Coweta County Continues to See a Shortage of New Listings as the number of homes sold decreased again as prices continue to slightly increase from this time last year.
We have over 228 home for sale in Coweta County which is almost an 8% decrease from last month and a 12% decrease from this time last year. The average lists prices are about the same as this time last year. Lower inventory is good for sellers because buyers are competing over fewer homes. This may be why the list price to sales price ratio is so high currently. Again, buyers, you need to present your best offer the first time. Sellers may not be willing to hassle through counter offers, especially if there’s a competing offer. As we get into the holiday season we traditionally see things slow in the market so I wouldn’t be surprised if we continue to see the number of new listings decrease.
The number of homes that sold in Coweta County in October is up by 7% from September but down nearly 4% from the year before. One trend that continued was that the average sold price continued to increase from 2022. The average day on the market was almost 28% higher then September and over 50% higher then it was this time last year.
We Saw a Small Increase in New Listings in Lake Redwine in October!
The number of new listings in October went up and we saw 3 new listings come on them market. We continue to have extremely low inventory in the neighborhood which is the same as this time last year. Lower inventory is good for sellers because buyers are competing over fewer homes. This may be why the list price to sales price ratio is so high currently. Again, buyers, you need to present your best offer the first time. Sellers may not be willing to hassle through counter offers, especially if there’s a competing offer.
The number of homes that sold in Lake Redwine is down from the year before by 75%. We saw only 1 home close compared to 4 last year at this time. With only 1 sale for the month of October I think it is hard to compare the home prices of those sold since I don’t feel we have enough data to go by. The average days on the market more then doubled from October of last year. There is one home I know of that has continued to stay on the market and I feel that one is going to continue skewing the number of days on the market. Otherwise homes are still selling relatively quickly in the neighborhood.
Trends I’ve Noticed:
There is a low amount of inventory, meaning it is still more of a sellers market at the moment. Because homes are staying on the market longer, buyers do have a little more time to shop around but they should keep in mind that sellers are getting asking price or extremely close to it, so they still need to put their best foot forward when making an offer.
Sellers need to consider preparing their homes for sale more then they had to previously in order to get top dollar as buyers have a little more to choose from and have more time to critique a home and don’t feel the need to put in an over priced offer because they are trying to outbid tons of other offers.
Buyers still feel the interests are higher then previously so sellers may want to offer some incentives to help buyers buy down their interest rates or cover closing costs.
A friendly reminder is that we are entering what is usually the slowest time of the year for real estate as people want to spend the holidays with their family and are traveling and only the most serious sellers and buyers are making moves during this time. Don’t be surprised if we see the number of new listings and the number of homes sold decrease during this time.
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Disclaimer: All figures given here are based on information from Georgia MLS Real Estate Services. Data is for informational purposes only and may not be completely accurate due to MLS reporting processes. Therefore, we cannot guarantee accuracy. This data reflects a specific point in time, and cannot be used in perpetuity due to the fluctuating nature of markets.