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Market stats for Suwanee, GA, October, 2011 indicate that there are 539 properties on the market (down from 579 last month).  Overall, there is about an 6.6 month supply of properties (down from 6.7 last month).  October had 83 sales.  Compared to 2010 (58), that was VERY strong.  Inventory was down, as well, compared to 2010 (601).  The last four 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 like seeing continued strength here.

In the Under $200k arena, there are 177 listings in Suwanee, GA, with about a 5.2 month supply (159 and 8.7, respectively last year).  This August’s sales were OK, at 42 (just 22 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 was looking for sales to hit 35+, and they did… we need a good follow-up month for November.  I should start having good numbers soon.

Between $200k and $400k, there are 246 listings for sale (311 last year), and 7.0 months of supply.  Sales in October, 2011 were 31 (42 in September), compared with 31 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.  Could be getting better…

From $400k to $600k, there are 62 homes on the market.  The absorption rate is at 6.6 months (6.5 in September).  There were 8 sales in October (5 in September)… way up compared to last October (3 v 8).  Looking at the three month average, there were 28 sales this year and 17 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 8.1 month supply.  Sales at this level are not consistent, but there was 1 this month (3 last month).  Looking at one month makes the numbers jump around.  For the last three months, sales were 7…  For the same time last year, the sales were 3.  With the huge decrease in listings over the last couple of months, I was looking for this to become one of the strongest $600k-$800k area in the county.  But until I see 2-3 sales a month on average, I can’t call this one as strong.

The range from $800k to $1m, there are 6 homes listed and 18 months of inventory on the market. There were only been 4 sales at this price level this year (1 in April, 2 in July and 1 in August). This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough.  But there still needs to be some sales activity.

In Suwanee, GA, Above $1m, there are 29 properties listed.  The current absorption rate indicated about 87 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (only 1 sale for October).  In this segment, we should be seeing reduced inventories…  There were 25 homes listed in this segment at this time last year.

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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