Property prices in Donegal have fallen by €5,000 during the quarter, according to the latest MyHome.ie Property Report.
The report for Q1 2021 shows that the median asking price for a property in the county is now €155,000. Prices also fell by €5,000 compared to this time last year.
Asking prices for a 3-bed semi-detached house in the county fell by €1,000 over the quarter, from €125,000 to €124,000. Prices for this house type are also down by €1,000 compared to Q1 2020.
Meanwhile, the asking price for a 4-bed semi-detached house in Donegal stayed unchanged over the quarter, at €145,000. House prices in the segment are also unchanged compared to this time last year.
The number of properties for sale in Donegal on MyHome.ie fell by 12% in the last quarter and was down 17% on this time last year.
The average time for a property to go sale agreed in the county after being placed up for sale now stands at nearly nine and a half months.
The report found that annual asking price inflation rose by 4.2% nationwide, by 4.1% in Dublin and by 4.8% elsewhere around the country.
Meanwhile, quarterly asking price inflation was flat – at 0% nationally, while increasing by 1% in Dublin, and falling by 0.4% elsewhere around the country.
The author of the report, Conall MacCoille, Chief Economist at Davy, said that a striking feature of the report was how housing market activity had persevered through the third lockdown. “Remarkably, new listings for sale in the first quarter were down only 30% compared with 2020 versus 80-90% annual falls during the first lockdown.
“All the data suggests that housing market activity should bounce back rapidly once the restrictions are lifted. Mortgage approvals in January were up 12% on the year, with the average approval up 8% to a fresh cyclical high of €256,000. So, there is no evidence of tightening credit conditions holding back homebuyers.”
Angela Keegan, Managing Director of MyHome.ie, said that interest in the property market was at a historic high and as such it was imperative that the supply issue be dealt with. “Traffic through the MyHome.ie website is up 13-30% on different metrics, such as users, sessions and page views. As such, it is crucial that the construction sector be allowed to return to normal activity in order to address this obvious demand and safeguard the market as we emerge from Covid.”
Full details of the report can be found at www.myhome.ie/reports
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