Cork City House Price Survey September 2020

The time taken to sell the average house in Cork City 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 in the city fell over the past three months from 12 weeks to 10.

The price of the average three-bed semi-detached house is remained static over the past quarter at €320,000 in the city.

Prices in the county rose by 1.6% this quarter to €178,750, and time to sell fell by six weeks across the county to nine weeks.

“We have found no evidence so far to suggest that the market has been severely affected by Covid-19, and demand continues to be relatively strong with a mixture of both mortgage approved and cash purchasers,” said Michael O’Donoghue of REA O’Donoghue and Clarke, Cork City.

“In our opinion, the market is stable at this point with steady demand overall for various property types.”

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.

“Houses are taking an average three weeks less to sell across the country, driven by a combination of low supply and highly-motivated buyers,” said REA spokesperson Barry McDonald.

“This is a huge shift in market behaviour, and one that we have not experienced in the last decade with almost every agent reporting a substantial drop in the time to reach sale agreed.

“Buyers are more focused, with a higher percentage of bids being made, and in many cases are looking to secure homes before their current mortgage approval runs out.”