Coweta County Market Trends

Most folks approaching the market are aware of tight inventories, high demand, and extremely low days on the market for move in ready, priced right homes.  A lot of people have heard about houses selling in just a few days following just a couple of days of showings and getting multiple offers ending up often times above asking price.  This has been the extreme seller's market that we have been in for the past several years.  Things may be about to change.  

Interest rates at the time of this blog post have climbed even higher than the above chart and we are already seeing some important trend changes as a result.

Although we are just half way through the month of May 2022, we see a marked departure from the overall month over month list price increases, and decrease in Sold prices for Coweta County.  I won't show the graph but days on market are showing a slight trend in the upward direction, particularly in the more expensive price points.

Comparing the past month of April 2022 with the same month last year shows some important trends.

This year sellers have been able to ask more and get more for their homes, however, the gap between list and sold price has widened suggesting that sellers may be a bit optimistic and pricing the home higher anticipating continued increasing prices.  The graph on the right shows that due a record low amount of listings overall solds have decreased, and more sold over the past month than had been listed.  

What will the next few months bring?  It's difficult to say for sure, but as interest rates continue to increase it will have an impact on the demand for homes bringing downward pressure on prices.  Home sellers will need to adjust the strategy they employ to sell in the changing market, and buyers may have a wee bit more room to negotiate and succeed in their purchase of the home they want.

The Medium home price in Coweta County is almost at $400,000.00 and the average is already above this.  For a buyer the increase in interest rates means that a person buying a home at about the medium or average price will now pay considerably more per month on a current loan than one they may have received just a few months ago.  Most of the data we are looking at is retrospect, meaning that it was a purchase that originated in some cases several months ago and that was when the rates were lower.  It will indeed be interesting to see how things pan out in the months to come.