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Market stats for Suwanee, GA, January, 2012 indicate that there are 440 properties on the market (down from 468 last month).  Overall, there is about an 7.9 month supply of properties (up from 6.7 last month).  January had 40 sales. Compared to January, 2011 (35), this year was a stronger.  Inventory was down compared to 2011 (582).  The last six months have been very strong, but that comes on a very weak June and just average sales for a couple of prior months.  January was much weaker than December, but still much stronger than the previous year.  It will be interesting to see if the strength carries through next month.

In the Under $200k arena, there are 131 listings in Suwanee, GA, with about a 4.4 month supply (152 and 4.0, respectively last year).  This January’s sales were ok, at 17 (15 last year).  This is definitely the strongest price segment in Suwanee.  December’s sales were at 46, and while January was up against the previous year, it wasn’t looking so hot month to month.  We’ll have to see what February brings.

Between $200k and $400k, there are 201 listings for sale (249 last year), and 8.4 months of supply.  Sales in January, 2012 were 16 (21 in December), compared with 16 for the same period in 2011.  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 the last few months.

From $400k to $600k, there are 60 homes on the market.  The absorption rate is at 12.0 months (9.8 in December).  There were 5 sales in January (6 in December)… up by 3 compared to last January.  Looking at the three month average, there were 15 sales this year and 10 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 12 sales for February… I was hoping (but not expecting) 10 for January.

In the $600k to $800k arena, there are 17 listings, with about a 51 month supply (same as 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 0…  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 6 homes listed and 18 months of inventory on the market. There were only 4 sales at this price level last 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 25 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, 1 for December and 2 for January). 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.

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