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.

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. continued on page 9

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.

FRANK BARRON Associate Broker 770-231-9535

FrankB@LindseysRealtors.com

1948-2023

“Serving All of Newnan and Coweta County Since 1948” www.LindseysRealtors.com

JESS BARRON, GRI Associate Broker 678-857-9350

JessB@LindseysRealtors.com

14 Jackson Street, Newnan, GA 30263 • 770-253-6990

MLS #10148023

CHOICE 10.13 ACRES ZONED COMMERCIAL (C2) ON HWY 74 (SENOIA ROAD)! Adjoins Georgia World of Beverages. 579 ft of frontage on Highway 74, and additional 385 ft +/- of frontage on Landrum Road. $3,500,000. Frank/Jess.

MLS #10120310

HURRY ON THIS 14.41+/- WOODED ACRE TRACT ON US HWY 29 approximately 5 miles north of Newnan! 819.25’ Road frontage. Small pond. Ideal for development, church, school, estate size lot or possible subdivision. $599,900. Frank / Chip.

MLS #10178434

WELL BUILT 4-SIDED BRICK RANCH ON QUIET CUL-DE-SAC with new roof, central heat & a/c, and paved carport. Formal Dining room. Spacious family room/den. 3 BR/2 BA. Handsome updated kitchen with granite countertops, newer cabinets, stove, dishwasher & refrigerator. Storage building. See today! $269,900 FRANK

1948 2023

Serving All Your Real Estate Needs Since 1948.

MLS #10180013

DELIGHTFUL 4-SIDED BRICK RANCH ON ROSCOE ROAD has Living Room w/fireplace, Formal Dining Room, 3 Bedrooms, 2 Baths, updated Kitchen! Hardwood floors. Master bedroom has access to spacious, fantastic covered deck overlooking fenced backyard with KOI pond with waterfall, garden area, patio, workshop, greenhouse, man cave and storage rooms - ideal for hobbies and entertaining. OCHOSA Home Warranty provided by Sellers. See to appreciate at $349,900! Frank/Jess.

12 CHOICE BUILDING LOTS IN BOHANNON WOODS, GRANTVILLE. BULK SALE ONLY. Easy access to I-85, Atlanta, Newnan, LaGrange and Columbus. Seller will only sell as a bundle, not individual lots. $420,000.

BEAUTIFUL & SPACIOUS BRICK HOME w/ hardwood floors, high ceilings on full, finished basement. 4 BR, 4 ½ BA. LR with fireplace opens to screened porch. Kitchen has granite countertops. Separate DR. Primary BR has remodeled master BA w/ large walk-in shower, jacuzzi tub. Attic has expansion potential. Double garage. Shop area. Excellent schools, great location w/ easy access to downtown Newnan, I-85.

MLS #10158946

48.45 ACRES ON FRANKLIN HWY! BEAUTIFUL, WOODED LAND WITH STREAM! Great timber, hunting, recreation or development tract. Timber cruise completed in 2020 - $72,675. Mixture of hardwoods and pines. Spacious and private! $411,825. Jess.

MLS #10179829

BEAUTIFULLY RENOVATED HOME & ADJACENT LOT! Easy access to bypass/Hwy 34, Ashley Park, I-85 & downtown Newnan. Completely renovated kitchen w/new flooring, cabinets, c-tops, bkspl & SS appl. Lg GR w/vaulted ceiling. Spacious primary bedroom w/renovated bath. Lg secondary br’s. Screen porch, Deck. Spacious backyard & add’l lot! A must see! $359,900 Jess.

LOTS/LAND

2 VACANT BUILDING LOTS IN WEST COWETA COUNTY with county water and electricity available. Country setting on East Coggin but easy access to Newnan, Franklin, and Carrollton. $60,000 per lot. Frank and Jess.

Call for more informaton on these and other available lots / land and commercial listings.

109 RESIDENTIAL LOTS IN MANCHESTER, GA! Manchester city water, sewer & electricity available. Schools nearby! Walk to downtown Manchester. Chestnut Glen Subdivision. $3,270,000. Frank/Jess

LOTS/LAND

3 WOODED VACANT LOTS in West Coweta in Ashley Woods. Easy access to Newnan, Franklin, or Carrollton. $29,900 per lot. Frank/Jess

6.7

LOTS/LAND

12 CHOICE BUILDING LOTS in Grantville. Easy access to I-85, Atlanta, Newnan, LaGrange and Columbus. Sold ‘as is’. $420,000 Bulk Sale Only. Frank/Jess.

MLS #10169807

APPROXIMATELY 43.597 ACRES OPEN AND WOODED. 4 HOUSES ON PROPERTY. Approximately 2-acre pond. Frontage on Hwy 75 and Landrum Road in Fairburn. See to appreciate by appointment only $6,000,000. Jess /Frank.

LOTS/LAND

SOLD! SOLD!

RESIDENTIAL LOT ON BERRY AVENUE IN TOWN. All utilities available. $29,900 Frank.

AMLAJACK 255.5+/- ACRES WITH HALF MILE FRONTAGE ON I-85 between 2 industrial parks. $17,890,600. Frank.

2.86 ACRES on BETHLEHEM ROAD NEAR MORELAND. Mostly wooded with mature hardwoods. Good building site. Soil test already done. See to appreciate. $68,000. Frank. COMMERCIAL FOR LEASE FOR LEASE – 3,200 s/f upstairs office space - $750 per month (Owner/Agent) Frank. UNDER

LEASED

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. ■