Next-gen auction prices fall as supplies increase

Via joystiq

An analysis of eBay auctions from the last week shows that the average selling prices for the Wii and PS3 have fallen precipitously from highs reached late last week, though the systems still auction for significantly more than their retail prices. At the same time, supplies of the systems on the popular auction site have skyrocketed since launch, with thousands of auctions closing for each system every day.

Average auction prices for both systems reached a high last Friday, with the Wii going for an average of over $580 (roughly 233 percent of retail) and the PS3 averaging nearly $2,400 sale prices (an astounding 397 percent of the retail price). Since then, prices have come down to more reasonable but still inflated levels, with Tuesday's Wii auctions ending at an average of just over $400 and PS3 auctions averaging just under $1,200.

Unsurprisingly, the number of completed auctions for each system peaked on the day after launch, with campers trying to turn their systems around for a quick profit in one day auctions. Over 6,000 PS3 auctions finished on the 18th and over 7,000 Wii auctions were completed on the 20th. PS3 auctions have slightly outpaced Wii auctions thus far, with nearly 15,000 Sony systems auctioned in the past week compared to just under 14,000 Wiis.