The Property Price Register was up and running a month last week so here at MyHome.ie we decided to take a brief look at it to see what it was telling us about the market.
During the month of October 1,152 new transactions were made.
That was down on the same month a year earlier when 1,528 transactions were made. Likewise, the number of transactions was down on the figures for October 2010 when 1,816 homes were sold around the country.
That means transactions in October dropped by 24.6% from a year previously and 36.6% from October 2010.
The average price paid for a home during October was €181,295 – down from €214,868 a year earlier and €241,035 in the same month of 2010.
The good news for the market is that with 16,803 transactions so far this year to date, there is every chance that the number of sold properties could equal or surpass last year’s total of 18,058 house sales.
During the month the largest transaction was €1.82m for St John’s, 48 Glasthule Road, Sandycove, Co Dublin.
It was one of six transactions during the period which broke the €1m mark with the second most expensive being the €1,554,300 paid for a development in Waterford – comprising eight units at Parade Quay, two at Bailey’s New Street and one at The Mall. Close behind was the €1.52m paid for Gurthalougha House in Ballinderry, Nenagh, Co Tipperary.
In Kerry, €1.25m was paid for a house at Stoneacre, Killaha in Kenmare while the fifth most expensive house was the €1.09m paid for 2 Castle Avenue, on the Upper Churchtown Road in Dublin 14.
It’s sale comes a year on from the sale of number 1 Castle Avenue for €1,155,000 on September 1st 2011. Number five in the exclusive development has also just gone sale agreed with the Rathfarnham based Macarthy Auctioneers and Estate Agents. It had an asking price of €995,000.
The final property to sell for a seven figure sum was 88 Haddington Road in Ballsbridge, Dublin 4, which sold for just €50,000 less than its €1,050,000 asking price.
Another notable transaction during the period was the sale of 40 Alma Road in Monkstown for €942,000. Its sale comes just 10 months on from the sale of neighbouring 41 Alma Road for €1.58m last December.
The cheapest transactions during the first month of the property price register was the €10,000 paid for four separate sites or properties in Louth, Cavan, Leitrim and Donegal.
The highest number of properties sold in any county during the month was in Dublin (402), which also had the highest average transaction price at €257,776. The smallest number of transactions was the six that took place in Monaghan, while Leitrim had the smallest average transaction at €72,267.
While question marks have regularly been placed over the years about the validity of average asking price indices such as the MyHome Barometer, the average price works out roughly near to where most market experts expect them to be. Obviously with such a small sample some counties, such as Tipperary in this case, will have their average price inflated by the sale of a property worth €1.52m. Equally, on a month to month basis other counties will have their average price decreased if there is a large number of land or site sales, which would traditionally be much less than the price of a property.
Below we have broken down the average price for the month in each county. Let us know whether you think it is a fair assessment of where the market is at present in your area.
To keep an eye on transactions on the price register download the MyHome.ie iPad or iPhone app from here.
Please note further transactions may have taken place in October but might not yet have been registered. Figures correct at the time of writing.
COUNTY TRANSACTIONS AVERAGE
Carlow 12 €110,276
Cavan 20 €108,780
Clare 32 €135,679
Cork 135 €160,301
Donegal 30 €101,941
Dublin 402 €257,776
Galway 47 €156,966
Kerry 33 €173,396
Kildare 42 €150,398
Kilkenny 23 €119,863
Laois 15 €96,917
Leitrim 9 €72,267
Limerick 30 €149,458
Longford 13 €81,458
Louth 23 €144,386
Mayo 24 €135,047
Meath 38 €150,772
Monaghan 6 €125,918
Offaly 21 €113,469
Roscommon 24 €75,973
Sligo 19 €161,844
Tipperary 18 €198,388
Waterford 40 €151,170
Westmeath 16 €105,868
Wexford 60 €114,085
Wicklow 20 €201,214