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Market stats for Buford, GA, November, 2011 indicate that there were 480 properties on the market.  Overall, there was about an 7.2 month supply of properties (Absorption Rate or A/R).  There were 44 sales for October, way down  from 77 last month and dead on the 44 sales last November (2010).

In the sub-$200k arena, there were 261 listings, with a 5.8 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 way down from last month (30 v 51), but flat compared to last year (29 sales in November, 2010).  Framed in the results for the whole market area, the segment is reasonably strong.  And the A/R is under the 6 months that would be considered fairly balanced… pointing towards a slight seller’s market.

Between $200k and $400k, there were 162 listings for sale, and about 9.4 months of supply. The 11 sales recorded were well down from the 23 from last month and slightly from the 13 sales last year for November. This had been one of the weaker segments in the county, but has improved dramatically… it’s still weaker than it should be, though.

From $400k to $600k, there were 33 homes on the market. The absorption rate is 8.3 Months. There have been 12 sales in the last 3 months (3 for November, 3 sales for October, 6 sales for September). When the market is rolling, there should be 5-7 sales a month during this part of the year. September was pretty strong, and but we didn’t have the follow-up the last two months I was looking for…  Just for comparison, there were 2 sales in the Sept.-Nov. period in 2010.

In the $600k to $800k arena, there were 8 listings. Absorption Rate is 48 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 8 homes has made things look less slow… but there have been 4 sales in this segment in the last year… the last was five months ago.

The range from $800k to $1m, there were 8 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.  So, we have 24 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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