Market Report 1st Quarter 2022 Coweta County Georgia.
As of 3/31/22 the amount of active listings was down from 175 at the end of the 4th quarter of 2021 to 156 with 679 sold units down from 807 sold in the previous quarter. Average price for the first quarter of this year is: $390,538.00 USD
Prices have increased from the first quarter of this year from the first quarter of last year by an average 19% and medium value of 15% across Coweta County.
*Please note that this report is configured for viewing with a desk top computer. The numbers and columns may not align properly with a smart phone.
Average % Medium %
List 4th qtr 2021 408,270 379,900
List 1st qtr 2022 439,659 7.7% 400,000 2.9%
Sold 4th qtr 2021 375,421 360,000
Sold 1st qtr 2022 390,538 4.1% 360,100 flat
DOM 4th qtr 2021 33 9
DOM 1st qtr 2022 32 6
Within the county average / medium home prices differ by geography. Coweta County is split three ways based on School District and I wanted to illustrate the variation in location by providing current quarter Sold prices among the school districts. Similar ranges between what homes are listed for and what they sell for exists across the districts. It's important to keep in mind that even in this extreme seller's market with a record low inventory and short DOM (days on market) that many homes still do not sell because they are over priced for market conditions. Typically overpriced homes stay on the market longer, require a series of price drops and often end up selling for less than if they were priced correctly to begin with.
Average Medium
Newnan High School 339,207 292,958
East Coweta High School 394,836 369,060
Northgate High School 470,976 449,425
Remarks: Current market conditions still continue to show extremely high demand despite higher interest rates and during a time where the market is experiencing a record low amount of listings. Now is the time to sell! Interest rates continue to climb and the fed is expected to roll out a number of rate increases this year. Increasing interest rates reduce the buying power among consumers and as rates continue to climb at some point it is expected to begin to slow demand. It's difficult to determine how larger global events may impact the market but the old adage of markets being cyclical certainly apply.
Sellers with a move in ready home (I provide my sellers with a professional interior design consultation at no charge to help them prepare their home for market) in tip top condition can anticipate a large number of showings and likely multiple offers if priced at fair market value. Typically an A+, five star home, priced right, may go on market say Friday morning and seller reviews offers Monday or Tuesday evening. No one likes surprises so having your home inspected in advance, before listing, and taking care of issues ahead of time will not only help the home show it's best, but reduces last minute time crunches and costly repairs but moreover will help the home sell for top dollar. Typically a buyer will have a home inspection regardless of a previous inspection, but anything that can help install confidence in a buyer will result in higher and better offers.
I can provide you will more detailed location specific reports regarding your home if your considering selling in the near future. Please text, email or give me a call and we can set up an appointment to meet and I can see your home prior to preparing a detailed market evaluation for you.
* Data in this report is taken from the Georgia MLS and represents single family detached homes including new construction in Coweta County)
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