The cost of buying a home continues to skyrocket in Kilkenny, with a number of reports released today showing no slowing in the trend.
Real estate prices in Kilkenny have increased by â¬ 2,500 in the last quarter, according to the latest MyHome.ie real estate report.
According to a report by Daft.ie, prices in Kilkenny in the third quarter of 2021 were 11% higher than a year earlier, compared to a 9% increase seen a year ago.
Meanwhile, according to a nationwide Real Estate Alliance survey, the average price of a used three-bed semi-trailer in County Kilkenny has increased 5% to â¬ 232,500 in the past three months.
The myhome.ie report for the third quarter of 2021, in association with Davy, shows that the median asking price for a property in the county has risen to â¬ 222,500. This is consistent with the overall national situation, which saw a quarterly increase in asking prices of 2%.
However, asking prices for a three-bedroom semi-detached house in the county fell from â¬ 2,500 in the quarter to â¬ 185,000. This means that prices in the segment have increased by 5,000 â¬ compared to the same period last year.
Meanwhile, the asking price for a four-bedroom semi-detached house in Kilkenny fell from â¬ 12,500 in the quarter to â¬ 235,000. This represents a decrease of â¬ 15,000 from one year to the next in the segment.
The number of properties for sale in Kilkenny on MyHome.ie has increased by 22.1% in the last quarter.
The average time to put up for sale an agreed-upon property in the county after it has been put up for sale now stands at just over five and a half months.
Report author Conall MacCoille, chief economist at Davy, said the report’s findings would offer little respite for homebuyers.
âThe market is still short of supply, with prices being aggressively raised by home buyers. This behavior is evident when transactions are settled well above asking prices. For a limited pool of 450 properties sold during the summer, we calculated that the transaction price was 6.5% higher than the asking price, against a premium of 2.7% in Q2 2021.
âTherefore, we have decided to raise our inflation forecast for the residential real estate index at the end of 2021 to 10% from 8% previously.
âUnfortunately, there has been only marginal improvement in housing market conditions for home buyers. There are currently 13,500 properties for sale on MyHome.ie, up slightly from 12,700 in Q2 2021 and still well below around 20,000 before the pandemic. Although new listings have recovered through 2021, the underlying picture is that suppliers have only gradually returned to the market as demand has remained robust.
Angela Keegan, Managing Director of MyHome.ie, said: âWhile the annual rise in inflation for the third quarter is not as high as the previous quarter, it is clear that the real estate market is still significantly overheated and that we are far from remedying it. the imbalance between supply and demand.
âAs always, we believe that demand and supply must be balanced and as such we are calling for a major increase in construction activity through 2022 and beyond. Now that the pandemic appears to be receding, this is something we can realistically hope for. ”
Full details of the report are available at www.myhome.ie/reports.
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