PlayStation 5 consoles are still challenging to purchase outside of a generous invitation from Sony, but despite the scarcity, their value on auction sites has begun falling drastically.
As reported by Forbes, PS5 prices on online marketplace StockX have fallen by nearly 30 percent over the last year. Sony’s next-gen console managed to hit $1,000 on Cyber Weekend 2020 for the disc version, but the system has now dropped to $715 in September.
Resellers I have spoken with echo the fall in prices, with one eBay vendor – called Matt – telling me that sales remain consistent but the prices are steadily dropping. “To put it into perspective, at the beginning of July I would have auctions ending at around $760 + $40 for shipping easily. Now, I had an auction have no bids at $729 + $40 shipping and I just had one end at $709+$40 shipping.”
In contrast, the pricing for Xbox Series X consoles on StockX has been holding relatively steady. Microsoft’s flagship system has been selling for an average price of $725 this month, which is only $25 to $75 less than its peak. StockX’s senior economist explained that this is because the Xbox Series X is seeing fewer restocks than the PS5.
It appears that scalpers still have plenty of incentive to continue what they’re doing, however. Forbes spoke to a bunch of resellers, all of whom claimed that the volume of sales hadn’t decreased, just the sales price.