This map shows the incorporated and unincorpor...

Image via Wikipedia

Market stats for Buford, GA, March, 2012 indicate that there were 407 properties on the market. Overall, there was about an 6.0 month supply of properties (Absorption Rate or A/R). There were 86 sales for February, up from 64 last month and from the 63 sales last March (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 240 listings, with a 5.0 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 up from last month (61 v 40), but pretty flat compared to last year (48 sales in March, 2011). But, 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 122 listings for sale, and about 7.3 months of supply. The 19 sales recorded were down from the 23 from last month and up a bit from the 14 sales last year for March. 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 23 homes on the market. The absorption rate is 17.3 Months. There have been 4 sales in the last 3 months (1 for January, 0 for February and 3 for March). When the market is rolling, there should be 6-8 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 2 sales in the Jan.-Mar. period in 2011.

In the $600k to $800k arena, there were 6 listings. Absorption Rate is 3.6 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 has made things look less slow… but there were 4 sales in this segment last year… and 3 sales in March.  This is a sign of strength, but the low inventory is what is driving the incredible A/R.

The range from $800k to $1m, there were 6 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 10 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 40 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.

Related articles
Atlanta Metro Zillow Home Value Index

Enhanced by Zemanta