What is Happening in the Waterford Property Market?
Waterford Property Market Report Jan 2024
Looking back at 2023 we found that properties in turnkey condition that only needed decorative work attracted the greatest demand.
Properties not presented to their best potential sold for less.
The Vacant Property Refurbishment Grant stimulated sales of vacant and derelict homes significantly.
Stock levels in 2023 were reported by Daft as being down by 23% in the Munster region. This contributed significantly to the increase in asking prices in Waterford which were up 6.1% in comparison to 2022.
Interestingly 48% of our buyers were cash buyers.
57% of our properties sold in 2023 were owned by small property owners leaving the market.
35% of our buyers were first-time buyers.
2024 market activity so far…
Now we are well into 2024, we have seen a very good start to the year for Liberty Blue with an uplift on last year’s January sales activity by 35%.
The average price achieved was 3% over the asking price. However, this excludes apartment sales which were sale agreed at 16% over the asking.
New supply to the market is slow as is typical at this time of the year.
Sales that closed in January achieved an average of 5.5% over the asking price. These are properties that sale agreed in 2023 and the transactions closed in January.
Is there much property for sale?
Looking at what is advertised on Daft for sale today in Waterford City there are 20 second-hand homes for sale between the price bracket of €200,000 – €300,000.
Of these 20 properties, 33% will require significant upgrading as energy ratings are E and lower.
The average price for a house in Waterford City is €318,550 according to the latest Daft report.
At this level, supply is chronically low in the second-hand home market. There are 6 houses for sale between €300,000 – €350,000. This makes it a very tough environment for buyers with few properties to choose from.
If you are thinking of selling you have very little competition with other homeowners in the Waterford property market right now. When is the best time to sell? Sell when there is greater demand than supply. Seasonality of selling is becoming less important. However, we do recognise a significant issue for many sellers is the catch-22 situation where potential sellers cannot sell until they buy and cannot buy until they sell. However, there are ways around this. A transparent approach to selling where buyers understand the seller’s circumstances can work well for both parties. For advice or an appraisal of your home please get in touch. We would love to help you with your move. Kind regards Regina, Maria, John and all the Team at Liberty Blue Estate Agents. |