Snap shot Overview: Newnan Georgia is part of the Greater Atlanta Metropolitan area located about 40 miles Southeast of Downtown Atlanta. The city has a population of about 50,000 and Coweta County a little more than 150,000. About two thirds of the dwellings are owned with about a third being rented. Some forecast estimates suggest that Coweta County will grow to over 200,000 by 2030. The main issues illustrating the fourth quarter market is a record low number of homes for sale, lower number of homes being sold, extremely low number of days on market particularly for the dialed in move in ready stock, sharply increasing prices across the board, and all of this at a time where record low interest rates continue along with record high demand.
4th Quarter Coweta County Market Snapshot:
175 Active Listings, 807 Homes were sold. Absorption rate calculations help produce figures showing about a two thirds of a month of housing supply (6 months of housing inventory is thought to be a normal stable market). Data Source: Georgia MLS.
Average % Medium %
List Price 2021 408,270 24% 379,900 24%
List Price 2020 328,474 306,950
Sold Price 2021 375,421 16% 360,000 18%
Sold Price 2020 324,839 305,000
Days On Mkt 2021 33 9
Days on Mkt 2020 45 13
*These prices are up slightly over the 3rd Quarter. Note: Generally there is seasonal weakening in sales, prices and demand that shows up around the Holidays, but that isn't showing up in the current numbers. This suggests a rather robust seller's market will follow in the First quarter of 2022.
Conclusion & Tips:
While it's true this market is bringing in more cash buyers and so forth, homes listed sell for substantially more according to the numbers. Moreover, nationwide research continues to show that approximately 90% or so of all residential sales of resale homes are made with a REALTOR. MLS REALTOR Members must adhere to a strict set of ethical standards that help protect the consumer that other market players do not have to abide by. The MLS system works because of the inter-agency cooperation and home sellers benefit by full exposure to the entire market. Demand is at an all-time high and this year is not showing signs of being much different than last year. For buyers this means having ducks all in a row...having a strong proactive strategy in place to make the most aggressive offer possible in order to compete with multiple buyers for a handful of houses. Many buyers are having to go through the home search and offer process four or five or even more times before eventually getting their offer accepted. Having an aggressive strategy will increase your odds of getting the home you want quicker. Sellers need to have the best agent with experience and a skill set unlike any other to help you navigate through the process. It becomes especially tricky when you have to sell your home here in the Newnan Peachtree City area let's say, and then buy someplace else. An experienced agent will be able to work closely with your other agent in the location that you're moving to, and as such this working together is going to help you strengthen your position in terms of getting your offer accepted and having both properties close. Pricing remains critical. Alot of folks think "we'll list high and then we can come down". The houses that are selling in the lower days on market ranges are priced at market whereas those that list for more end up taking much longer to sell and sometimes with price drops, so this highlights the importance of appropriate market positioning. Sometimes it's not always all just about the money either. Coordinating closing times so that you can get moved without as much stress and hassle as possible is something of value as well. Bottom line though, is every transaction is different. A lot of ups and downs can be expected between the time you decide to buy or sell, to the offer process, and your actual closing day. Choosing the right REALTOR will inevitably prove invaluable helping minimize hiccups and maximizing market outcome.
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