Median asking price now at €140,000
Property prices in Roscommon have bucked the national trend and remained unchanged during the last quarter, according to the latest MyHome.ie Property Report.
The report for Q3 2021, in association with Davy, shows that the median asking price for a property in the county has stayed steady at €140,000. This is in contrast with the overall national picture, which saw a quarterly increase in asking prices of 2 percent.
However, asking prices for a 3-bed semi-detached house in the county increased by €15,000 over the quarter to €110,000. This means that prices in the segment have remained unchanged compared to this time last year.
Meanwhile, the asking price for a 4-bed semi-detached house in Roscommon stayed steady over the quarter at €150,000. However, this still represents a year-on-year increase of €10,000 in the segment.
The number of properties for sale in Roscommon on MyHome.ie rose by 19 percent in the last quarter. The average time for a property to go sale agreed in the county after being placed up for sale now stands at nearly six months.
Looking at the overall picture, the author of the report, Conall MacCoille, Chief Economist at Davy, said the findings would provide little respite for homebuyers.
“The market is still starved of supply, with prices being bid-up aggressively by homebuyers. This behaviour is evident in transactions being settled well above asking prices. For a limited pool of 450 properties sold during the summer, we have calculated the transaction price was 6.5 per cent higher than the asking price, compared with a premium of 2.7 per cent in Q2 2021,” he said.
“Unfortunately, there has been only a marginal improvement in housing market conditions for homebuyers. Although new listings have recovered through 2021, the underlying picture is that vendors have only gradually returned to the market whereas demand has remained robust”.
He added that although homebuilding was ahead of expectations, “given population growth is adding 30,000 units at a minimum each year, coupled with approximately 100,000 units of latent demand built up over the past decade, it will take some time before homebuilding can start to address the housing shortage”.