Market stats for Suwanee, GA, May, 2012 indicate that there were 455 properties on the market (up from 426 last month). Overall, there was about a 5.0 month supply of properties (down from 5.4 last month). May had 99 sales. Compared to May, 2011 (88), this year was pretty hot. Inventory was down compared to 2011 (640). There were 75 sales last month. Gwinnett had a pretty good month, and it was evident here.
In the Under $200k arena, there were 118 listings in Suwanee, GA, with about a 3.2 month supply (184 and 6.5, respectively last year). This May’s sales were WAY up, at 42 (29 last year, 28 last month). This was definitely the strongest price segment in Suwanee. And one of the strongest in the whole county. The next level up is coming up fast. There are a few other segments in the county getting close, though.
Between $200k and $400k, there were 220 listings for sale (310 last year, 200 last month), and 5.5 months of supply. Sales in May, 2012 were 43 (35 in April), compared with 45 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 40-50 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.
From $400k to $600k, there were 62 homes on the market. The absorption rate was at 6.0 months (7.1 in April). There were 11 sales in May (10 in April)… up from 10 last May. Looking at the three month average, there were 31 sales this year and 18 for the same period last year. This segment had gotten dramatically stronger in the last couple of months.
In the $600k to $800k arena, there are 27 listings, with about a 13.5 month supply. Sales at this level are not consistent, but there were 3 this month (0 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 6… For the same time last year, the sales were 5. 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 3-5 sales a month on average, I can’t call this one strong.
The range from $800k to $1m, there are 8 homes listed and 24 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 more sales activity. There was 1 sale in March this year.
In Suwanee, GA, Above $1m, there are 20 properties listed. The current absorption rate indicated about 15 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (2 for March, 2 for April and 0 for May). In this segment, we should be seeing reduced inventories… There were 22 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, March 2012 (lanebailey.com)
- Suwanee, GA, Market Report, February 2012 (lanebailey.com)
- Suwanee, GA, Market Report, January 2012 (lanebailey.com)
- Suwanee, GA, Market Report, December 2011 (lanebailey.com)
- 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)