Mayo House Price Report April 2020

The price of the average second-hand three-bed semi in county Mayo has increased by 0.6% to €166,000 in the last three months, according to a national survey by Real Estate Alliance.

Over the past 12 months, this represents an 8.1% price rise, the Q1 REA Average House Price Index shows.

The average price in Westport stayed steady at €245,000 this quarter, and Castlebar prices rose 0.6% to €166,000.

“Buyers are like the Spring daffodils, they are here in abundance. We are seeing double the number of enquiries for all properties when compared with Q1 2020,” said Robert McGreal of REA McGreal Burke.

“With multiple bidders on all properties, asking prices are being exceeded.

“Despite the lockdown, virtual tours and the use of technology has facilitated sales to progress.

“Some vendors are holding back bringing their property to the market in the current lockdown, so once the lockdown is lifted, we expect a really strong period ahead, due to the pent-up demand.

“Clever future vendors are using this period to get their properties market ready.”

Nationally, average house prices rose by almost 2% over the past three months, despite the absence of physical viewing, in a marketplace which is seeing the lowest supply and the shortest time taken to sell in recent history.

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 price of a three-bedroomed semi-detached house across the country rose by almost €4,500 over the past three months to €243,603 – representing an annual increase of 3.6%.

The average three bed semi is now reaching sale agreed after just five weeks on the market across the country – almost half the nine-week average this time last year.

Not having to schedule appointments has led to potential buyers making swift bidding decisions on the back of virtual viewings, speeding up the selling process according to REA.

The biggest rises in Q1 came in commuter counties as buyers move out further from the city in preparation for long-term hybrid working situations.

Dublin city experienced its biggest quarterly rise in over three years as the price of a three-bedroomed semi-detached house rose by 1.5% to €438,500 during the past 12 weeks.

This represents an annual increase of 2.7% and means that the average Dublin three bed semi has now recovered to its December 2017 price level after a period of decreases, mainly in 2019.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 1.2% in the past 12 weeks with prices rising by €3,000 to an average of €265,625.

Three bed semis in commuter counties rose 2.3% by almost €6,000 in the past three months to an average of €258,889 – with the average home selling in four weeks – down from a high of 11 a year ago.

As the flight to rural locations continues, prices in the rest of the country’s towns rose by over 2% in Q1 to €168,828.