Real Estate: Has the local market slowed down?
By JESS BARRON, Lindsey’s Inc. Realtors
Has the real estate market slowed down? I get this question a lot. The simple answer is “yes.” However, the market is still very busy and it is still a strong seller’s market. The number of closings in Coweta County this year has decreased 5.53% since peaking in July, per the Georgia Multiple Listing Service (GAMLS). The number of closings was down 12.8%, year over year, from last September.
Another question I am often asked is about the number of homes available on the market. The listing inventory is still historically low. In June of this year there were 392 new listings on the GAMLS. That number was down to 274 in September, a 30% decrease. The number of new listings was down 13.3%, year over year, from September 2020.
As you might expect with the number of properties for sale down and demand remaining steady, the prices are still increasing. The average sales price in Coweta County for September 2021 was $366,103. This was a 18.9% year over year increase from September of last year. I was licensed over 15 years ago and can remember when the average sales price in Coweta was below $200,000. It is still a great time to sell your house.
So, what does all of this mean? To me, it shows that we may be at the peak, or already hit the peak for the most recent real estate boom. Many buyers have decided to lease, or wait, until the market “cools down.” It is extremely frustrating to try and purchase a home and lose out to other offers on the same home.
Per the National Association of Realtors (NAR), cash buyers account for 23% of existing home sales. These cash buyers are winning most multiple offer situations. Many people would sell their home but cannot find anywhere to move with the low inventory of listings and inflated prices. Having a Realtor working for you to hunt properties, both on and off the market, is essential. We are frequently able to find properties off the market for you to purchase. In this market, that is often what it takes to purchase a home.
Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and former President of the Newnan-Coweta Board of Realtors.