Softening house market?

Put our 3 bed in South County Dublin up for sale approximately 4 weeks ago. Four very interested parties and went Sale Agreed at over asking last week. No sign of any softening in our area.

Hard to know if there is a softening are not.

Full July '22 update.

The first graph below is based on data from all 5,557 property price changes on MyHome beginning on 15th July 2021 and ending on 31st July 2022. Note that July 2021 does not contain full month data so I have turned this data into a percentage in an effort to capture the ratio of changes.

The second graph below shows the actual numbers of monthly price changes from August 2021 to July 2022.

Note that this data INCLUDES prices for sites.

Well its clear from the Graph that there are lots of sellers out there chancing their arms, asking unrealistic prices.... and with the volume of properties on the market to sell trending up, it may continue.

However, there is still good demand out there and good properties in good locations will attract big money. I wonder if this is a permanent thing or still an offshoot of Covid Savings.

From my current experience, older houses requiring work to be done to them are moving at a snails pace in terms of bidding.

One older property I was in last week that has been recently renovated is inundated with bids, a bidding war with several increasing offers per day from multiple bidders. Similar properties in the same locality requiring moderate amounts of work being sold by the same EA are lagging way behind in terms of interest.

A crash isn't coming, but the frenzied bidding of the last few years isn't as apparent.

The biggest issue I've encountered is sellers expecting insane bids that they could have gotten last year being unable to face up to the reality that while the gold rush isn't over it has slowed down a notch or two recently.

Thought that looked decent value.

Good size, lovely finish, A rated house right in the very middle of Greystones. Will be interesting to see what it makes now as I think it would have made decent bit more than that earlier this year.

Agreed on garden but that’s a really prime location in Greystones, so unless you have few million, decent gardens aren’t really a thing. Value subjective I guess but it’s very close to the new builds in Sillan which made more than that.

We bid on 10+ houses in similar price range in the area over the last two years. In my experience it’s very rarely people with mortgages covering 80%+ of the cost. It’s either middle aged couple who’ve just inherited money, couple upsizing with huge tax free capital gains or else elderly couple downsizing (to a 5bed?). Very frustrating and don’t know how it can be sustainable but there was no shortage of them when we were looking!

The Independant published an article today on the number of €million property sales in the last 6 months (paywalled).

€1m-plus home sales (Note: Counties with zero sales are not shown)

Not a hope sales are closing in 4 to 6 weeks, the average would be at least double that.

4 to 6 weeks you obviously have not bought or sold in the last 2/3 years double that at least. Between banks, solicitors and estate agents going on a go slow and then if you run out of time you have to reapply for the mortgage, 4 to 6 weeks is really not at all representative of the average time it takes