West Cork Property Market Update

What’s happening in the property market?

There is so much going on in the world today between the invasion of Ukraine and rising fuel and inflation. It’s certainly turbulent times.

Is there anything that has remained constant over the past two years? – Yes, there are:

• Demand for property
• Shrinkage of the supply of properties

In this report, I will give you a brief snapshot of what’s happening in the housing market in West Cork right now.

Residential Sales Market

The biggest issue in the property market at the moment is the shortage of supply. This is particularly evident in the second hand market. Why you may ask. Quite simply because people are afraid to put their property on the market before finding another one. This has led to people sitting on the fence.

Everyone is asking will prices continue to rise?

No one can predict the future, for the time being, supply is at an all time low. Demand is high and when demand outstrips supply there is only one-way prices go. We recently sale agreed a bungalow in Ballineen which generated huge interest resulting in 12 viewings and numerous offers which led to the property achieving €15,000 over the asking price. Bungalow Bliss certainly created a stir in the market!

Bandon

At the time of writing there are 18 second hand homes for sale in Bandon. The majority of these are in the mid-price range. We have a number of ready to go buyers on our database looking to buy property in Bandon. Detached family homes in turn key condition are one of the most sought after types among Bandon buyers. Additionally there are a number of City based buyers who are widening their search and looking to buy a home in Bandon.

Kinsale

Kinsale has 17 second hand properties for sale. We currently have a property advertised for sale in Dunderrow which is generating high interest and we expect to sell it well over the asking prices. The problem for buyers is that there is a lot of competition for properties and little to no stock. The cost of building today also means that it is still cheaper to buy than build. So, there is still good value in the second-hand market.

Clonakilty

In Clonakilty there are 17 second hand homes advertised for sale. Clonakilty is one of the few towns that have benefited from a number of new developments in recent years. We were agents for a new development of 13 detached houses at Cul Ard, Gallanes, Clonakilty. The first phase of this development is now sold. There will be two more houses to be build but no date or price has been decided due to rising building costs and shortage of labour.

As you can see supply is a major issue in all towns. This is resulting in bidding wars driving prices up. It is a challenging time for buyers and an excellent time for sellers. For owners with a unique home, they have a rare opportunity to sell their home for far more than its “logical” value

Should I buy or sell first?

My advice to anyone thinking of selling, even if you don’t have somewhere to move, you are not obliged to accept the offer. However, if you go to market and find your next home in the meanwhile you will be ready to place an offer and compete with others bidding on the property. Buyers who aren’t purchase ready in the current market end up missing out.

If you need any advice around getting your property ready for sale – check out our blogs, visit our YouTube channel, or email majella@mgalvin.ie

If you would like to know what your property is worth, please get in touch for free market appraisal.