Real estate market cooling — in some places

The local real estate market continued to cool in July in what the Georgia Multiple Listing Service calls a “normalizing” market.

By Laura Camper / [email protected]

The local real estate market continued to cool in July in what the Georgia Multiple Listing Service calls a “normalizing” market.

According to numbers collected by the service, in July 264 total units sold in Coweta County, down from June when 293 total units sold. In July 2021, 338 units sold. At the same time, there were 366 active properties listed in the county last month, up from 354 the month before and 299 in July 2021.

Joy Barnes, realtor with Berkshire Hathaway Home Services, said it is reflecting a return to a more normal market in some ways.

The time of year — summer vacations tend to slow down sales — and higher interest rates — although she is still seeing a lot of cash offers — may be slowing down sales, she said.

“The normal was always three to six months on the market; 24 to 48 hours is not normal,” she said. “But it’s all so specific to areas.”

In the last month, a home in historic downtown Newnan was listed in the $400,000s, Barnes said. It had 17 showings in the first day and multiple cash offers well above the asking price, she said.

“There are always some areas that are more desirable to buyers,” Barnes said.

In Coweta County, both Newnan and Senoia are hot areas that are driving prices up, she said.

“I think new construction is driving prices up, too, because there are still people willing to pay for everything to be new,” Barnes said, adding there is a lot of new construction going on in Senoia.

Listing service numbers show July sales volume was $115,521,074, down 11.5 percent from the June sales volume of $130,561,863. Both months were up from July 2021 mainly because of the increase in sales prices.

Sales volume is reflecting not only the increase in prices, but also the market slowdown, Barnes said.

Although sales were down, prices were not. The median sales price in July was $419,918 up slightly from $410,00 in June and up nearly 18 percent from July 2021 when the median sales price was $356,200.

Barnes reiterated that the market is area-specific. What is happening in other areas of the country or the state may not be what’s happening in Coweta County. Even within the county, there will be differences from town to town.

“Everything is tied to local area,” Barnes said.

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