Real Es tate Weekly The

How Is The Local Real Estate Market?

The local real estate market is cooling off. Properties are still being listed and sold, but the activity and sales numbers have dropped dramatically. I have noticed the decline in showing activity with new listings this summer. We are not seeing the amount of showings that we saw earlier in the year and the years preceding that.

In fact, the number of sales in Coweta County, from June 2022 to June 2023, were down over 18 percent per Georgia Multiple Listing Service (GAMLS). A seasonal and summer lull in real estate is common as people often go on vacations but the lull seems more pronounced this summer.

Listing inventory is still a problem as well. There are not many options for buyers as they go look for a home. A low supply of listings has kept real estate prices steady even though buyer demand has tailed off. New listings were down over 20 percent, from June 2022 to June 2023 per GAMLS. At the time that I am writing this, there are only 416 homes for sale in Coweta County per GAMLS. The averages sales price of a home was basically flat, year-over-year, in Coweta. The average sales price for June 2023, in Coweta County, was $453,304 per GAMLS.

August Daily Menu

SUNDAY: German Chocolate, Caramel Apple Pie

MONDAY: Carrot, Chocolate Mocha

TUESDAY: Key Lime, Caramel Popcorn, GLUTEN-FREE

WEDNESDAY: Banana Cream Pie, Peanut Butter Brownie

THURSDAY: Strawberry, Peaches and Cream, Baker’s Choice, VEGAN

FRIDAY: Strawberries N Creme, Peach Cobbler, Baker’s Choice, GLUTEN-FREE

SATURDAY: Strawberry Cheesecake, Kentucky Bourbon, Baker’s Choice

High interest rates are keeping many potential buyers from purchasing homes. Depending on income, debt and credit scores, mortgage rates are anywhere from six to seven and a half percent right now. The days of two and three percent rates, from two to three years ago, are long gone. Another factor is a low consumer confidence. Many people feel the economy is in a poor or “shaky” state and are delaying making large purchase such as a home. The consumer confidence survey showed that only 21.9% of consumers felt that business conditions were “good.” This was down from 23.4% the previous month.

What does all this mean for our market here? The market is certainly cooling off from arguably the greatest seller’s market of all time.

I would say that the market is actually in a healthier state now.

Buyers have a much better chance, with less competition, of securing a property than they did just a year or two ago.

While mortgage rates are high, they are still historically moderate compared to when rates were in the teens and near 20 percent just a few decades ago. Coweta is still a nice and desirable place to live with a low cost of living and access to many great amenities. The local real estate market will continue to turn, it just not may be the speed we all grew accustomed to the last couple of years. Jess Barron is an Associate Broker with Lindseys, Inc. Realtors and former President of the Newnan-Coweta Board of Realtors. ■

Pro Sports

MLB – ATLANTA BRAVES (75-42)

Aug. 7 – at Pittsburgh Pirates ... L, 6-7

Aug. 8 – at Pittsburgh Pirates ... W, 8-6

Aug. 9 – at Pittsburgh Pirates ... W, 6-5

Aug. 10 – at Pittsburgh Pirates ... L, 5-7

Aug. 11 – at New York Mets ... W, 7-0

Aug. 12 – at New York Mets ... W, 21-3 / DH

Aug. 12 – at New York Mets ... W, 6-0 / DH

Aug. 13 – at New York Mets ... L, 6-7

Aug. 14, Mon. – New York Yankees, 7:20 pm – BSS

Aug. 15, Tues. – New York Yankees, 7:20 pm – BSS / TBS

Aug. 16, Wed. – New York Yankees, 7:20 pm – BSS

Aug. 18, Fri. – San Francisco Giants, 7:20 pm – BSSE

Aug. 19, Sat. – San Francisco Giants, 7:20 pm – BSSE

Aug. 20, Sun. – San Francisco Giants, 1:35 pm – BSSE

Aug. 21 – New York Mets, 7:20 pm – BSS

Aug. 22 – New York Mets, 7:20 pm – BSS

Aug. 23 – New York Mets, 7:20 pm – BSS

All Home Games played at Truist Park

MLS – ATLANTA UNITED (9-7-8)

July 15 – Orlando City ... L, 1-2

July 25 – at Inter Miami ... L, 0-4

July 29 – Cruz Azul ... T, 1-1 CAZ wins on PKs

Aug. 20, Sun. – at Seattle Sounders, 10:30 pm – Apple TV

Aug. 26 – Nashville SC, 7:30 pm –Apple TV

Aug. 30 – FC Cincinnati, 7:30 pm – Apple TV

Sept. 2 – at FC Dallas, 8:30 pm – Apple TV

Sept. 16 – Inter Miami, 5 pm – Apple TV

All Home Games Played at Mercedes-Benz Stadium

WNBA – ATLANTA DREAM (15-16)

Aug. 6 – Indiana Fever ... W, 82-73

Aug. 10 – at Seattle Storm ... L, 67-68

Aug. 12 – at Los Angeles Sparks ... L, 74-85

Aug. 13 – at Las Vegas Aces ... L, 65-86

Aug. 18, Fri. – Chicago Sky, 7:30 pm – ION TV

Aug. 22 – Las Vegas Aces, 7 pm – CBSSN / BSSE

Aug. 25 – Los Angeles Sparks, 8 pm – ION TV

Aug. 27 – at Indiana Fever, 4 pm – NBA TV / BSS

All Home Games played at Gateway Center Arena

NFL – ATLANTA FALCONS (1-0**)

Aug. 11 – at Miami Dolphins**... W, 19-3

Aug. 18, Fri. – Cincinnati Bengals**, 7:30 pm – FOX 5

Aug. 24 – Pittsburgh Steelers**, 7:30 pm – FOX 5

** Preseason

All Home Games played at Mercedes-Benz Stadium

BSS – Bally Sports South / BSSE – Bally Sports Southeast

Outdoors

HUNTING SEASON DATES – COWETA

Aug. 15 – Feb. 29 – Squirrel, Opossum & Raccoon

Aug. 15 – March 15 – Falconry (Squirrel)

Hunting & Fishing License Info: Call 1-800-366-2661

Visit https://georgiawildlife.com/licenses-permits-passes

LAKE LEVELS

Jackson Lake – Aug. 13 ... 528.63 ft. (Full 528 ft.)

Lake Allatoona – Aug. 13 ... 839.77 ft (Full 840 ft.)

Lake Harding – Aug. 13 ... 520.72 ft. (Full 520 ft.)

Lake Lanier – Aug. 13 ... 1,068.41 ft (Full 1,071 ft.)

Lake Logan Martin, Ala. – Aug. 13 ... 464.67 ft. (465 ft.)

Lake Martin, Ala. – Aug. 13 ... 490.31 ft. (Full 491 ft.)

Lake Wedowee, Ala. – Aug. 13... 792.88 ft. (Full 793.0 ft.)

West Point Lake – Aug. 13... 633.29 ft. (Full 635 ft.)

SUNRISE / SUNSET

Wednesday, Aug. 16 – Rise 7:02 am; Set 8:23 pm

Thursday, Aug. 17 – Rise 7:03 am; Set 8:22 pm

Friday, Aug. 18 – Rise 7:04 am; Set 8:21 pm

Saturday, Aug. 19 – Rise 7:04 am; Set 8:20 pm

Sunday, Aug. 20 – Rise 7:05 am; Set 8:18 pm

Monday, Aug. 21 – Rise 7:06 am; Set 8:17 pm

Tuesday, Aug. 22 – Rise 7:06 am; Set 8:16 pm