Mayo House Price Survey September 2020

The time taken to sell the average house in Mayo has fallen by four 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 across the county fell over the past three months from 13 weeks to nine.

As people move away from urban hubs and incorporate new working from home lifestyles, the price of the average three-bed semi-detached house in the county rose this quarter by 4.2% to €160,000.

“While supply has remained relatively static, demand has increased and in particular for properties with home office potential such as properties with a large attic, garage or garden suitable for extension to be used as a home office,” said Robert McGreal of REA McGreal Burke Castlebar and Westport.

“Home office potential has certainly added value to some properties which prior to Covid-19 were less attractive to the family market.

“Westport is a location in high demand, alongside Castlebar, which is a very resilient market.”

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.

“They are competing with a definite shortage of stock nationwide, which is concerning our agents. This supply deficit is keeping prices buoyant and applying upward pressure in some cases.

“It is evident that nationwide, people have really used the lockdown to take stock of their lives, experience remote working and in some cases, relocate in fairly drastic ways.”