Enniscorthy Property Market Update – Less is more
When I first started this Enniscorthy property market blog, little did I realise that we would still be in a national lockdown but here we are. My expectations of where I thought the market would go as to where the market is currently are far different. As seen below, its been a strong property market for the Enniscorthy area for the last 12 months.
Looking in depth at the figures, the first three months of the year for our office (January to March) even with current restrictions have been brilliant with sales increasing this year from 2020 by 63% and up double that again of 125% from 2019 numbers. So is this just our office or across the board?
If we look across the sales from all properties sold in the Enniscorthy area in the graph above, the volume of sales has significantly increased towards the end of the year while this year especially February has seen a significant amount of sales. While viewings of course are restricted to those who already have a property sale agreed, we are lucky enough to be able to offer virtual tours on most of our properties. This has become a firm feature with viewers and one that I expect to continue into the future. Of course what is causing the increase in sales? While we have talked about people looking further than Gorey to live if you work in Dublin in my last blog, we really have only started to see the greenshoots of this within the past 4 to 5 months with a significant amount of our buyers now starting to look at our town as an affordable and easy access point to the Dublin market. The other driving factor is that there is a real lack of available stock at the minute which is limiting a persons choice so any new home buyer, as well as competing with a buyer from Dublin, you could be bidding against someone locally. Wexford has many benefits from its nice weather and people originally from the county moving home to get ‘value for money’ and a support network.
So thinking of selling your home, what about price increases? Again there has has been a small percentage increase for most properties, with the medium house price in the Wexford area is at €179,000 (Q4 2020 My home report) up 3.77%. This is also seen in Enniscorthy town where the average 3 bed semi-detached sold properties according to iPPi (property market Analysis tool, graph below) is now up to €180,000. Of course this can be down to a few large sales recently or lack of sales as shown in August 2020 but overall it still it is in line with whats been happening outside of the Dublin region and has risen steadily since March of 2020.
So the outlook for the next few months is that with a lack of stock continuing and Dublin buyers looking further afield, I could foresee a busy few months ahead, even with current restrictions continuing so as they say ‘less is more’ less properties but more sales’.
If you are thinking of selling, why not contact us on 0539237322 or email sfol@wexproperty.ie
Declan O’Leary
Managing Director
Sherry FitzGerald O’Leary Kinsella
