Our first quarterly report - It's kind of a big deal

We’ve identified a clear gap in reliable data on actual Irish home sales. There’s good data available about rental and sales listings, but when it comes to realised home sales in the republic, it’s a different story.

Valumemyhome has just released our first housing market report for Q1 2022. That’s right, this is not only a report on the first quarter of the year, it’s the first in our series of quarterly housing market reports.

Is that a big deal? 

Why should a market professional, journalist, policy maker, or potential homeowner sit up and take any notice? As a country, we never seem to stop talking about housing. It’s a national pastime, some would even say vice. No getting away from it in life or in the headlines. So someone, somewhere has to be compiling the figures for home sales by county, recording all those price rises and unit volume falls, and clearly charting the trends. That would be a basic thing, right?

You would think. However, we’ve identified a clear gap in reliable data on actual Irish home sales. There’s good data available about rental and sales listings, but when it comes to realised home sales in the republic, it’s a different story. We’ve found there simply isn’t a single, comprehensive, up-to-date, and easy-to-read resource out there. 

The sources mainly feeding the headlines in your newspaper’s property pages are i) marketplace reports, which draw on unrealised asking prices, and ii) real estate firms, who don’t have a comprehensive view of the entire market. There’s also the CSO Monthly Residential Property Prices Index, but the Index doesn’t provide sufficient detail on a geographic or home level. You’ll find various pieces of the puzzle elsewhere, if you have the patience and knowledge to assemble them all.

The lack of a comprehensive, easy to understand record of realised sales isn’t just a wrinkle though. It adversely affects national and local governments, who are expected to create policies to keep housing stock affordable and in ample supply with unwieldy or partial data. And this gap poses similar problems for those challenging them - media, opposition TDs, councillors, and voters. If no single, detailed, reliable and comprehensive record exists, then what’s the single point of truth we can all agree on?

So we started working on the kind of resource that would be useful for policy makers, media, and the public and professionals with a stake in our housing policy. And it’s based on actual sales

But how did we make it both more representative and easy to use? We decided on a time interval sufficiently narrow to keep track of progress, but sufficiently large not to get lost in small price movements. That’s why we settled on a quarterly report. We also focused particular attention on two key areas, i) sales price movements, and ii) new home sales volume. We chose these two indices because they’re the ones most used by the government and media to measure the present and future state of the housing market. 

And what’s our expertise in this field? Valuemyhome is a data technology company specialising in residential valuation services. Data gathering, organisation, and interpretation are at the very core of what we do. Our first report demonstrates what can be achieved by delivering a full market overview, constructed from reliable sources like the national Property Price Register, and enriched with geo-location data and home details. 

We said that we record actual home price movements, rather than just using asking prices as the guide. That allows us to present real life figures on prices and volumes of sales by time, geographic area (i.e. county), and home type (new build or existing). In other words, we’re showing the market as it actually is, not as a mere projection or estimate.

But information is of limited value unless you can get your head around it. We present our data in a highly legible way with clear headings, colour-coded maps, straightforward charts, and incisive summaries. We don’t list numbers in endless spreadsheets or smother figures in paragraphs of impenetrable text. And we don’t cherry pick our findings and leave you to wander through the weeds for what you want. You can compare the prices, volumes, and percentages for all locations - not just the ones we’ve supplied in our insights.

That’s important. Because, while we lead and close with our own professional views on the market, we give you the information to assess the trends for yourself, for your own needs.

This is how the information is grouped and organised in the report: 

What happened in Q1 2022 ...................................................................2

At a glance - Q1 2022 key insights ........................................................3

National sales and prices ...................................................................4/5

Sales and sales trends by county .......................................................6/7

Prices and price changes by county ..................................................8/9

Sales and prices by transaction type ...............................................10/11

In Summary

Note that our report is relatively short and straight to the point. We intend it to be read and understood by anyone interested in the housing market. It’s a market that affects everyone, including the politicians setting policy, the media trying to hold them to account but, above all, regular citizens in need of a decent place to live.

This is our first national report, and we’ll be releasing a new one every quarter from here on. For now, this report gives you the core information to analyse sales prices and new home volumes, going down to the country level. In future reports we’ll be expanding data sets with detailed insights on square meterage, bedroom numbers, as well as breakdowns for the main urban areas. This is just the start of a more reliable and comprehensive way of looking at the market

Our first report is already catching the eye of national and local newspapers. They and their readers recognise the need for a more objective source on the country’s most pressing social and economic challenge. And that’s where our expertise can make a difference. So yes, we do think it’s kind of a big deal. See the report here!

We hope you enjoy reading our reports, and look forward to our future release dates:

  • Q2, 2022: 01.08.22
  • Q3, 2022:, 01.11.22
  • Q4, 2022: 01.02.23

Download the full VALUEMYHOME HOUSING MARKET REPORT HERE

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