Coweta County Real Estate holds strong in 2023 First Quarter

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By JESS BARRON, Lindsey’s Inc. Realtors

2023 is off to an interesting start. While national headlines and media outlets report and forecast doom and gloom, the Coweta County real estate market is holding strong. Residential real estate prices are practically unchanged, while listing inventory and the number of transactions decreased significantly. 

According to the Georgia Multiple Listing Service (GAMLS), the number of homes for sale was down 15% in January and 20% in February year-over-year. Pending sales (properties under contract) were down 28% in both January and February. Closings were down 48% in January and 34% in February. 

All of this sounds bad but there are several positives. Realtors are seeing a healthier market in 2023. While it is still a seller’s market, we are seeing less multiple-offer situations and buyers have a greater chance of securing a home. Active listings (homes for sale) were up 36% in January and 33% in February. Buyers have a much better selection of properties to choose from than they did a year ago. 

Despite a large supply of homes to choose from and decreased demand, home prices are holding strong. The average sales price in Coweta County was up two percent in January and only down two percent in February. Homes are taking longer to sell: The average days on market was up to 59 days in January and 54 days in February. These are 31% and 86% increases year-over-year. 

In March, I have seen a dramatic increase in both buyer and seller activity. As of March 27th, there are 408 homes for sale in Coweta County. We were well under 200 homes for sale during the peak of a seller’s market the last two years. I have had many different types of buyers put properties under contract in the last few weeks; millennial first-time buyers, cash buyers from the baby boomer generation, builders, investors and commercial developers.

From my perspective the market is healthy. I only expect conditions to improve as we enter the spring and the summer, the busiest times of the year in real estate. Inflation, interest rates, the stock market and the Federal Reserve’s decision making are all things to keep an eye on. All these factors will influence our real estate market in 2023. 

Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and former President of the Newnan-Coweta Board of Realtors.

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