Real Estate: Listing Inventory continues to be historically low in Coweta
By JESS BARRON, Lindsey’s Inc. Realtors
Realtors and home buyers alike are waiting for a significant improvement in the supply of real estate listings.
As of April 27, there were only 220 single family detached homes for sale in Coweta County per the Georgia Multiple Listing Systems (GAMLS). At one point earlier this year, this number dipped below 200 listings. While 220 is an improvement, that number is still historically low.
We are seeing the same issue across the state of Georgia. In fact the number of new listings in the first quarter (Q1) of 2021 decreased 10% from Q1 of 2020, according to the Georgia Association of Realtors (GAR). The average days on market for a listing dropped 34% year over year. The number of pending sales, closed sales and the average sales price all increased dramatically year over year. The average sales price in the state of Georgia is $323,831. We are in a very strong seller’s market.
If you have friends in the real estate business or if you are ever on social media, you have probably seen some humorous memes and posts regarding how intense this market is. Well, it is all true. Buyers are fighting and scheming to try and beat out other buyers to purchase a home. We are seeing multiple offer situations with over 20 offers on a single home. A real estate agent in another county said she received over 100 offers on the same property.
Displaced tornado victims are also looking for housing. Some people are looking for temporary housing and rentals, while others are purchasing. I have been surprised at the number of people who are looking to purchase while the situation with their current home is being resolved. This tragic situation has only increased the demand for housing in the county.
There is hope for buyers though. Besides, historically low interest rates, there are some positive things to consider moving forward. There is a significant amount of new construction being built and coming to the market right now. D.R. Horton’s development at Poplar Preserve features homes in the $200,000 and $300,000 price ranges. D.R. Horton is also building homes in Senoia at Heritage Pointe in Senoia in the $300,000 and $400,000 price ranges. Parkside Estates in Palmetto, a Hughston Homes product, is offering homes in the $300,000 to $400,000 price range.
It is hard to say how much longer these current market conditions will last. In my 15 years of being a licensed Realtor, I have never seen the market this competitive. I do not find this to be sustainable. I do see the current conditions continuing in the near future but after that I am not sure. We could be at or near the peak of a seller’s market.
Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and former President of the Newnan-Coweta Board of Realtors.