Tuohy O’Toole have just released their latest quarterly market update (Q3 2016) on the performance of the residential property market across the key towns of County Mayo. The results show a clear pattern of falling sales across all locations which is consistent with Q1 and Q2 of 2016. Overall property sales for first 9 months of the 2016 are down by 19.23% across County Mayo. Despite this mean selling prices have risen by 1.07%. During the 3rd quarter, sales volumes were back 21.60% with Westport showing the largest fall in sales volumes by 38% when compared to the same quarter last year.
Gerard O’Toole, Director of Tuohy O’Toole commented that “the latest quarterly update demonstrates a clear pattern of falling sales across County Mayo. The primary underlying reason in our view is a severe lack of supply. There is pent up demand in the market which is evidenced by the shorter time period to sell and competitive bidding for most urban properties. This added pressure is likely to exert further price pressures and we expect to see values continue to rise for the remainder of the year and into 2017. Currently there are less than 6 months supply in the stronger markets such as Westport which is not at all healthy. However, new developments are unlikely to commence in any large number to address the supply issues until prices rise further. This is not want hard pressed buyers want to hear but if developers cannot undertake speculative development viably, no new houses will be built. This is issue is a national one and one that needs to be addressed in the forthcoming budget”.