Market stats for Suwanee, GA, December, 2011 indicate that there are 468 properties on the market (down from 502 last month). Overall, there is about an 6.7 month supply of properties (down from 7.0 last month). December had 74 sales. Compared to 2010 (46), this year was a stronger. Inventory was down compared to 2010 (548). 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. December was much stronger than last year, and from November (53 sales). Obviously, I like seeing continued strength here.
In the Under $200k arena, there are 152 listings in Suwanee, GA, with about a 4.0 month supply (161 and 5.0, respectively last year). This December’s sales were solid, at 46 (just 13 last year). This is definitely the strongest price segment in Suwanee. I was looking for a solid follow-up to October’s 42 sales, but we didn’t get it in November. Hopefully we’ll see a similar number of sales for January…
Between $200k and $400k, there are 209 listings for sale (249 last year), and 8.4 months of supply. Sales in December, 2011 were 21 (31 in November), compared with 25 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… but not this month.
From $400k to $600k, there are 59 homes on the market. The absorption rate is at 9.8 months (10.1 in November). There were 6 sales in December (4 in November)… up by 2 compared to last December. Looking at the three month average, there were 18 sales this year and 11 for the same period last year. This segment had gotten dramatically stronger in the last couple of months, but like the next lower price segment, dropped off heavily this month. We should be looking at close to 10 sales for January… I was hoping (but not expecting) 10 for December.
In the $600k to $800k arena, there are 17 listings, with about a 51 month supply (12.8 last month). Sales at this level are not consistent, but there were 0 this month (0 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 1… 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 strong.
The range from $800k to $1m, there are 5 homes listed and 15 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 26 properties listed. The current absorption rate indicated about 39 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 and 1 for December). In this segment, we should be seeing reduced inventories… There were 24 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, November 2011 (lanebailey.com)
- 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)