Suwanee, GA, Market Report, June 2012

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Market stats for Suwanee, GA, June, 2012 indicate that there were 455 properties on the market (flat from last month). Overall, there was about a 5.1 month supply of properties (up slightly from 5.0 last month). June had 93 sales. Compared to May, 2011 (63), this year was pretty hot. Inventory was down compared to 2011 (629). There were 99 sales last month.

In the Under $200k arena, there were 116 listings in Suwanee, GA, with about a 3.3 month supply (183 and 5.6, respectively last year). This June’s sales were down, at 36 (33 last year, 42 last month). This was definitely the strongest price segment in Suwanee. While it used to be a county leader, though, for now it is mid pack with the other locales in the county. The next level up is coming up fast, though.

Between $200k and $400k, there were 217 listings for sale (300 last year, 220 last month), and 5.4 months of supply. Sales in June, 2012 were 42 (43 in May), compared with 22 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 66 homes on the market. The absorption rate was at 6.6 months (6.0 in May). There were 9 sales in June (11 in May)… up from 3 last June. Looking at the three month average, there were 30 sales this year and 16 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 24 listings, with about a 8.0 month supply. Sales at this level are not consistent, but there were 6 this month (3 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 9… For the same time last year, the sales were 7. 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. We’re two months in that range…

The range from $800k to $1m, there are 10 homes listed and at least 30 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 22 properties listed. The current absorption rate indicated about 33 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (2 for April, 0 for May and 0 for June). In this segment, we should be seeing reduced inventories… There were 27 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.