Coweta County Market Watch August 2009 Sales by Month & Price

At first glance it appears the unit sale decline has slowed significantly with '09 posting unit sales only slightly behind the same 7 months of last year at 7.6% or 54 homes. However, that is deceiving when you look at the same sales segmented by price. Notice in the 2nd table (sales by price) that a full third of the '09 YTD sales are in the under $100K range. All years previous to '08 had the under $100K unit sales representing slightly over 10% of the total. The reason for the tripling of this segment of the market is investor purchases of lower priced foreclosures for rental and/or flipping. Once you remove the dominant segment of the price spectrum then you see a truer picture of market with unit sales continuing their downward trend.

What's the short term future hold for Coweta home sales? More of the same for the foreseeable future probably continuing to late 2010 and possibly 2011. Much further than that and it is impossible to predict since all of our crystal balls start getting foggy looking past 12 months.

Note also that after the $250K range the months supply (the real litmus test for market conditions) begins doubling and tripling representing a softer mkt the further up the price range ladder you go. Keep in mind that is not a reflection of the times since those stats existed in the red hot years with little change today. High-end in Coweta has always had an extreme softness because the county is basically a blue-collar county with historical average home prices below $200K (and falling).

Sales by Month

¹ 2009 % decrease compared to 2006, Coweta's all time high

* 121 homes Under Contract scheduled to close in Aug 2009

Coweta Existing Home Sales by Month Sales by Price

Information reliable but not guaranteed courtesy of Don Bush