Property prices in Mayo continue to fall

Property prices in Mayo continue to fall, according to Daft.ie


Anton McNulty

The average asking price for houses in Mayo has fallen by €74,000 from peak levels according to the latest housing price report by Irish property website, Daft.ie.
The average asking price for residential property in Mayo in the second quarter of 2010 was €194,000, a fall of €74,000 from the peak. In Connacht, asking prices fell by an average of 3.5 per cent during the second three months of 2010 and are 33 per cent below peak levels.
The asking prices in Connacht are lower that the national average where prices fell by 4.2 per cent during the second quarter of 2010 while the national average asking price for property has fallen by 37 per cent since the peak and now stands at €220,000. The average time to sell a property is eight months, down from 10 months at the start of the year.
In Dublin prices fell by 5 per cent in the past three months and are now 40 per cent lower than prices seen during the peak. Elsewhere in the country, prices are 34 per cent below the peak on average. In Cork and Limerick prices fell by three per cent and two per cent respectively during the last three months, while prices in Waterford fell by seven per cent. The largest falls in the country were in Donegal, Cavan and Monaghan, where asking prices fell by an average of eleven per cent, having been static for the past six months.
Ronan Lyons, economist with Daft.ie said: “While falls in asking prices are slower than last year, the market is still in adjustment and the total stock for sale, particularly outside the main cities, remains high. Nonetheless, evidence from Dublin in particular shows that properties are selling. Almost half the number of properties listed in the capital in January are now sale agreed or sold.
“Around the country, about 5,000 properties were listed for sale in April. Of these, 15 per cent of properties have already been sold, while a further ten per cent are sale agreed. This represents a slight slowing down, compared with the first quarter, when 20 per cent of properties listed in January were sold by April 1, with a further ten per cent sale agreed.”