The time taken to sell the average house in Galway has fallen by three weeks in the past quarter, a national property survey has found.
The REA Average House Price Survey found that the average time taken to sell across the county fell over the past three months from 11 weeks to eight in the city, and 13 weeks to 10 in the county.
As people move to incorporate new working from home lifestyles, the price of the average three-bed semi-detached house in the county rose by 0.5% in the city to €285,000 this quarter and remained at €165,000 in the county annually.
“The market is strong with good demand for all properties. Activity levels have increased throughout the summer, and rural properties within commuting distance of Galway are in good demand,” said Kevin Burke of REA McGreal Burke in Galway City and Loughrea.
“Even though the levels of supply remained static, demand has increased for all properties with a home office or home office possibility (HOP) such as a large garage, garden or attic which is suitable for conversion.
“Properties on the edge of the city have also proved popular, and everyone seems to have taken time to assess their current position.”
Good quality, well located homes are selling quickly in the city and suburbs, according to Alan McKenna of REA Halnon McKenna, Galway City.
“Galway county has also experienced increased levels of interest, especially with country homes within commuting distance and close to good transport links,” said Mr McKenna.
“We are also seeing high level of interest in holiday homes over the summer and we expect this will be a continuing trend over the coming months.”
The REA Average House Price Survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an accurate picture of the second-hand property market in towns and cities countrywide.
The average three bed semi nationally is now reaching sale agreed after seven weeks across the country – a significant fall from the ten-week average in June.
Despite fears of a downturn in the market during the Covid-19 crisis, the price of a three-bedroomed semi-detached house across the country rose by 0.6% over the past three months to €236,046, an annual increase of 0.4%.
Reflecting the beginnings of a flight to rural locations, prices in the rest of the country’s towns rose by almost 1% in 12 weeks to €163,345.
The price of a three-bedroomed semi-detached house in Dublin City rose by 0.5% to €429,333 during the past three months, an annual increase of 0.2%.
Commuter counties fared less well than Dublin, with three bed semis averaging €247,667, a 0.3% rise on the Q2 figure of €246,944.
