The Shopper Real Estate: 2018 favored the Seller in Coweta County
By Jess Barron, Lindsey’s Inc. Realtors
Indeed, 2018 was another strong year for local real estate.
There were 2,894 single family detached homes sold in Coweta County last year, per the Georgia Multiple Listing Service (GAMLS). This was actually down slightly from the 2,910 homes sold in 2017. The average days on market for a listing before the property was under contract was 48 days per GAMLS. This was actually one day faster than the average of 49 days in 2017. Sellers received a slightly higher percentage on average of what they were asking for their home – 98.2% of list price in 2018. The percentage in 2017 was 98.1%., per GAMLS.
Of the 2,894 homes sold in 2018, 665 were new construction, per GAMLS. That’s about 22.9%. For comparison, 22.7% of detached homes sold in 2017 on GAMLS were new construction. 85% of the 2,894 single family detached homes sold in 2018 had a sales price between $125,000 and $450,000. 59% of the 2,894 properties sold were between $175,000 and $350,000.
The months supply of listings in 2018 was 2.8, per GAMLS. Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell given the current pace of home sales. Months of supply is typically a good indicator of whether a particular real estate market is favoring buyers or sellers. In this case, 2018 was a seller’s market. There was a low supply of listings and the demand was steady to high given the time of year.
There were a few takeaways that I had after working as a Realtor here in Coweta County in 2018. Last year favored the seller. It was not uncommon to list a home in the price ranges above and receive multiple offers. This made it very difficult for buyers to negotiate with sellers.
The number of listings or supply (2.8 per month) was very thin. Because properties were selling so quickly, many buyers would wait to find the home they wanted to purchase before listing their current residence. They would then make what’s called a contingency offer. The contract on their new home would be contingent upon their current residence selling first. This can be a stressful situation for both the buyer, the seller and the real estate agents involved.
Personally, I had more buyers that work in the Atlanta area or the airport looking in Coweta County for a place to live. With an incredibly expensive cost of listing on the northside of Atlanta, Coweta’s close proximity to I-85 and the airport and great amenities in Coweta County, make this area very favorable. This is a trend that should continue to grow in the coming years. The future looks bright for Coweta County in 2019!
Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and President of the Newnan-Coweta Board of Realtors.