Covington Real Estate Market Watch: First Quarter

At the end of this year's first quarter, here's what's happening in the Covington and Newton County Georgia real estate market.

According to the Georgia Multiple Listing Service (GAMLS), there are currently 1964 single family homes actively listed for sale in Covington and Newton County.  The average list price of these 1964 homes is $207,125., and they have been on the market for an average of 133 days.

Most of the homes listed are three (3) bedroom homes - 864 of them, at an average list price of $152,962.  Four (4) bedroom homes comprised the next largest number on the market - 691 homes with an average list price of $228,314.  There are also 349 homes with five (5) or more bedrooms (average list $308,779.), and 60 homes with two (2) or fewer bedrooms (average list $151,753.).

How does today's real estate market in Covington and Newton County compare to last year's?  Here's the scoop:

During the first quarter of this year, according to GAMLS, a total of 313 homes in Covington and the county (only 25% of those available) sold for an average sale price of $167,735 after an average of 110 days on the market.  The average sale price is 96% of what the homes were listed for (the sales price to list price ratio).

A total of 442 single family homes (46% of those available) sold during the same period last year (2007) for an average sale price of $175,429.  That was 98% of what the homes were listed for (sales price to list price ration).  The average "days on market" was, again, 110 days.

These statistics indicate that our real estate market in Covington remains softer than normal considering the number of homes available and the number sold.  However, they also indicate that the value of homes in this market and the average time required to sell a home both remain stable.  Most importantly, they indicate that now is a great time to buy.

The prices of homes currently listed represent good value for the amount of home you get in Covington.  Our stable market, coupled with the large number of homes to choose from and the best mortgage rates in years make now a perfect time to buy.

Interest rates today for a conventional 30-year fixed rate mortgage or an FHA loan is 5.625%.  And the FHA just raised their maximum loan limit in Newton and Rockdale Counties to $346,250.

One of the issues keeping the market rather soft in Covington is a belief by both sellers and buyers that there it is nearly impossible to obtain a mortgage in today's market.  This is simply not true, friends!  There is plenty of mortgage money available from reputable lenders at excellent rates!

If you're confused about the current real estate and mortgage market, watch this space.  For the next couple of weeks, I'll be posting information to help you understand the fundamentals of mortgage lending.  And, I welcome your questions or comments!