Market stats for Suwanee, GA, July, 2012 indicate that there were 439 properties on the market (down from 455 last month). Overall, there was about a 4.5 month supply of properties (down from 5.1 last month). July had 99 sales. Compared to July, 2011 (97), this year was OK, but inventory was down compared to 2011 (612). There were 93 sales last month.
In the Under $200k arena, there were 129 listings in Suwanee, GA, with about a 3.5 month supply (I don’t have the numbers from last year). This July’s sales were down, at 34 (31 last year, 36 last month). 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. Sales may have been limited by constricted inventory.
Between $200k and $400k, there were 191 listings for sale (? last year, 217 last month), and 4.3 months of supply. Sales in July, 2012 were 48 (42 in June), compared with 48 for the same period in 2011. Sales have been consistent and strong for the last few months. I’d like to see it stay 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 (6.6 in June). There were 10 sales in July (9 in June)… down from 11 last July. Looking at the three month average, there were 30 sales this year and 24 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 21 listings, with about a 4.2 month supply. Sales at this level are not consistent, but there were 6 this month (6 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 15… For the same time last year, the sales were 10. 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. It is pretty strong right now… with a low absorption rate.
The range from $800k to $1m, there are 6 homes listed and 18 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 and 1 sale in July.
In Suwanee, GA, Above $1m, there are 26 properties listed. The current absorption rate indicated about 39 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, last recorded). 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.
- 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)