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Market stats for Buford, GA, October, 2011 indicate that there were 497 properties on the market.  Overall, there was about an 6.5 month supply of properties (Absorption Rate or A/R).  There were 77 sales for October, down slightly from 79 last month and up a good bit from 60 from last October (2010).

In the sub-$200k arena, there were 279 listings, with a 5.2 month supply.  This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area.  Sales were down slightly from last month (51 v 55), but impressively strong compared to last year (37 sales in October, 2010).  Framed in the results for the whole market area, the segment is reasonably strong.  And the A/R is well under the 6 months that would be considered fairly balanced… pointing towards a seller’s market.

Between $200k and $400k, there were 167 listings for sale, and about 8.6 months of supply. The 23 sales recorded were slightly above the 18 from last month and dead on the 23 sales last year for October.  This had been one of the weaker segments in the county, but has improved dramatically… now it is unremarkable.  In this case, that is a HUGE improvement.

From $400k to $600k, there were 30 homes on the market.  The absorption rate is 8.2 Months.  There have been 11 sales in the last 3 months (3 sales for October, 6 sales for September, 2 for August).  When the market is rolling, there should be 5-7 sales a month during this part of the year.  Last month was pretty strong, and but we didn’t have the follow-up this month I was looking for…

In the $600k to $800k arena, there were 7 listings. Absorption Rate is 21 months… but it jumps around a lot. Sales in this range are pretty sporadic, but steady when looking at the long-term. The drop in inventory over the last few months from 14 homes to 7 homes has made things look less slow… but there have been 4 sales in this segment in the last year… the last was two months ago.

The range from $800k to $1m, there were 6 homes listed.  And with only 2 sales in the last year (December, 2010), obviously trends are hardly definable.  Listings are down, but sales aren’t following through.

Above $1m, there were 8 properties listed.  The last sale in the segment was in April… of 2009…and then there was May… and 2 sales in June.  FINALLY, new sales! So, we have 16 months of inventory.  I hope, but am not expecting, sales to be more consistent.

Buford, GA is a suburb of Atlanta in Gwinnett and Hall Counties. The population is 2000 was 10,668, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Buford is home to Lake Lanier, one of Georgia’s premiere recreational areas, and Lake Lanier Islands. Recently, the City of Buford has revamped their old town. It is also home to Buford (Buford City Schools aren’t a part of Gwinnett County Schools), Mill Creek, Mountain View and Lanier High School (Lanier will open for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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