Real Estate: Over 34 percent of listings in Coweta are new construction

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By Jess Barron, Lindsey’s Inc. Realtors

New Construction makes up a large portion of the residential real estate market in Coweta County.

Currently, there are 266 active single family detached new construction listings,  ranging from $201,000 list price all the way up to $1.3 million (GAMLS). There are 776 single family detached listings, total, in Coweta County. New Construction makes up over 34% of the active single-family detached listings in Coweta County.

Here is a breakdown of new construction listings by city:

• Newnan – 111 active listings. Price Range = $213,000 to $1,300,000

• Senoia – 87 active listings. Price Range = $290,000 to $551,000
• Sharpsburg – 37 active lightings. Price Range = $304,000 to $615,000
• Moreland – 16 active listings. Price Range = $274,000 to $510,000
• Grantville – 9 active listings. Price Range = $201,000 to $310,000
• Turin – 5 active listings (Graceton Farms). Price Range = $349,900 to $400,000
• Palmetto – 1 active listing (Gosdin Park). Price = $387,885

Since the beginning of the year, 400 new construction homes have sold in Coweta County. There have been 1,394 detached re-sale homes sold since January 1st. New construction has counted for nearly 29% of all sales this year per GAMLS.

Currently, there is a 5.1-month supply of new construction listings, opposed to a 2.8 month supply of re-sale homes. Monthly supply indicate the number of months it would take to sell the current inventory of listings at this month’s pace.

Talking with a few builders and lenders, the biggest issue facing new construction is labor. Builders are having trouble hitting completion dates due to lack of subcontractors and labor.

If you are in, or thinking about getting in the construction business, now is a good time. Interest rates remain low and some builders are offering to buy down buyer’s interest rates, as well as offering closing cost contributions. A lender that I spoke with yesterday said he quoted someone at 3.5% interest rate this week. It is a great time to buy new construction in Coweta County!

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

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