Real Estate Alliance

REA report on the activity levels for the month of May

Real Estate Alliance give a glimpse of the activity levels 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.

Cumisky Myler REA in Balbriggan, sold 62 properties at the Hamilton affordable homes scheme in Balbriggan in April and May.

"The market is price driven," Cumisky Myler's Jeanne Walsh affirmed. "There are purchasers out there and the desire to purchase your own home is still strong."

Ms Walsh also commented that, “The affordable price of the units started @ €112,000 for a 2 bed and €126 for a 3 bed. They launched on the 4th of April to the affordable homes list and the last unit was sold last weekend and already we have a substantial waiting list in place with the 3 bedroom properties proving most popular”. She added, “As they were affordable homes, the main purchasers were first time buyers, earning less than €60,000p.a. Many were single young people, but the 3 beds were snapped up by those with children. 90% found it easy to get mortgages and many are getting 100% from EBS as the properties were discounted from market values of €160,000 for a 2 bed and €182,000 for a 3 bed”

Dermot Grimes of Grimes REA in Ashbourne, Co Meath agreed that there are purchasers out there ready to buy. "There are willing purchasers, especially those that have been in the market a long time. They see the value and have noticed that prices are decreasing at a slower pace,”he said.

Michael Boyd of Boyd's REA in Kilkenny added, "Vendors seem to be now accepting reduced values and the advice given by their agents. They are accordingly repricing or withdrawing from the market."

ENDS 

NOTE TO EDITORS

Real Estate Alliance is a strategic marketing alliance comprising some of the country�s best-established auctioneers and estate agents. Our key focus is on locally-owned and established estate agents. With one quarter of the alliance�s firms in business for more than a century, and with an existing IAVI president & five IAVI past presidents among the group�s members, the alliance is characterised by the established strength of its membership. In addition, membership is only open to firms led by members of the Irish Auctioneers & Valuers Institute or the Society of Chartered Surveyors.

Clients of REA members benefit from:

Real Advice

- Because member firms are locally-rooted and independently owned, they have first-hand market knowledge that ensures clients make only the best-informed real estate decisions.

Real Commitment

- Member firms are well established, leading local businesses built on delivering the best results for their clients.

Real Service

- Our member firms have the detailed understanding of the local property issues facing clients to ensure that they provide a superior range of client services.

Real Professionalism

- As Ireland\'s highest-qualified property professionals, REA sales staff are members of the IAVI or the SCS, the representative bodies for Ireland\'s top property professionals.

Real Confidence

- IAVI members complete far more property transactions than any other professional group. Our member firms harness this transaction volume to seize opportunities and speed the transaction process for you.

Real Coverage

- With more than 400 professional staff in 40 offices located nationwide, our member firms can provide the best real estate advice locally and nationwide.