Thursday, April 08, 2021

 

By Suzanne Pender

THE price of an average three-bed semi in Co Carlow increased by 2% to €182,500 in the last three months, according to a national survey by Real Estate Alliance.

Across the county, the average time taken to sell has reflected a national trend and fallen to just four weeks from ten between December and March, the Q1 REA Average House Price Index shows.

Prices in Carlow town rose by 2.6% to €195,000, with time to sell at four weeks this quarter.

“Properties are lasting only a very short time on the market, most of the time with multiple bidders and quite often exceeding reserve prices,” said Harry Sothern of REA Sothern, Carlow.

“Like most agents, we are almost sold out, so anything coming to the market is attracting immediate interest; I had two properties sell recently at 10% above expectation in just four days.

“I suspect there are many pent-up sellers, too, so we should see a big increase in property offerings once restrictions are lifted.”

Tullow prices rose 1.2% this quarter to €170,000, with time taken to sell dropping a fortnight to four weeks.

“There is currently a strong demand for starter homes, but not much supply in the marketplace,” said John Dawson of REA Dawson, Tullow.

“This lack of supply is a major issue, with a significant number of properties we have listed either under offer or sale agreed.”

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 secondhand 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 the first three months of this year came in commuter counties as buyers move out further from the city in preparation for long-term hybrid working situations.

Three-bed semis in commuter counties rose by 2.3% to 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 more than 2% in the first three months of 2021 to €168,828.

 

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