Frontpage News 2013 It is easier to se...

It is easier to sell properties

17 December 2013

New figures: The property market statistics for Q3 confirms the picture of a broken housing market, where prices on houses are falling while freehold flat prices are increasing. For both types of housing, it is a ray of hope that the reductions are reduced and selling periods are decreasing.

It is easier to sell housing in Denmark. This shows the latest property market statistics. Home prices may have fallen slightly, but there are less rebates and selling periods are shorter.

The price of homes fell in Q3 by 0.5 percent compared to Q2, and 0.4 percent compared to the same period last year. The freehold flats continue to rise at a slower pace than before, with a growth rate of 0.9 percent compared to Q2. Compared to the same period last year, the prices of freehold flats increased by 8.4 percent.
 
"It is still the freehold flats that are in the lead in terms of price developments. However, it is encouraging that prices for both types of housing have stabilised. The price fall for houses is just 0.5 percent and it must be seen in light of the fact that Q3 is traditionally weaker than Q2," says Niels Storm Stenbæk, Chief Economist at the Danish Bankers Association.
 

Housing is selling faster

Digging a little deeper and looking at characteristics other than price, it is positive that the dynamics of the housing market appear to be strengthened.
 
"For both houses and freehold flats, the average selling periods were reduced in Q3, both when compared with the quarter and the year before. This shows an increase in activity in the housing market," explains Niels Storm Stenbæk.
 

Lower price reductions are given

Also, when looking at how much money the sellers, on average, have had to cut off the latest recorded asking price, there has been a decline.
 
"The price reductions for houses and freehold flats have over a long period been declining. This is another important indicator pointing up, "says Niels Storm Stenbæk.
 
Joint press release on the property market statistics for the 3rd quarter of 2013 (in Danish)

 
Figure 1: Average selling periods on the housing market
Source: The property market statistics (published by the Danish Mortgage Banks' Federation, the Association of Danish Mortgage Banks, the Danish Association of Chartered Estate Agents and the Danish Bankers Association.) 
 
 
 
Figure 2: Average price reductions in the housing market
Source: The property market statistics (published by the Danish Mortgage Banks' Federation, the Association of Danish Mortgage Banks, the Danish Association of Chartered Estate Agents and the Danish Bankers Association.)
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