By Jess Barron, Lindsey’s Inc. Realtors
With the first quarter of 2018 winding down, I thought it would be a good time for an update on the real estate market in Coweta County.
As has been the trend for quite a while now, the listing inventory is very low and buyer demand continues to grow. As of March 27th, there are 596 detached homes for sale in Coweta County, per Georgia MLS (GAMLS). So far in 2018, there have been 517 homes sold on the GAMLS. The average days on market for a sold listing is 60 days. That gives us about a 3.2 month supply of listings for buyers. Listings are closing for an average of 98% of the asking price. The average sales price, in Coweta, for February of 2018 was $254,611. Of the 517 homes sold this year, only five were above $600,000 and none were above $1,000,000.
New construction continues to boom. Of the 596 active listings, 206 are new construction. Of the 206 new construction listings, 166 are between a $200,000 and $500,000 list price. However, there is still a high demand for more new construction and more listings. It has become common for your buyer to encounter multiple offer situations when looking for homes and making an offers. This is especially common for listings under $300,000. Coweta is a highly competitive real estate environment for buyers right now. This is great for sellers. It is not uncommon, for a seller to receive more than asking price for their home, in certain price ranges, in today’s market.
There have been several new construction projects submitted, in 2018, to Coweta County Planning and Zoning for review. Those project locations include areas such as Gordon Rd, Eastside School Rd, Palmetto-Tyrone Rd, Gray Girls and Rowe Rd, Smokey Rd, Tommy Lee Cook Rd, Old Hwy 85 and Rockhouse Rd.
Home Values have increased significantly since 2017. In February of 2017, the average list price was $250,970, per GAMLS. The average sold price was $245,501. In February of 2018, the average list price was $258,494 and the average sold price was $254,611. As of March 27th, there are 458 single family detached homes under contract in Coweta County.
Despite interest rates being expected to rise this year, I do not see these trends slowing down in Coweta County. Land, commercial and especially industrial markets, are also strong right now. It is a historically great time for Coweta County Real Estate.
Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and President-Elect of the Newnan-Coweta Board of Realtors.