The Shopper Real Estate: Coronavirus and its effect on sales locally, statewide
By Jess Barron, Lindsey’s Inc. Realtors
Following up on my last article, let us take a look at the effect that COVID-19 has had on real estate. Specifically, let us look at the numbers.
April 2020 saw a 24% decrease in total sales from April 2019 for the state of Georgia, per Georgia Multiple Listing Service (GAMLS). For the year however, total sales are only down 1% from 2019. 2020 was off to a strong start before the Coronavirus hit.
New listings were also down 24% from April 2019 to April 2020. New listings for the entire year were down 7% from 2019. We are seeing this effect locally in Coweta County, as the inventory of properties for sale is very low. As of May 6, 2020, there are only 701 active, single-family detached homes for sale in Coweta County per GAMLS.
Here are the numbers for the state of Georgia per GAMLS:
The springtime is typically the best time to list and sell. We sell more properties for a higher price, in a quicker time span, than any other time of the year.
Since Governor Kemp allowed the shelter in place order to expire on May 1, I have seen a tremendous increase in listing and showing activity. For example, I have a home listed in the highly coveted Northgate High School district in the $400,000 price range. We had three showings in three days as soon as the shelter in place order was lifted. We had only one showing while the shelter in place order was in effect.
There is a pent-up energy for buyers to get back into the real estate market, especially with interest rates still being so low. I have seen buyers able to obtain rates below three percent recently! Sellers that have been waiting on the sidelines to list their homes are starting to take action. We are about to see a big boom in the real estate market after taking a dip. Get ready!
Jess Barron is an Associate Broker with Lindsey’s Inc. Realtors and former President of the Newnan-Coweta Board of Realtors.