Office building of NCR Corporation in Duluth, ...

Image via Wikipedia

Preliminary stats for Duluth, February, 2011 indicated that there were 574 properties on the market. Overall, there is about an 11 month supply of properties.  Months of Inventory has been increasing for the last couple of months, until last month.  Sales in February were 51, compared to 45 a year earlier.  Usually in February we see an uptick in inventory, which continues through the spring.  Inventory actually dropped this time.  If inventory stays flat or doesn’t move as high as previous trends, this could bode well for properties on the market.

In the Under $200k arena, there were 235 listings in Duluth, GA, with about a 8.7 month supply.  The Absorption Rate had gotten down into the high 4 month realm… and as recent as December, 2009, was in the low 5s.  In May, it was at 7.9 months and has been rising since, until last month.  Sales for February were up this year v last year (27 v 19), and up from January (23).

Between $200k and $400k, there are 148 listings for sale, and about 12 months of supply.  Sales decreased from 11 in 2010 to 7 in 2011.  With sales down for November, up for December and down for January and February, there is no clear trend.  Absorption rates have similarly risen, dropped and then risen again.

From $400k to $600k, there were 57 homes on the market. The absorption rate was around 10.1 months.  This was one of the strongest segments in Gwinnett County.  Of course, this is on the heels of a weak December and reasonably strong January.  Sales were flat this year v last year (4).

In the $600k to $800k arena, there were 50 listings, with about 13.6 months of supply.  Sales were 3 for February… 4 for this month last year.  Month to month sales were down slightly (4 v 3).  If listings stay relatively low, this segment could show a great improvement.

In Duluth, GA, from $800k to $1m, there were 30 homes listed and approximately 11.3 months of inventory on the market.  Falling inventories and increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February).  There were 5 sales in the previous three months.  Last year, there were 4 sales in the same period.  And then there were 5 sales in February.  Over the summer, the Absorption Rate for this segment dropped as low as 14.3 months of inventory.

Above $1m, there were 54 properties listed. The current absorption rate indicated about 54 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 3 sales in the Dec – Feb period this year, and 5 sales for the same time last year… but inventories are lower.

Duluth, GA is a suburb of Atlanta, in the heart of Gwinnett County. It actually straddles the county line and has unincorporated portions in South Forsyth County. The population of Duluth is estimated as about 26,000 people as of 2008, but this doesn’t include unincorporated areas outside the city limits, but with a Duluth mailing address. It is also home to Sugarloaf Country Club, a PGA stop until recently.  Forbes Magazine rated Duluth 26th in their nationwide survey of the best places to move, and it is one of the wealthiest parts of Georgia.  It is also home to the Arena at Gwinnett Center (Home of the ECHL Gwinnett Gladiators) and the Atlanta Thrashers practice facility (the Duluth Ice Forum). There is a LONG list of celebrities and athletes that call Duluth home, largely because of the country clubs and proximity to Atlanta.

I have a page dedicated to Duluth Market Information.

Related articles
Enhanced by Zemanta