Lawrenceville, GA Market Report, June 2012

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Market stats for Lawrenceville, GA, June, 2012, indicate that there were 1001 properties on the market. Overall, there was about a 3.8 month supply of properties. In 2011, sales for June were at 276, so 272 sales was a slight decrease, year over year. Last month’s sales were at 267. Coupled with the decrease in inventory, things are looking pretty good. Normally the market picks up from January through about June-August. This month we are rocking, in fact, some are arguing that constrained inventories are still holding back sales or we would be looking even better.

For Lawrenceville, GA, Homes Under $200k, there are 824 listings, with about a 3.4 month supply of homes. Sales were well down from June, 2011 (248 v 254), although sales may very well be down because of constrained inventories. Last year in this segment, there were 1309 listings v the 824 now. This segment is easily the lion’s share of sales for the area. With the 3.43 month A/R, it is solidly in Seller’s Market territory. The low Absorption Rate (AR) is due to very strong sales, coupled with dramatically lower listing inventories. Month over month sales were down, though, from 235 in May.

Between $200k and $400k, there are 148 listings for sale, and about 6.2 months of supply. Oddly, this had one of the weaker segments in the county, now it’s mid-pack. The 23 sales for June, 2012 were only slightly up from the 21 from last year. They were well below from the 31 sales last month. But, we are close to Balanced Market territory here.

From $400k to $600k, there are 22 homes on the market (big jump from the 16 last month). The absorption rate is around 33 months. However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact. There was 1 sale for June, the Absorption Rate has dropped from 78 months last June, through good, but sporadic sales. There was 1 sale in June, 2011. This is acting like a luxury market and the A/R is jumping all over the place… with just a few sales (A/R was 7.1 six months ago). While the long term trend was looking a little better, now it is still pretty choppy.

In the $600k to $800k arena, there are 5 listings, with about 15 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there were 0 sales in June. There were only 6 sales at this level in all of 2011, 2 of them were last January. There was 1 sale in January 2012 and 1 last month.

Between $800k and $1M, and Above $1M there are 2 homes listed (combined) and not enough sales data to give an accurate absorption rate. There has only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS.

Lawrenceville is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 22,937 people in Lawrenceville, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County (2008 estimates from the Census Bureau peg population around 29,000). It was incorporated in 1821. Lawrenceville is home to Central Gwinnett High School, and also has students that the Mountain View and Archer clusters. It is also home to Gwinnett Technical College and Georgia Gwinnett College. Another recent addition to Lawrenceville is that it is home to the Gwinnett Braves, playing at the Gwinnett Stadium on GA20 between I-85 and GA316. Possibly the most famous resident of Lawrenceville was Oliver Hardy. As a small boy he lived in Lawrenceville with his parents for a short time. Lawrenceville was also home to Junior Samples. Some of its other residents included Jeff Francouer, Brian McCann and Jennifer Ferrin.