Leitrim homes sell two weeks faster in last quarter

Leitrim Observer reporter

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Kilkenny average house prices rise 13.2% in last 12 months, according to REA

The time taken to sell the average house in Leitrim has fallen by two weeks in the past quarter, a national property survey has found.

The REA Average House Price Survey found that the average time taken to sell across the county fell over the past three months from seven weeks to five.

As people move away from urban hubs and incorporate new working from home lifestyles, the price of the average three-bed semi-detached house in the county has risen by 0.4% over the past 12 months to €124,000.

In Carrick-on-Shannon, prices rose by 0.6% over the past 12 months to €158,000. Time taken to sell fell by a week in the area this quarter to four weeks.

“The working from home trend is really affecting the property market over the last few weeks,” said Joe Brady of REA Brady, Carrick-on-Shannon.

“You can travel on train from Carrick to Dublin on the train in two hours, so people can live in Carrick and travel up to Dublin one or two days per week. People want bigger houses with space, and four beds are popular.”

Carrigallen prices remained at €90,000 over the past 12 months, with time taken to sell falling by a fortnight this quarter to six weeks.

“The market is excellent, and demand is coming from first time buyers, the council and investors,” said James Spring, REA Peter Donohoe, Carrigallen.

“There is an increase in enquiries for rental and sales from Dublin and the commuter belt for holiday homes and setups that accommodate working from home.”

The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.

The average three bed semi nationally is now reaching sale agreed after seven weeks across the country – a significant fall from the ten-week average in June.

Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €236,046, an annual increase of 0.4%.

Reflecting the beginnings of a flight to rural locations, prices in the rest of the country’s towns rose by almost 1% in 12 weeks to €163,345.

The price of a three-bedroomed semi-detached house in Dublin City rose by 0.5% to €429,333 during the past three months, an annual increase of 0.2%.

Commuter counties fared less well than Dublin, with three bed semis averaging €247,667, a 0.3% rise on the Q2 figure of €246,944.