Property website Daft.ie says asking prices for homes fell by 19% during 2009 and are now 30% below their peak levels of early 2007.
Its review of 2009 says the national average asking price for a house at the end of 2009 was €242,00, down more than €100,000 from the peak.
Daft.ie's report says the rate of decline has varied across the country, with prices in Dublin down 42% from their highest levels, but Limerick prices only 25% lower. It adds that house price falls did not ease off in the final quarter of the year, as 5.5% drop in Q4 was similar to those earlier in the year.
The average time taken to sell a property is now nine months, though this has fallen to four months in Dublin. The stock of properties for sale is 3% lower than a year ago, thought Daft.ie says the figure of more than 60,000 remains high.
Daft.ie economist Ronan Lyons said that in 2009, Dublin saw the largest fall in asking prices, as sellers adjusted to market conditions. 'At the same time, the total stock for sale in the capital fell by almost 20% over the year,' he said.
'In other parts of the country however, where there have been significantly smaller falls in asking prices, the number of properties available for sale is still rising,' the economist added.
