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Survey shows homes are now selling for an average 3.7pc more than the asking price

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The national average list price of a house is now €299,093

The national average list price of a house is now €299,093

The national average list price of a house is now €299,093

Homes are now selling for an average of 3.7pc more than their already high asking prices, in a further sign of the soaring housing market.

According to a house price survey conducted by website Daft.ie, the typical transaction price in the first quarter of this year was heading towards 4pc above the listed price.

Over the 12-year period from 2010 a typical property would sell for 0.3pc above its listing price – but the gap has now widened considerably.

By contrast, during the first two years of that period, 2010-2012, properties sold on average for 10pc less than their initial listed price.

It was possible to connect the transaction with the original listing for more than 165,000 properties since the start of 2010, and on average 20,000 properties in recent years according to the report.

Year on year from 2021, list prices have shot up across the country – 9pc in Wicklow where the average asking price is €394,435, 22.1pc in Mayo where it is €191,432 and 21.1pc in Galway, where it is €248,116.

In north county Dublin the average list price is now €363,434, up 7.2pc, while in south county Dublin it is €644,165 up 2.9pc.

The north city average list price is €380,431, up 4pc while the south city has increased by 3.4pc to €454,996.

Author of the report, economist Ronan Lyons, said it appeared to confirm the steady strong upward pressure in prices.

Nationally, prices rose 8.4pc in the year to March, in line with the inflation rate of 8.1pc seen in the year to December.

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There was a gap between the increases seen in Dublin (4pc), the other cities (5pc on average), and elsewhere in the country (12.3pc on average).

The national average list price of a house is now €299,093.

The number of new home transactions has declined 10pc year on year. Mr Lyons said the report has been going for 64 quarters, since the start of 2006, and there has never until now been a period where prices increased for seven consecutive quarters.

“If Covid-19 has done anything to the housing market in Ireland, it has been to take a shortage that was concentrated in urban areas and spread it all across the country,” the report said.

“There has been significant commentary about the impact of Covid-19 on the construction of new homes. And rightly so, given that we need at least 35,000 new homes per year – or more realistically, closer to 50,000 a year – if we, as a country, are to have the right mix of housing to suit our needs.

“In that context, it’s unfortunate that Covid-19 hit the construction sector just as it looked as though the number of completions would increase beyond the 20,000 threshold.

“Since 2019, the sector has been somewhat stuck at this level, although the expectation is that this year may see as many as 27,000 new homes built across all three main tenures: sale, market rental and social rental.”

Mr Lyons said one of the eye-catching figures in the latest report was the number of homes available to buy on March 1 – just 10,047 homes.

This was down over by 20pc over the past year and well below the 2019 figure of 17,500 homes available to buy – let alone the average recorded between 2010-2015 of 38,000 homes available to buy.

“But the stock on the market at any particular time captures both supply and demand forces: what’s left on March 1 reflects both what was listed up to that point and what came off the market.”

In the year to February 2022, over 25,000 homes were listed for sale in Dublin, up nearly 5,000 from a year earlier Over 31,000 homes were listed elsewhere in the country, up almost 6,000.

Compared to levels of supply seen in 2019, Dublin supply levels are still down 17pc – while elsewhere in the country, they are 21pc below.

Earlier this week the Q1 Irish Independent REA Average House Price Survey revealed house prices where increasing by almost €100 a day.


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