The time taken to sell the average house in Louth has fallen by two 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 nine weeks to seven.
As people move away from urban hubs and incorporate new working from home lifestyles, the price of the average three-bed semi-detached house in the county has remained at €200,000 over the past 12 months.
“We have seen a noticeable increase in interest from the Dublin market seeking larger houses for home and office use with easy accessibility to mainline rail, transport, and motorway,” said Darina Collins of REA O’Brien Collins, Drogheda
Prices remained unchanged at €190,000 in Dundalk and €210,000 in Drogheda over the past 12 months, with time to sell in the areas falling by one week to eight in Dundalk and two weeks to six in Drogheda.
“We are seeing a shortage of property in Dundalk at the moment,” said Michael Gunne of REA Gunne Property, Dundalk.
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.
“Houses are taking an average three weeks less to sell across the country, driven by a combination of low supply and highly-motivated buyers,” said REA spokesperson Barry McDonald.
“This is a huge shift in market behaviour, and one that we have not experienced in the last decade with almost every agent reporting a substantial drop in the time to reach sale agreed.
“Buyers are more focused, with a higher percentage of bids being made, and in many cases are looking to secure homes before their current mortgage approval runs out.
“They are competing with a definite shortage of stock nationwide, which is concerning our agents. This supply deficit is keeping prices buoyant and applying upward pressure in some cases.
“It is evident that nationwide, people have really used the lockdown to take stock of their lives, experience remote working and in some cases, relocate in fairly drastic ways.”