Buford, GA, Market Report, June 2012

This map shows the incorporated and unincorpor...

Image via Wikipedia

Market stats for Buford, GA, June, 2012 indicate that there were 393 properties on the market. Overall, there was about an 4.3 month supply of properties (Absorption Rate or A/R). There were 102 sales for June, well up from 86 last month and up from the 97 sales last June (2011). It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is solidly in Seller’s Market territory.

In the sub-$200k arena, there were 213 listings, with a 3.5 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 up from last month 68 (v 54 last month), but flat compared to last year (67 sales in June, 2011). But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market.

Between $200k and $400k, there were 137 listings for sale, and about 5.6 months of supply. The 29 sales recorded were up from the 25 from last month and from the 25 sales last year for June. 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 (aside from Suwanee).

From $400k to $600k, there were 20 homes on the market. The absorption rate is 4.0 Months. There have been 15 sales in the last 3 months (6 for April, 7 for May and 2 for June). When the market is rolling, there should be 6-8 sales a month during this part of the year. Just for comparison, there were 5 sales in the Apr-Jun period in 2011. This segment has been bouncing all over the place… but it is VERY strong right now.

In the $600k to $800k arena, there were 8 listings. Absorption Rate is 24 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 8 has made things look less slow… but there were 4 sales in this segment last year… and 3 sales in March and 1 in June.

The range from $800k to $1m, there were 5 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2012. There were 2 sales in June. That gives the segment a 7.5 month Absorption Rate.

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 66 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).