Peggie Davidson Coweta - Fayette Real Estate

Below find the Fayette Mkt Watch Report (resales only) posted thru the end of 2008.

Some notable stats:

Unit sales decreased almost 30% (approx the same a Coweta) Oct, Nov & Dec were the worse 3 months in the past 10 years Compared to the all time high of 1,704 resales sold in '05, '08 has been reduced by 44.5% New home sales fell to an all time low of 192 homes or 16.9% of the total of 1,137 Avg selling price of a SFR in '08 - $289,267 Months supply of current inventory of 1,345 homes for sale - 13.6 months Compared to the all time high of 478 in '05, new home sales has been reduced by 60% in '08 88 real estate firms reside in Fayette employing 890 agents (as of today) 21 real estate firm closed in '08 - 15 new ones opened 198 agents left the business in '08 (17.9%), down from 1,109 on Jan 1, '08 Ratio of 890 Fayette agents to all Fayette homes sold in '08 - 1 : 1.3 A ridiculous ratio by any measure. What that means is, on avg, each of the current 890 Fayette agents sold 1.3 homes in '08. Percent of listings expired to listings sold - 56% Total dollar volume of all sales in '08 - $330,667,236 which paid out approx $9,093,350 in commissions

Due to new home sales winding down in SG, the unit decrease this yr is over 46%. Compounded with last year's 22% loss, sales are down almost 70% from the '06 high water mark. April saw only 4 new and 8 resales sold for a total of 12 sales with a May 1 inventory of 200 homes for sale representing a 10 month supply. There's been a slight drop in avg prices this year of 2.4%. With only a handful of new homes selling each month which goes to support several new home sales people is the primary reason the Newnan Home Source is imploding on itself with agents leaving in droves. To view the full SG Mkt Watch Report, go to: http://SummerGrove.BushRealEstateGroup.com

Contact Peggie Davidson 404-557-4228

SALES BY MONTH

The 1st table shows monthly unit sales for existing homes for 2005 through YTD 2008 with annual totals and percent gains compared to the previous year. New home sales, which represent 42% of total home sales in the county, posted gains in 2006 close to 10% eclipsing 2005's 3.3% gain (see link button at the bottom of this page "Coweta New Home Market Watch") but 2007 is a whole new story with new home sales collapsing. For existing homes, prior to August we had dodged the bullet of declining sales seen in most other markets with unit sales marginally ahead of the same period in '06. However, the significant decline beginning in August brings 2007 sales below '06 by 7.9%. The trend is toward reduced sales and is a red flag worth watching as we head into 2008.

* 97 homes Under Contract scheduled to close in Mar 2008

Source: Ga MLS Jan 1, 2007

SALES BY PRICE

This table shows the annual unit sales for existing homes for 2005 through YTD 2008 for each designated price range with unit and percentage increases together with days on the market. Coweta County home sales continue to be predominately under $200,000 representing 69.3% of the unit sales in 2006. The average existing home sale price for 2006 was $185,265 (up 0.5% over 2005) selling at an average of 97.4% of list price. The lack of increase in average sale price is a major change from previous years where the increase usually hit 8%. As a result of the national market going through a correction we will see prices lay flat for a few years. As of Mar 1, 2008 there were 1,417 existing homes and 721 new for a total of 2,138 homes for sale in Coweta County. In 2007 the average price of existing homes has fallen from $185,265 last year to $178,922 or a 3.4% decrease.

MONTHS SUPPLY LEGEND: GREEN=GOOD MARKET CONDITIONS BLUE=AVERAGE MARKET CONDITIONS ORANGE=EXTRA MARKETING REQUIRED RED=INTENSE MARKETING REQUIRED
¹ Unit and percentage Gain/Loss are for 2005 compared to 2004 (Black = Gain / Red = Loss)
² Percent of total sales for 2007
³ Avg Days on Market are for sold homes for 2007
⁴ 2007 unit sales for designated mon, qtr, & yr
⁵ Days on Market for past 12 months of Sold Homes
⁶ Number of existing homes for sale as of Mar 1, 2008 (click on "For Sale" to search for any home in metro Atlanta)
⁷ Months Supply on Market as of Mar 1, 2008

Note: Months Supply is computed by dividing the current number of homes for sale into the number sold in the past 12 months X 12.

SALES BY ZIP CODE
Jan 1, 2007 - Dec 31, 2007

¹ Number of homes for sale & Months Supply as of Jan

¹ Number of homes for sale & Months Supply as of Jan 1, 2008