Market stats for Suwanee, GA, November, 2011 indicate that there are 502 properties on the market (down from 579 last month). Overall, there is about an 7.0 month supply of properties (up from 6.6 last month). November had 53 sales. Compared to 2010 (48), that was a little stronger. Inventory was down, as well, compared to 2010 (582). The last five months have been very strong, but that comes on a very weak June and just average sales for a couple of prior months. November was a bit stronger than last year, but well down from October (83 sales). Obviously, I like seeing continued strength here.
In the Under $200k arena, there are 161 listings in Suwanee, GA, with about a 5.3 month supply (156 and 8.5, respectively last year). This November’s sales were OK, at 26 (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 was looking for a solid follow-up to last month’s 42 sales, but we didn’t get it. While it was a good showing against last year, it was far from a good showing overall. Hopefully we’ll see a similar number of sales for December…
Between $200k and $400k, there are 235 listings for sale (285 last year), and 7.0 months of supply. Sales in November, 2011 were 23 (31 in October), compared with 27 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. Unlike most of the county, this is the largest price segment in the area, and its direction plays a major part in how the area looks. Could be getting better…
From $400k to $600k, there are 57 homes on the market. The absorption rate is at 10.1 months (6.6 in September). There were 4 sales in November (8 in October)… flat compared to last November. Looking at the three month average, there were 17 sales this year and 12 for the same period last year. This segment had gotten dramatically stronger in the last couple of months, but like the lower price segments, dropped off heavily this month. We should be looking at more than 10 sales for December… I’m not expecting it, though.
In the $600k to $800k arena, there are 17 listings, with about a 12.8 month supply (8.1 last month). Sales at this level are not consistent, but there were 0 this month (1 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 4… For the same time last year, the sales were 2. 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 strong.
The range from $800k to $1m, there are 7 homes listed and 21 months of inventory on the market. There were only 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 25 properties listed. The current absorption rate indicated about 75 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, 0 for November). 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.
- Suwanee, GA, Market Report, October 2011 (lanebailey.com)
- Suwanee, GA, Market Report, September 2011 (lanebailey.com)
- Suwanee, GA, Market Report, August 2011 (lanebailey.com)
- Suwanee, GA, Market Report, June 2011 (lanebailey.com)
- Suwanee, GA, Market Report, May 2011 (lanebailey.com)
- Suwanee, GA, Market Report, April 2011 (lanebailey.com)
- Suwanee, GA, Market Report, March 2011 (lanebailey.com)
- Suwanee, GA, Market Report, February 2011 (lanebailey.com)
- Suwanee, GA, Market Report, January 2011 (lanebailey.com)
- Suwanee, GA, Market Report, December 2010 (lanebailey.com)
- Suwanee, GA, Market Report, November 2010 (lanebailey.com)
- Suwanee, GA, Market Report, October 2010 (gwinnettgarageguy.com)
- Suwanee, GA, Market Report, September 2010 (lanebailey.com)