Coweta’s real estate market is changing

To paraphrase Bob Dylan, the market, it is a-changin’.

The local real estate market is slowing down; but there is still a lack of inventory that is driving prices up and making purchasing very competitive, said local Real Estate Agent Pamela Prange, of Josey Young and Brady Realty.

“We’ve got more million-dollar listings than I’ve ever seen,” said Prange, who has been working in real estate for 16 years.

According to Georgia Multiple Listing Service numbers, although fewer properties were sold in June 2022 than in June 2021 — 283 and 301 respectively — the sales volume was up more than 17 percent to $125,295,154 from $106,811,910 in June 2021.

That’s because the median selling price rose from $340,000 in June 2021 to $400,000 in May 2022 and $409,900 in June

2022.

But properties aren’t selling as fast as they once were, and that is illustrated in the number of new listings and active listings, those that have been listed a week or more, on the market.

In June 2021, there were 401 new listings and 265 active listings. In May 2021, there were 344 new listings and 219 active listings and in June 2022, there were 354 new listings and 316 active listings.

It’s still a seller’s market, Prange said, but that doesn’t mean sellers can ask whatever they want and expect to sell in a few days.

“The market is changing,” she said. “There’s no doubt.”

There are more foreclosures going on the market, Prange said. Adjustable rate mortgages have made a reappearance, and there’s a lot of cash in the market, she added.

In addition, the rising cost of real estate has cut a lot of over-55 buyers, who need to sell their current home to purchase a new one, and new buyers, who don’t have a lot of cash in hand, she said.

“It’s tough to be a competitive (buyer),” Prange said. “Not everyone can go over the asking price by tens of thousands of dollars.”

Joy Barnes, a realtor with Berkshire Hathaway, said the market is just returning to more normal sale times. For instance, instead of a one to three day market time, “we’re getting closer to 30 days,” Barnes said. But, she reiterated that Coweta County is still a hot market.

“It was normal back in the day when you listed a house you might have a four to six month market time,” Barnes said.

Coweta County is not there yet. The local market is still in demand and many people moving from other areas consider it a bargain despite the increase in housing prices.

“Right now, I think our market is still great,” Barnes said. “Newnan is booming. People want to be in Coweta County.”

Prange advised buyers to work with a good real estate agent who can help save them money and guide them through the challenging process of buying, and she advised those who have been thinking about selling to do it.

“If you’re selling, our prices are wonderful,” she said. “Jump in there before it changes, because the market is changing.”