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Market stats for Buford, GA, February, 2012 indicate that there were 431 properties on the market.  Overall, there was about an 6.5 month supply of properties (Absorption Rate or A/R).  There were 64 sales for February, up from 52 last month but only slightly up from the 60 sales last February (2011).  It isn’t the strongest market in Gwinnett, but it is much better than it has been.

In the sub-$200k arena, there were 257 listings, with a 5.7 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 slightly down from last month (40 v 42), but pretty flat compared to last year (41 sales in February, 2011).  But, the A/R is under the 6 months that would be considered fairly balanced… pointing towards a slight seller’s market.  It is heartening that despite the increase in listings, the A/R still dropped.

Between $200k and $400k, there were 126 listings for sale, and about 6.8 months of supply.  The 23 sales recorded were way up from the 8 from last month and up a bit from the 18 sales last year for February.  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, again, with increasing strength.

From $400k to $600k, there were 27 homes on the market.  The absorption rate is 16.2 Months.  There have been 5 sales in the last 3 months (4 sales for December and 1 for January, 0 for February).  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 was back in the right direction, and the drop in listings certainly helps.  January certainly wasn’t the month to call a recovery, nor February.  Just for comparison, there were 5 sales in the Dec.-Feb. period in 2010/2011.

In the $600k to $800k arena, there were 5 listings. Absorption Rate is 5 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 5 homes has made things look less slow… but there were 4 sales in this segment last year… and 1 sale in February.

The range from $800k to $1m, there were 5 homes listed.  But, with no sales last year (2011), obviously trends are hardly definable.  Listings are down, but sales aren’t following through.

Above $1m, there were 11 properties listed. The last sale in the segment was in April… of 2009…and then there was May, 2011… and 2 sales in June, 2011.  So, we have 44 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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