Real Estate: Supply of Georgia, Coweta County Listings rises

By JESS BARRON, Lindsey’s Inc. Realtors

If you’ve been reading my articles recently, then you’re aware of the importance of the increasing number of homes for sale. Local Realtors have been waiting for the supply of listings to increase for years. This allows buyers more properties to choose from and should cool down prices, at least in theory.

The number of active listings in the Georgia Multiple Listing System (GAMLS) went up 25 percent between July 2023 and July 2024. In June 2024, the number of active listings was up 35 percent. The average number of days on the market for a listing in June and July 2024 increased by about 30 percent from June and July 2023.

More listings mean more choices for prospective home buyers. How did this increase in listings affect price? Well, the price didn’t change much at all. In fact, price was even year-over-year. Demand for housing in Coweta County has stayed strong despite higher interest rates, inflation, and an uncertain economy. The average sales price in Coweta County was $470,000 in July 2023 and 2024 per GAMLS.

Many real estate industry experts and analysts are predicting mortgage rates will decrease for the rest of year. I wrote an offer for a client with good credit putting twenty percent down who qualified for a 6.625 percent interest rate last week. Interest rates were over seven percent recently, so they have already started to trend down. With an increase in the supply of listings and an expected decrease in interest rates, we should see a strong finish in the real estate market for 2024. A decrease in interest rates should result in more buyers entering the market.

There is still a need for more listings. This is a great opportunity for builders to add new construction to the market. Of the 607 single-family active listings in Coweta County at the time of this article, over 25 percent are new construction. While some builders may be cautious to overbuild in worry of another crash, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), doesn’t see things that way. Yun: “A crash happens with oversupply. It will not happen, because there isn’t enough inventory.”

Jess Barron is an Associate Broker with Lindsey’s Inc. Realtors and former President of the Newnan-Coweta Board of Realtors.