Waterford Property Watch – Market Report May 2024
National Outlook
Supply across the country remains the main issue in today’s housing market. We are seeing historic shortages of available housing stock. Supply of second-hand homes is down by 27% compared to last year and a whopping 46% compared to pre-COVID times according to Daft.
Waterford Market
Asking prices for homes in Waterford City and County have increased by €5,000 on average in Q1 – according to a recent My Home report.
Average property listing price Q1 2024 on Daft for Waterford City: €247,064 – up 10.2% on same time last year.
Liberty Blue – What we are seeing on the ground
Liberty Blue’s average sales price achieved for 3 Beds in Waterford City was €258,450 and €174,388 for two beds in the year to date.
We sold and sale agreed 47 homes so far this year, which included two off market sales.
Liberty Blue sales prices achieved were 7.8% over the asking prices.
We saw our average selling time from agreeing sales to closing sales to be in the region of 8 weeks. According to IPAV reports the average time to go from sale agreed to contracts signing is 10 weeks. Of course there are exceptions to this average.
Such things that cause delays in sales are getting engineer surveys and bank valuations. Getting deeds, issues with boundaries, planning and septic tanks as well as sorting out property tax exasperate and delay sales. A good solicitor who is efficient is extremely important and essential to getting a great result. Our advise is to engage a very good solicitor before you go on the market. IPAV are currently working on a Bill to introduce a sellers legal pack which is expected to speed up the entire sales process for everyone.
Liberty Blue Buyers Breakdown
So far in 2024, First Time Buyers account for 55% of our sales, Pension Purchasers a further 37% and Second Time Buyers make up the remaining 8%
Waterford City and County
According to Daft.ie there are currently 318 properties for sale in County Waterford, 119 of those available are situated in Waterford City
Currently, in the 3 Bedroom Waterford City market there are 39 properties for sale of which almost 60% are €250k or less.
There are 29 4 Bedroom properties for sale in Waterford city of which 62% of these are €350k or more.
The Dungarvan Market
Today there are only 35 properties for sale in Dungarvan, 26 houses and 9 apartments.
Four of these properties are at the top end of the market, priced between €600k – €875k. Nine are priced between €225k – €300k, Six are between €300k-€400k. There are only eleven four-bedroom homes for sale.
This shows that there is little to no supply for first-time buyers who account for over 50% of buyers across the country.
All in all, if you are thinking of selling now is a great time. Stock levels are at an all-time low and there isn’t a huge amount of competition for you. There are plenty of buyers out there.
If we can help in any way get in touch, we’d love to help you.