The average sale price of homes in Coweta County has been falling since the recession took a firm hold in 2008. And while the number of homes sold has leveled off in the past three years, the average selling price declined from $195,084 in 2008 to $153,806 in 2011.
Coweta County in 2011 saw 1,543 homes sold with an average listing price of $239,511 and an average sale price of $153,806. The number of homes sold represents 58 percent of the homes placed on the market during the year. The remaining 1,214 homes on the market were unsold at year’s end.
Of the homes sold, Multiple Listing Service (MLS) records show that 595, or approximately 39 percent, sold for under $100,000.
Records show that Coweta currently has 1,016 homes for sale.
A look at Coweta homes sales in prior years showed that a larger number of homes were sold during the first full year of the recession, with that number diminishing and leveling off in subsequent years. The average sale price is another story, with that amount falling steadily since 2008.
Year Homes sold Average sale price
2008 1,707 $195,084
2009 1,546 $173,820
2010 1,524 $162,244
2011 1,543 $153,806
And what has the situation been like next door in Fayette County? The downward trend caused by the recession was evident in Fayette beginning in 2008. The 1,537 homes sold in 2007 decreased to 1,081 home sales in 2008 followed by 1,043 in 2009, 970 in 2010 and back up to 1,157 sales in 2011.
In 2011, 188 of the 1,157 homes sold, or 16 percent, sold for under $100,000.
Records also show that 857 other homes on the market in 2011, representing 43 percent of the total, remained unsold at year’s end.
A decline over time in the sale price in Fayette mirrored that of Coweta. The average sale prices in Fayette County showed that the $314,342 received in 2007 dropped to $297,239 in 2008 and to $266,228 in 2009. In 2010 the average sale price decreased to $255,183 and dropped to $227,767 in 2011.
As for a couple of other south metro Atlanta counties, the larger number of homes sold in 2011 in Henry and Clayton counties was not unexpected given the much larger population in both counties. But it was the sale price that took the big hit.
In Henry County, 2011 saw 2,816 homes sold with an accompanying average sale price of $112,704. Of those sales, 1,568 sold for under $100,000.
And in Clayton County there were 3,112 homes sold. Those homes came with an average sale price of $49,036.
The MLS information provided above was furnished by Leslie Edwards Realty.
