Real Es tate Local Real Estate Market Update

2023 is off to an interesting start. While national headlines and media outlets report and forecast doom and gloom, the Coweta County real estate market is holding strong. Residential real estate prices are practically unchanged, while listing inventory and the number of transactions decreased significantly. According to the Georgia Multiple Listing Service (GAMLS), the number of homes for sale was down 15% in January and 20% in February year-over-year. Pending sales (properties under contract) were down 28% in both January and February. Closings were down 48% in January and 34% in February.

All of this sounds bad but there are several positives. Realtors are seeing a healthier market in 2023. While it is still a seller’s market, we are seeing less multiple-offer situations and buyers have a greater chance of securing a home. Active listings (homes for sale) were up 36% in January and 33% in February. Buyers have a much better selection of properties to choose from than they did a year ago.

Despite a large supply of homes to choose from and decreased demand, home prices are holding strong. The average sales price in Coweta County was up two percent in January and only down two percent in February. Homes are taking longer to sell: The average days on market was up to 59 days in January and 54 days in February. These are 31% and 86% increases year-over-year.

In March, I have seen a dramatic increase in both buyer and seller activity. As of March 27th, there are 408 homes for sale in Coweta County. We were well under 200 homes for sale during the peak of a seller’s market the last two years. I have had many different types of buyers put properties under contract in the last few weeks; millennial first-time buyers, cash buyers from the baby boomer generation, builders, investors and commercial developers.

From my perspective the market is healthy. I only expect conditions to improve as we enter the spring and the summer, the busiest times of the year in real estate. Inflation, interest rates, the stock market and the Federal Reserve’s decision making are all things to keep an eye on. All these factors will influence our real estate market in 2023.

Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and former President of the Newnan-Coweta Board of Realtors. ■

Just a few Peachtree City events

Friday Movie @ the Library: Lyle, Lyle Crocodile April 7, 2 - 3:45 p.m.

PTC’s Kiwanis Club Easter Egg Hunt April 8, 10 a.m. to noon

@ McIntosh Trail Recreation Complex

Financial Aid & Your Wallet Workshop @ the Library April 11, 6 to 7 p.m. @ Readers & Writers Room

Join the City of Peachtree City for the Grand Opening of the newly designed Village Green Disc Golf Course April 15, 10 a.m. to Noon

Jigsaw Puzzle Swap @ the Library, April 15, 3 to 4 p.m.

@ Readers & Writers Room

Money Smart Week: Get Smart About Your Money Watch Events

@ the Library April 17-20, 2 to 2:30 p.m. Theater Room

Family Game Night @ the Library April 18, 6 to 7 p.m.

@ Children’s Storytime Room

Oak Grove Elementary Run for the Gold 5K April 21, 6 to 8 p.m. March of Dimes - March for Babies April 22, 8 a.m. to Noon

@ Drake Field

Table Top Games for Adults April 22, 2 to 4 p.m. @ the Library, Children’s Storytime Room

Running Injury Prevention Workshop at ProHealth in PTC on April 25. Look on page 27 for more details.

Fore Our Community Charity Golf Classic April 28, 9 a.m. to 7 p.m. @ Braelinn Golf Club

Walk4Water April 28, 5: 30 p.m. @ Peachtree City Church of Christ

12th Annual Bark for Life April 30, 1 to 3 p.m. @ McIntosh Trail Recreation Complex

For more information on these and other events, visit peachtree-city.org/calendar https://peachtree-city.org/125/Library

Doug Hand was born and raised in Atlanta, Georgia and is a second generation realtor. He graduated from Presbyterian College with a BS in Business. With over 13 years of experience as a licensed Realtor, Doug’s experience spans all aspects of residential, land and commercial real estate. Doug is a big sports fan and enjoys playing golf, going to concerts and spending time with family. Please reach out to Doug with any real estate needs or questions. He would be glad to help!