With the current state of the economy in the U.S., fueled for the past several years by the housing market, it's probably no big surprise that 2008 was not a stellar year in real estate in Covington and Newton County.
Here's how the year ended in Newton County, according to statistics drawn from the Georgia Multiple Listing Service (GAMLS).
A total of 1355 single family homes sold in Newton County during 2008, a decrease of almost 400 from those sold in 2007.
Total Sales volume in December 2008 was almost $8 million less than in January. And the average sales price during that period dropped by over $43,000 per home, on average.
New homes were hardest hit with only 328 new homes selling during 2008. It took an average of 6.5 months to sell each of those new homes, and there's still a 14.3 month supply of newly constructed homes on the market in the county.
There were 779 single family property foreclosures during the year. But, they were not just low-cost and starter homes. These foreclosures can be found at virtually every price point and in most neighborhoods county wide.
Will 2009 be a better year in the housing market? With unemployment in metro-Atlanta standing at 7% and expected to rise during 2009, it's hard to say. But housing is the key to economic recovery in this area overall, and unemployment usually lags the start of recovery. So watch the housing market this year to see how our economy is doing.
The good news in all of this is that it's still a great time to buy a home, especially if you're in a position of not having to sell before you buy. There is ample mortgage money available for new loans for those with good credit at some of the lowest interest rates in years. And there are plenty of homes on the market for you to choose from - 1862 active single family home listings in Newton County today - at better prices than you're likely to find for years to come.
If you have a home to sell, give it a try. It costs you nothing until the home is sold, so you have nothing to loose. And if you sell for less than you'd like, be assured that you'll be buying for a lot less than you would expect also!
If you have a home to sell, contact us, "Your Traditional Neighborhood Specialists," by either phone, email or text message. We'll be glad to advise you on things you can do sell your home faster in this market.
And if you're looking for a new home, we have access to hundreds of new, bank-owned and foreclosed properties throughout Covington, Newton and the surrounding counties. Call or text 770-337-5262 or 404-925-3676, or email firstname.lastname@example.org. We'll make it work for you!
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