Homes selling in record time of just two weeks
As prices rise and supply tightens, many even buy without viewing
MANY family-sized homes are going sale agreed in a record short time of just two weeks after coming on the market.
The demand for properties has reached fever pitch across the country given the unprecedented lack of supply as a result of construction being off limits through much of the pandemic.
The Irish Daily Mail reported this week that, according to new Daft.ie analysis, the average price of a home has risen €20,000 in the past year such is the demand.
However, the rising prices don’t seem to be deterring desperate house hunters, who are snapping up what properties they can get their hands on in record time – many without even physically viewing the property.
According to the Real Estate Alliance house price index, the average three-bed semi is now reaching sale agreed after just five weeks on the market across the country. This is almost half the nine-week average this time last year, and in some areas it is taking just two weeks for these homes to be snapped up.
Average house prices also rose by almost 2% over the past three months, despite the absence of physical viewing, in a marketplace which is seeing the lowest supply and the shortest time taken to sell in recent history.
Not having to schedule appointments has led to potential buyers making swift bidding decisions on the back of virtual viewings, speeding up the selling process, according to the REA.
REA agents have reported that properties are reaching sale agreed just a fortnight after going on the market in areas such as Dundalk, Co. Louth, and Ashbourne,, Co. Meath, where prices have risen by 8% (average price €205,000) and 4.9% (€320,000) respectively in the last 12 weeks.
This compares to an average selling time of eight and seven weeks respectively in the two towns a year ago.
REA Gunne in Dundalk is seeing remote workers with increased savings bidding for scarce supply while REA Grimes in Ashbourne has seen virtual viewing and online sales campaigns facilitating an increased demand during lockdown. In Dublin, three-bed, semidetached properties are being snapped up after just three weeks in the Lucan area, compared to seven weeks in March 2020.
In Bray, Co. Wicklow, the annual reduction is even starker, coming down from 15 weeks in March 2020 to just three this year.
Properties in Limerick city are taking three weeks to sell, down from five a year ago, while Galway city has seen the average selling time drop from ten weeks to four.
Barry McDonald, REA spokesman, said: ‘Supply is down 38% year-on-year, according to myhome.ie, and the few properties going on the market are generating immediate interest and attracting offers within a week.’
He added: ‘Despite the restrictions, there is a willingness from some buyers to make offers for houses without physically viewing them. We are finding that some people are bidding for a number of properties at one time, in an attempt to get bids in.’
The price of a three-bedroom, semi across the country rose by almost €4,500 over the past three months to €243,603 – representing an annual rise of 3.6%.