Snapshot update on Irish Property.

Property available for sale in the Irish market has taken a serious dip since the coronavirus emergency came to our shores.

From the 15.3.20 – 28.3.20 only 1300 homes for sale were posted on daft.ie

Compared to the same period this time last year this represents approximately 50%.

According to Ronan Lyons this scenario is likely to carry on as everyday life comes to a standstill. He adds. “the last few weeks have changed the prospects for the Irish housing market entirely, with the Covid-19 pandemic reaching Ireland and completely disrupting everyday life for weeks and possibly months to come.”

The level of property available to purchase was in decline even before the word “Coronavirus” was in our vocabulary.

During early March, according to daft, there was just under 20,000 for sale.

Even compared to the same period in 2019, this number is down 12%. For 7 months in a row, the amount of property available for sale has waned.

Believe it or not, it was the first time since the 4th quarter in 2006 that there were less than 20,000 properties for sale.

Dublin has been worst hit, as units for sale has fallen by 20% in a year.

However, on average, prices rose 2.2% in the period January through March.

What changes the Coronavirus restraints on the country will have on prices during the first 4 months of the year is yet not clear but let’s be honest, it can’t be good.

Daft.ie says median advertised figures in the capital came down 2.6%, prices in Galway came down by a similar amount.

On a good note, according to the countries largest website prices in Limerick and Waterford did rise.