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The most realistic sellers, slowing sales now characterize the real estate market, even the fastest-moving panel homes take 35 percent longer to sell than they did at the peak of two years ago. However, there is no slowdown in the family housing market, in fact: In Pest County, typically in the metropolitan agglomeration, real estate has never sold so fast in the last ten years, says Otthon Centrum (OC) in an analysis.
There was a change in the real estate market without extreme fluctuations, but there was a notable change in the months dominated by the coronavirus: the epidemic affected prices, transaction figures and sales time. The turnover rate of properties sold with the help of OC is the most popular type of apartment, it has also slowed down in the case of panels, Gábor Soóki-Tóth summarized the conclusions of the company’s latest study. According to the person in charge of the analysis, the trend applies mainly to the largest cities, the settlements of the capital agglomeration and the market for single-family homes were less affected by the virus.
Although panel homes can still sell faster, the time to sell has increased and has already approached the interval required to sell brick homes. The average is 93 days, which is 24 days, approximately 35 percent more than the 69 days experienced in 2019. The difference between the types of settlements is also greater, while in the city center we had to wait less than in 2019, 76 days, in Buda and the centers of the region 85 days until the arrival of the right buyer. Average wait time is 105 days in smaller county cities, 112 days in Pest County, four months in smaller cities, and 135 days in small settlements. Sales times everywhere except downtown are at least 30 percent longer than in 2019.
There is great regional variation
It took more than a hundred days to sell the brick homes, for the first time since 2014, the national average of 109 days, which is 25 percent longer than the previous year. In the center of Budapest, Buda and the outer districts of Pest, as well as in the cities with smaller county rights, the rotation speed is the same as the average. At regional centers and in Pest County, vendors had to wait 100 days. In this segment, too, the owners had to count on the longest time in the smallest settlements, here an average of two weeks of variation (118-136 days) was developed. These values are higher everywhere than the data measured in 2019. In the agglomeration, the rotation speed changed only by 10 percent, in Budapest and the cities with county status by 20 percent, and in the cities smaller by 30 percent.
At the same time, CO did not experience a slowdown in single-family homes. “On a national average, sellers could expect the same value as last year, but the market has reorganized a bit,” said the chief analyst. In Pest County, time to sell is down 11 percent, and the 148-day average is the lowest value in the last ten years in the region. On the contrary, the rotation speed has increased in Budapest, which is worth clarifying.
A better than average number is worse than a year ago
Although the 155 days in Buda is better than average, compared to 2019, this also means 30 percent more time to sell. The 124-day average in Pest’s outer districts increased by 1.5 percent, but was the lowest value last year in this segment. County cities are characterized as having five to five and a half months, which corresponds to a 5-8 percent slowdown in rotation speed. In the smaller settlements, it took more than half a year to sell a family home.
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