Peggie Davidson Coweta - Fayette Real Estate

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

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Total

Gain

% Gain

2005

18

21

33

27

33

35

47

30

28

32

26

31

361

2

0.6%

2006

21

21

47

23

28

46

30

39

24

37

21

29

366

5

1.4%

2007

10

23

27

35

38

33

30

29

15

18

19

9

286

- 80

- 21.9%

2008

12

13

15

13

16

14

21

15

11

13

3

11

157

- 129

- 45.1%

2009

8

*

8

- 4

- 33.3%

PRICE
RANGE

100K
149K

150K
199K

200K
249K

250K
299K

300K
349K

350K
399K

400K
499K

500K
799K

AVG
SALE

DOLLAR
VOLUME

Jan 2009

1

-

2

1

-

3

1

-

8

$298,625

$ 2,389,000

* 27 new homes Under Contract scheduled to close in Jan 2009