The average price of a house or flat sold in the first three months of this year fell to €206,000 but there are signs the bottom of the market may have been reached, real estate association NVM said on Thursday.

In total, 23,750 homes were sold in the first quarter of 2012, down 30% on the last three months of 2012.

Nevertheless, estate agents say there are some signs of recovery and the market may have reached its lowest point, website nu.nl reported.

Firstly, house prices are not dropping as sharply as in 2012. The first quarter drop was 5.5% which is well down on last year. In total, the price of an average terraced house has dropped 18% since 2009.

One advantage of this is that houses are now more affordable, the NVM says.

Secondly, the number of houses for sale did not go up in the first quarter – the first time this has happened in years. Some 227,000 homes are currently on offer, and remain for sale for an average 170 days.

‘Houses are becoming more affordable compared with rental properties,’ NVM chairman Ger Hukker told nu.nl. ‘The supply and time it takes to sell a house is also stabilising. You can see the balance between supply and demand is slowly recovering.’

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