Duluth, GA, Market Report, June 2012

This map shows the incorporated and unincorpor...

Image via Wikipedia

Preliminary stats for Duluth, June, 2012 indicated that there were 402 properties on the market. Overall, there was about an 4.5 month supply of properties. Sales in June were 98, WAY up from 60 a year earlier. Sales were also up compared to the prior month (91). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months. Good, but not pack leading at the moment.

In the Under $200k arena, there were 138 listings in Duluth, GA, with about a 2.8 month supply. The Absorption Rate for last June, was 6.5. Sales in June were way up this year v last year (52 v 41), but only slightly up compared to last month (50). The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 122 listings for sale, and about 6.4 months of supply. Absorption rates have similarly risen, dropped and then risen again, but they are moving the right way now. Sales were down compared to June, 2011 (21 v 13) and compared to last month (20). Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected…

From $400k to $600k, there were 42 homes on the market. The Absorption Rate was around 4.7 months. June brought in 13 sales. There were 2 last year and 8 last month. As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is much weaker here. But this could be the great turning point for this segment. Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA.

In the $600k to $800k arena, there were 45 listings, with about 11.3 months of supply. Sales were 5 for June… 0 for last year. And month to month sales were up (5 v 2). Last month was ok, but I would like to see three consecutive months with strong sales, and haven’t seen that for a while. Since Duluth does favor luxury sales, it looks better than the rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 14 homes listed and approximately 3.2 months of inventory on the market. The 6 sales recorded for June rocked last year’s 1 and tied last month. Sales haven’t been moving much for the last couple of months, but 13 sales for the last 3 months bumped the same 3 months from last year (6 sales). And six months ago the A/R was 69 months.

Above $1m, there were 41 properties listed. The current absorption rate indicated about 15.4 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 8 sales in the Apr-June period this year, and 8 for the same time last year. We should be posting four sales a month here regularly… and we fell short this month with just 1 sale. Last month there were 5 sales and last year there were 3 for June.

Duluth, GA is a suburb of Atlanta, in the heart of Gwinnett County. It actually straddles the county line and has unincorporated portions in South Forsyth County. The population of Duluth is estimated as about 26,000 people as of 2008, but this doesn’t include unincorporated areas outside the city limits, but with a Duluth mailing address. It is also home to Sugarloaf Country Club, a PGA stop until recently. Forbes Magazine rated Duluth 26th in their nationwide survey of the best places to move, and it is one of the wealthiest parts of Georgia. It is also home to the Arena at Gwinnett Center (Home of the ECHL Gwinnett Gladiators) and the former Atlanta Thrashers practice facility (the Duluth Ice Forum). There is a LONG list of celebrities and athletes that call Duluth home, largely because of the country clubs and proximity to Atlanta.