Real Estate: A ‘feeding frenzy’ underway in Coweta and Georgia
By JESS BARRON, Lindsey’s Inc. Realtors
“It’s a feeding frenzy. I listed the house at 9:30 a.m. and had seven showings by 12:30 p.m. I am writing an offer over the list price right now.”
This was the answer by a Realtor in our office when I asked how his new listing in downtown Newnan was going. We are seeing similar situations all the time in the current real estate market. The demand for housing is very high and the supply of listings are very low. This is creating a feeding frenzy for buyers looking for homes.
As of Feb. 22nd, there were only 212 single-family detached homes listed for sale in Coweta County on the Georgia Multiple Listing Service (GAMLS). The number of homes listed for sale continues to decrease. Real estate listings are at a premium in the current market settings. I can remember as recently as a few years ago when there were regularly 600-800 single family detached homes for sale.
This makes the knowledge of what is available for sale and what is coming to market very important. The ability to discover listings that are coming to market or properties that are off market for sale is extremely important for real estate agents. A Realtor with this knowledge and a strong network of contacts is essential right now.
It is not just Coweta County that is experiencing this tremendous seller’s market, the state of Georgia is as well. The Georgia Association of Realtors released their monthly housing indicators for Georgia for the month of January 2021.
Here are the January numbers for Georgia:
Closed Sales increased by 13 percent over last year with median sales prices increasing by 16 percent.
New Listings decreased 18 percent to 12,987
Pending Sales were up 13 percent to 12,639
Closed Sales were up 13 percent to 9,660
Inventory levels shrank 51 percent to 18,608 units
The Median Sales Price increased 16 percent to $225,000
The Average Sales Price increased 18 percent to $315,135
Days on Market was decreased 35 percent to 41 days
Months Supply of Inventory was down 56 percent to 1.4 months
I do not see these trends changing as interest rates for buyers remain low. The demand to buy will stay strong. 2021 should prove to be a very strong year for homeowners in Coweta County as values continue to rise. Realtors and agents will need to be resourceful to assist their clients in finding homes both on and off the market.
Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and former President of the Newnan-Coweta Board of Realtors.