|Table 2.1: Household market transactions filed with Revenue|
|Month||Volume||Value (million)||Median Price||Mean Price|
Volume and Value
In the month of March, 3,157 household market residential dwelling purchases were filed with the Revenue Commissioners. This represents a 4.4% decrease compared to March 2017, when 3,302 purchases were filed, and an increase of 1.8% compared to February 2018, when 3,102 purchases were filed. The total value of the market based on transactions filed in March was €891.4 million.
New and Existing Dwellings
Of the 3,157 household market dwelling purchases filed with the Revenue Commissioners in March, 633 (20.1%) were for new dwellings and 2,524 (79.9%) were for existing dwellings. Compared to March 2017, the volume of new dwelling purchases increased by 32.4% and the volume of existing dwelling purchases decreased by 10.6% (See Figure 2.1).
In the 12 months to March, there were 43,555 household market dwelling purchases filed with the Revenue Commissioners. Of these, 12,575 (28.9%) were purchases by first-time buyer owner-occupiers; 22,445 (51.5%) were purchases by former owner-occupiers; 8,535 (19.6%) were purchases by non-occupiers (see Figure 2.2).
In March 903 first-time buyer purchases were filed with Revenue. This is a decrease of 1.2% compared to March 2017 and a decrease of 1.5% compared to February 2018. These purchases comprised 261 new dwellings and 642 existing dwellings.
In the 12 months to March, the median price paid by households for a dwelling on the residential property market was €231,000.
Dublin was the region with the highest median price (€355,000) in the year to March. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown had the highest median price (€525,000). Whereas, Fingal had the lowest median price (€315,000).
Outside Dublin, the highest median prices were in Wicklow (€310,000) and Kildare (€275,000).
The lowest median prices for a dwelling were in Longford (€90,000) and Leitrim (€93,750) (See Figure 2.3).
In the 12 months to March, the mean market price paid by households for a dwelling was €277,406.
In the year to March, the mean price paid by households was higher in Dublin than in any other region or county. The mean price paid for a dwelling in Dublin was €433,380. Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown was the most expensive, with a mean price of €597,765 over the 12 month period. In contrast, South Dublin was the least expensive, with a mean price of €356,417
After Dublin, the next most expensive region was the Mid-East, where the mean price paid by households was €279,241. Within the Mid-East, Co. Wicklow was most expensive, with a mean price of €349,820, making it the second most expensive county after Co. Dublin.
The least expensive region for household purchases over the last 12 months was the Border region, with a mean price of €131,053. However, the least expensive county was Co. Longford in the Midland region, with a mean price of €101,806 (see Figure 2.4).
Neither median nor mean prices are appropriate for measuring the evolution of property prices as the mix of houses sold in different periods can change over time. The Residential Property Price Index is the definitive measure of property price trends.
The StatBank Tables are available here
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