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Property prices in Leitrim have mirrored the national trend and risen by €1,000 during the quarter, according to the latest MyHome.ie Property Report.
The report for Q3 2021, in association with Davy, shows that the median asking price for a property in the county has risen to €150,000. This is consistent with the overall national picture, which saw a quarterly increase in asking prices of 2%.
Asking prices for a 3-bed semi-detached house in the county rose by €11,000 over the quarter to €150,000. This means that prices in the segment have risen by €45,100 compared to this time last year.
Meanwhile, the asking price for a 4-bed semi-detached house in Leitrim rose by €1,000 over the quarter to €150,000. However, this still represents a year-on-year increase of €43,038 in the segment.
The number of properties for sale in Leitrim on MyHome.ie rose by 26.1% in the last quarter.
The average time for a property to go sale agreed in the county after being placed up for sale now stands at just over six and a half months.
Angela Keegan, Managing Director of MyHome.ie, said: “While the annual inflation hike for Q3 is not as high as the previous quarter, it is clear that the property market is still significantly overheated, and that we are some way off towards redressing the imbalance between supply and demand.
“As always, we believe that demand and supply need to be balanced, and as such we are calling for a major increase in construction activity into 2022 and beyond. Now that the pandemic appears to be receding, this is something we can realistically hope for.”
Meanwhile, according to Real Estate Alliance homes in the county are reaching sale agreed in three weeks. They say Carrick-on-Shannon prices rose 1.7% this quarter to €178,000, with time to sell remaining at three weeks.
“The market in Leitrim is at its busiest in over a decade, and first time buyers and owner occupiers are dominating many buyers coming from the East of the country,” said Joe Brady of REA Brady, Carrick-on-Shannon.
“For the first time since Brexit, UK buyers are now back in numbers looking for that escape-to-the-country adventure.”
In Carrigallen, prices increased by 10% this quarter to €110,000, with time to sell unchanged at four weeks.
“The market is very strong both from investors and first time buyers, with no new developments due to be built as the prices are currently not cost effective,” said James Spring of REA Peter Donohoe, Carrigallen.
“Demand has increased in the last year, with most properties going over the guide price, and buyers are bidding their maximum very quickly.”
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