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Market stats for Buford, GA, December, 2011 indicate that there were 434 properties on the market.  Overall, there was about an 6.4 month supply of properties (Absorption Rate or A/R).  There were 83 sales for December, way up from 44 last month and even up from the 62 sales last December (2010).  It isn’t the strongest market in Gwinnett, but it is much better than it has been.

In the sub-$200k arena, there were 247 listings, with a 5.5 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 well up from last month (53 v 30), but flat compared to last year (41 sales in December, 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 138 listings for sale, and about 7.0 months of supply.  The 25 sales recorded were well down from the 11 from last month and from the 16 sales last year for December.  This had been one of the weaker segments in the county, but has improved dramatically and at current A/Rs, it is one of the stronger $200k-$400k segments in the county.

From $400k to $600k, there were 26 homes on the market. The absorption rate is 7.8 Months.  There have been 10 sales in the last 3 months (3 for October, 3 sales for November and 4 sales for December).  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 next two months I was looking for… December is back in the right direction, and the drop in listings certainly helps.  Just for comparison, there were 4 sales in the Oct.-Dec. period in 2010.

In the $600k to $800k arena, there were 6 listings. Absorption Rate is 18 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 6 homes has made things look less slow… but there have been 5 sales in this segment in the last year… the last was five months ago until the 1 sale in December.

The range from $800k to $1m, there were 7 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 10 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 37 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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