Fayette home sales rebound, prices don’t

Fayette home sales rebound, prices don’t

It was a mixture of good and bad news for home sales in Fayette County during 2011. The good news was that the number of home sales increased slightly after falling for the past four years, marking the most sales since 2007.

But the average sale price was another matter, with 2011 bringing a fifth straight year of falling prices.

Multiple Listing Service (MLS) records provided by Leslie Edwards Realty showed there were 1,157 homes sold in Fayette County during 2011. Those homes carried an average list price of $290,511 and an average sales price of $227,767.

As indicated in the chart below, the data from 2011 shows the number of homes sold and the average list and sale price far below the numbers seen prior to the recession.
 

 

Year     Homes sold     Avg. list price     Avg. sale price

2007     1,537                 $388,506          $314,342

2008     1,081                 $380,569          $297,239

2009     1,043                 $363,083         $266,228

2010       970                  $346,118         $255,183

2011     1,157                 $290,511         $227,767
 

MLS records show that 188 of the 1,157 homes sold in 2011 came with a sale price of under $100,000.

Also in 2011 there were an additional 857 homes for which the sales contract expired without a sale. That means that 43 percent of the homes under contract did not sell.

Edwards said there are currently 778 homes for sale in Fayette County. That number represents an 8-month supply of single-family homes.

Next door in Coweta County, 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, MLS records show that 595, or approximately 39 percent, sold for under $100,000.

Records also show that Coweta currently has 1,016 homes for sale.

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.

Robert W. Morgan
Robert W. Morgan's picture
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Joined: 10/26/2005
Count your blessings, Fayette homeowners

And stop complaining - things could be much worse. Look at those average sales prices in Clayton and Henry Counties. No, those are not typos.

It looks as if Fayette is going to come through this mini-recession without too much of a loss in value. Probably hit bottom next year or two, but our bottom is not bad compared to the others. Of course if your house is/was above $400,000, just plan on staying put for a long, long time. So, get comfortable. Good time to remodel, start a vegetable garden, cut down your pine trees, run for mayor.

AtHomeGym
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Joined: 01/18/2007
RWM & Pine Trees

Careful here, you may be encouraging law-breaking, dependent on where one lives! Jeez, ya know, asking permission never crossed my mind when I had 18 of them taken out--but when you live in unincorporated FC, you can do that!

Davids mom
Davids mom's picture
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Joined: 10/30/2005
Wise decision

to settle in Fayette County seven years ago. . . . plan to remain. Haven't had any face to face confrontation with the so-called politically correct Christian Republicans here. All exhibit 'southern' hospitality. Do hear the 'code' words, but you know what they say about 'sticks and stones'. I'll continue to remain a target out of range - and be ever aware of any attempt to take away my rights as a citizen of this great country of ours. Cheers!

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