Tuesday 7 July 2009

REA agrees a further 150 house sales in May

THE Real Estate Alliance Group agreed a further 150 house sales nationwide last month. But enquiry and viewing levels tailed off a little.
While sales agreed matched the previous month, the latest REA Property Barometer for the month of May shows that finalising deals remains a slow process with the figure for contracts signed at 114. REA chief executive Eimer O'Keefe reports that 4,000 enquiries were processed by the 38 group member firms around the country last month -- down five pc. The total number of viewings was down three pc at 1,350.
Ms O'Keefe noted that the level of enquiries are back to March levels, but pointed out that activity traditionally slows during the summer months.
REA members reported considerable evidence that the residential property prices are decreasing at a much slower pace in the last three months. Price decreases are near to static since March 2009. However, Real Estate Alliance agents can report an overall average decrease of 35% since June 2007 to now. There was evidence of a fall of 15% between Jan and March 2009 and a maximum of 5% decrease since March 2009. In some areas no decrease was reported for this period.

According to Eimer O’Keeffe, CEO of Real Estate Alliance, “Most locations saw an average decrease of 38% in the sale of New homes. Kilkenny, Bundoran, Navan, Kells, Ashbourne and Balbriggan all reported decreases of up to 40% in new homes prices since June 2007. Smaller decreases of around 25% were experienced in Leitrim, Cavan, Carlow, Nenagh, Killarney and Nenagh”