House prices holding steady – before Covid
The price of the average three-bed semi across Galway city and county rose by 0.35% to €283,500 in the past three months – up to the outbreak of Covid-19.
That’s according to the latest national survey carried out by Real Estate Alliance, which also revealed that prices here increased by 3.1% to €165,000 over the past twelve months and remained unchanged in the opening quarter of 2020.
Time taken to sell remained at ten weeks in the city this quarter, and rose from ten weeks to twelve in the county.
The Q1 REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi.
It gives an accurate picture of the second-hand property market in towns and cities countrywide to the start of the current crisis, which has seen a sudden slowdown in activity according to REA.
Average house prices nationally returned to growth with an increase in activity in the first three months of the year up the outbreak of Covid-19.
The price of a three-bedroomed semi-detached house across the country rose by 0.14% over the past three months to €235,028, after an annual decline of 0.63% in 2019.
“There is no doubt that we saw a stronger market in Q1 up to the start of the current health crisis, with increased first-time buyer activity and higher transaction levels than in the second half of 2019,” said REA spokesperson Barry McDonald.
For more, read this week’s Connacht Tribune.
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