Mayo property prices fall by €1,000 since start of year

PROPERTY prices in Mayo have mirrored the national trend by falling during the first three months of the year, according to the latest MyHome.ie Property Price Report.

The report for Q1 2023, in association with Davy, shows that the median asking price for a property in the county is now €189,000. This means prices have risen by €14,000 compared with this time last year.

Asking prices for a three-bed semi-detached house in the county rose by €2,000 over the quarter to €177,000. This means that prices in the segment have risen by €8,000 compared to this time last year.

Meanwhile, the asking price for a four-bed semi-detached house in Mayo rose by €6,500 over the quarter to €199,000. This price is up by €14,500 compared to this time last year.

There were 514 properties for sale in Mayo at the end of Q1 2023 - a decrease of 9% over the quarter.

The average time for a property to go sale agreed in the county after being placed up for sale now stands at just over four and a half months.

The author of the report, Conall MacCoille, chief economist at Davy, said the data nationally suggested that frothy pandemic-era valuations were now cooling off.

“This quarter’s MyHome report shows another 0.3% fall in asking prices in Q1 2023. Prices fell especially sharply - by 0.8% - in Dublin but rose marginally by 0.2% in the rest of Ireland. We expect the 0.6% decline in the CSO’s RPPI measure of transaction prices in January will continue in the coming months.”

Joanne Geary, managing director of MyHome.ie, said that housing supply was still the elephant in the room.

“Unfortunately, stock levels are still a major concern. In an ideal scenario, we need approximately 50,000 new homes built every year, and we are running far short of that target at present,” she said.

“We know from our recent consumer sentiment survey that prospective homebuyers are feeling the pinch from the energy and cost of living crises, so now more than ever we need construction activity to ramp up to alleviate the build-up in pressure.”