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Market stats for Suwanee, GA, August, 2011 indicate that there are 593 properties on the market (down from 612 last month). Overall, there is about an 7.3 month supply of properties (down from 7.4 last month). August had 83 sales. Compared to 2010 (55), that was VERY strong. Inventory was down, as well, compared to 2010 (636).  The last two months have been very strong, but that comes on a very weak June and just average sales for a couple of prior months.  Obviously, I’d like to see continued strength here.

In the Under $200k arena, there are 183 listings in Suwanee, GA, with about a 5.7 month supply (151 and 7.3, respectively last year).  This August’s sales were OK, at 33 (just 15 last year).  This is definitely the strongest price segment in Duluth, but not that strong compared to some other areas of the county.  As recently as June 2010, the A/R was 4.8 months.  I’d like to see sales approaching 35 for the next couple of months to call this segment strong.

Between $200k and $400k, there are 292 listings for sale (362 last year), and 8.6 months of supply. Sales in August, 2011 were 32 (48 in July), compared with 28 for the same period in 2010.  Sales have been bouncing between very strong and average for the last few months.  I’d like to see some consistency around 35-40 sales for the next couple of months.  This shouldn’t be a “peaky” market/price  segment.

From $400k to $600k, there are 63 homes on the market. The absorption rate is at 6.5 months (14.5 in May). There were 15 sales in August (11 in July)… up from 12 last August.  Looking at the three month average, there were 29 sales this year and 31 for the same period last year.  This segment has gotten dramatically stronger in the last couple of months, but for the last few years has dropped off pretty heavily as school started.  I’d be quite happy with 10 sales over each of the next two months.

In the $600k to $800k arena, there are 19 listings, with about a 5.2 month supply.  Sales at this level are not consistent, but there were 3 this month (5 last month).  Looking at one month makes the numbers jump. For the last three months, sales were 11… For the same time last year, the sales were 12.  With the huge decrease in listings over the last couple of months, this has become the strongest $600k-$800k area in the county.  Over the next couple of months, look for 2-3 sales a month on average.

The range from $800k to $1m, there are 8 homes listed and 12 months of inventory on the market. There were only been 3 sales at this price level this year (1 in April, 2 in July).  This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough.

In Suwanee, GA, Above $1m, there are 28 properties listed (the only segment to increase listings). The current absorption rate indicated about 42 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. In this segment, we should be seeing reduced inventories… There were 33 homes listed in this segment at this time last year. There were 2 sales for June, and none listed since.

Suwanee, GA is a suburb of Atlanta in Gwinnett, Forsyth and (just a little bit) in Fulton Counties. The population is 2000 was 8,725, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Money Magazine rated Suwanee in the “Top 10 Best Places to Live” in 2007, and it is one of the wealthiest parts of Georgia. Recently, the City of Suwanee has revamped their old town, adding a large park with a bandshell, condos, town homes and small businesses. It is also home to North Gwinnett High School, Peachtree Ridge and Collins Hill. I have a page dedicated to Suwanee Market Data.

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