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25 Jul

Mayo Residential Property Market Quarter 2 2016

Mayo Residential Property Market Quarter 2 2016

 

In its latest housing market report, Estate Agents Tuohy O’Toole has confirmed that the volume of property sales in County Mayo continues to fall.

In Q2 March to June 2016, sales volumes decreased by 22.59% on the same period last year. Moreover, the total combined sales value of the market has fallen by more than 20%. Mean selling prices fell marginally by 0.47% for the latest quarter but are still 7.41% higher this year than last year. Sales volumes have fallen across all local markets including the larger sized locations of Ballina -15%, Castlebar -41% and Westport -35%.

In total there was more than €26,500,000 in property sales recorded in Q2 across County Mayo with a mean sales price of €113,387.

Director of Tuohy O’Toole, Gerard O’Toole commented, the latest residential sales figures confirm an underlying trend of a less housing market across County Mayo. Demand remains strong but the market is being held back by a severe lack of supply. The relative strength of the market is evident by mean selling prices being flat despite there being far fewer properties being sold but are more than 7% higher in 2016. Buyers simply have fewer and fewer properties to choose from. The lack of supply is very worrying and I cannot see the position changing until new housing starts are commenced. However, property prices are likely to have to rise further before speculative housing development becomes financially viable. I understand this is not want buyers want to hear but it is the reality of the market”.

For a full copy of the report please click on the link Property_Survey_Q2_2016_2.pdf

To see a full breakdown of the figures clickQ2_2016_Mayo_Final_Figures.pdf

 

 

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