New survey by Real Estate Alliance
The price of the average three-bed semi in County Leitrim is expected to rise by 5% in the next 12 months, according to a survey by Real Estate Alliance.
Prices have increased marginally in the last year, with three-bed semis in the county now costing an average of €125,000, up 0.8% on the December 2019 average of €124,000, the Q4 REA Average House Price Index shows.
Homes are also selling faster, taking four weeks to sell at the end of Q4 2020 compared to five weeks at the end of Q3, helped by a surge in interest in November.
The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.
Carrick-on-Shannon saw prices remaining stable since last year until the last quarter of 2020, when they rose from an average of €158,000 to €160,000, up 1.3%, with time taken to sell reducing from seven weeks to three.
“November was the best month in over a decade,” said Joe Brady of REA Brady, Carrick-on-Shannon.
“There was very quick take up of stock which was correctly priced. People’s ability to work from home had an influence and domestic buyers dominated because UK buyers could not travel on foot of quarantine rules.
“We have gone from over-supply to under-supply and buyers have now really copped on to this. In the past few months, they are ‘all in’.
“The time to sell has shortened sharply and prices are taking a jump. I see a sharp increase in prices coming in the spring of 2021. The caveat is, Covid getting resolved and no Brexit shocks.”
In Carrigallen, prices remained static at €90,000, with time taken to sell reducing from eight weeks to five.
“Supply was outstripped by demand due to lack of new developments but it was an excellent end to the year,” said James Spring, REA Peter Donohoe, Carrigallen.
“We are confident that 2021 will be a busy year and we should see some increase in values.
“The higher end of the market is performing well with large rural houses experiencing excellent demand but limited supply.”
Nationally, average house prices rose by almost 1.5% over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply.
The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.
The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.
The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.
Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.
Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.
Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.