House prices have fallen by over €2k in Sligo in Q2 according to new report

PROPERTY prices in Sligo have fallen by €2,525 in Q2, according to the latest MyHome.ie Property Report in association with Davy.

The report for Q2 2020 shows that the median asking price for a property in the county is now €149,975. This represents a decrease of €2,525 compared with this time last year.

Continuing this trend, asking prices for a 3-bed semi-detached house in the county also decreased, falling by €2,500 in the quarter to €140,000.

Prices for this house type are still up by €10,500 compared to this time last year.

Meanwhile, the asking price for a 4-bed semi-detached house in Sligo fell by €25,000 over the quarter to €160,000.

This means prices in the segment were down €15,000 compared to this time last year, when they stood at €175,000.

The number of properties for sale in Sligo on MyHome. ie fell by 5% in the last quarter and was down 46% 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 five and a half months.

The author of the report, Conall MacCoille, Chief Economist at Davy, said that the negative asking price inflation seen throughout the country had to be viewed in the context of far fewer listings in Q2 compared to a year ago.

“Our price measure is based on just 3,700 new properties listed for sale over the past three months, down 64% from 10,200 one year ago. Observed prices were therefore clearly biased towards those vendors willing to put their homes on the market despite the enormous uncertainty of the Covid-19 outbreak.”

He added that despite a highly uncertain outlook for the property market, there was cause for some optimism.