January is traditionally the weakest month for apartment sales on Poland’s secondary (resale) market. At the same time, it is also the point in the year when the number of listings begins to rise. What about prices? According to experts from GetHome.pl, prospective buyers have no reason to worry.
“If we look back a few years, we can see a clear pattern on the secondary market: in January, demand for apartments is the lowest of the year, but sellers don’t worry too much, because in the following months the number of buyers increases,” says Marek Wielgo, an expert at GetHome.pl.
Data from the real-estate listings search engine Adradar show that by the end of January there were around 141.5 thousand unique apartment-for-sale listings nationwide—4% more than at the end of last year. At the same time, the total was about 12% lower than in January a year earlier.
In January, 22 thousand listings were withdrawn from the secondary market—36% fewer than in December. This may indicate a seasonal drop in demand for second-hand apartments. It is worth remembering, however, that some listings are removed for other reasons as well, such as a lack of interest or a change of plans on the seller’s side. Meanwhile, 28 thousand new listings appeared, which means a 22% month-on-month increase. According to GetHome.pl experts, this reflects a typical seasonal rebound in supply after the December slowdown.
In Warsaw, the number of listings rose in January from 15.8 thousand to 16.2 thousand, an increase of 3%. A similar situation occurred in most other major cities. According to Adradar, in January the number of unique secondary-market listings increased by 2% in Łódź (to 5.0 thousand units), by 4% in Kraków (to 8.2 thousand), by 5% in the Tri-City area (to 8.2 thousand) and in Katowice (to 2.3 thousand), and by 9% in Poznań (to 3.7 thousand). Only in Wrocław did the supply shrink slightly—by 1% to 8.3 thousand apartments. At the same time, as Marek Wielgo emphasizes, in all major cities the number of secondary-market listings remains lower than a year ago. In Wrocław, the decline reaches 25%.
According to GetHome.pl, January brought stabilization—and in some places declines—in average prices of second-hand apartments. In Wrocław, the average price per square meter fell by 5% month on month to PLN 13.6 thousand, and was also 6% lower year on year.
On an annual basis, average prices increased, among others, by 4% in the Tri-City area (to PLN 16.5 thousand per sq m), by 3% in Poznań (PLN 11.9 thousand per sq m), by 2% in Katowice (PLN 11.7 thousand per sq m), and by 1% in Łódź (PLN 8.7 thousand per sq m). In Łódź, January also brought a 2% month-on-month decline in the average price. In Katowice and Poznań, prices rose by 2% and 1% respectively, while in the Tri-City area they remained at December’s level.
Warsaw and Kraków deserve particular attention. GetHome.pl data indicate that in both cities the average price per square meter has stabilized both month on month and year on year. In the capital, the price held at PLN 18.0 thousand per square meter, while in Kraków it remained at PLN 17.1 thousand.
“Most likely, sellers on the secondary market will also be unable to raise prices this year due to the very large supply of apartments on the primary market. These two markets strongly influence each other. As the supply of new apartments grows, prices of second-hand homes stabilize or even fall. This, in turn, cools developers’ ambitions,” comments the GetHome.pl expert.
Source: https://ceo.com.pl/podaz-mieszkan-na-rynku-wtornym-rosnie-ale-popyt-jeszcze-nie-nadaza-32841
