The latest Daft.ie House Price Report was released this morning.
The report found that asking prices for residential property around the country fell by almost 5% in the final quarter of 2010, meaning that the total fall in asking prices during the year was 14%.
By the end of 2010, the national average asking price had fallen by 40% from the peak in 2007 and stood at just below €220,000. The typical time it takes to sell a property remains high but has fallen from 41 weeks to 36 weeks over the course of the year.
One of the more interesting aspects of this report was the huge variance in price drops seen throughout the country. In his commentary, Ronan Lyons argues that we should no longer be talking in terms of a single property market:
I would argue that we know one very valuable thing: the underlying conditions in the property market vary so dramatically around the country that we should no longer be talking of a single national property market. Instead we should look at different regions as very distinct markets. This is important because it means that talk about "the property market" is essentially useless.
Read the rest of Ronan's commentary and the full report at www.daft.ie/report.