953 or 6.6%.

The 2,531 properties reduced the price by €67million in total.

The number of drops per day was 97.

Report available in html and excel formats.

Overall Drops

11,075 properties have now dropped the price at least once an increase of 891 since the last report. This report is available in excel format.

Analysis of the overall drops is provided by

1)County

2)Number of Drops

Removals and New Listings

The stock of unsold properties has increased significantly in the last 4 weeks. Both in terms of the absolute number for sale and the number of months of supply.

Based on the latest removal statistics it will take over 12 months to clear the existing properties for sale if no new properties were listed. New listings are currently out stripping removals by a factor of 50% this has lead to an overall increase in the number of properties for sale of 2,459 or nearly 100 every day.

Roscommon and Cavan have the largest overhang with 2 years supply worth of properties currently listed.

The average time on the market increased slightly again to 156 days from 154 4 weeks ago. 1 in 7 properties for sale have now been on the market for more than 1 year while over 50% of all properties have been on the market for more than 6 months.

This report is available in html format.

Daft IPW Report #11 823 Drops

Over the period from the 15th of February to the 22th of February there were 807 price drops and the average drop was €24,668 or 6.18%. This equates to 115 price drops per day.

The report is available in excel and html formats

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Historic Drops

10,184 properties listed in Daft have now dropped the price at least once. An increase of 281 from the previous week

This report is only available in excel format

Analysis is provided by

– County

– Drops

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Time on the Market – County, Months

The average time on the market increased again last week and now stands at 154 days.

Sligo and Mayo remain at the top of the list where the average time on the market is over 187 days and 186 days respectively. Time on the Market Report is available in html.

44% of properties listed on Daft have now been for sale for more than 6 months while 20% have been on the market for 10 months or more, 16% for 11 months or longer.The time on the market report is available by county and by month.

YTD – Volume Statistics

As a new addition to IPW we intend to publish monthly volume/transaction statistics.

Over the period 4th January to the 15th of February 8,480 new properties listed on Daft. Over the same period 6,461 properties were removed (sold or withdrawn) from Daft.

An increase of 2,019 propertie for sale.

If no new properties were added to Daft it would take 10 months to clear the existing inventory at the current rate.

The markets in county Sligo and Leitrim are the slowest at the moment with over 18 months supply currently listed for sale and the average property remaining on the market for over 6 months.

The full report is available in html format.

Note : New developments are listed as 1 property even if the development contains numerous properties.