Market stats for Suwanee, GA, August, 2012 indicate that there were 406 properties on the market (down from 439 last month). Overall, there was about a 4.0 month supply of properties (down from 4.5 last month). August had 111 sales. Compared to August, 2011 (83), this year rocked, but inventory was down compared to 2011 (593). There were 99 sales last month, so this month was substantially better.
In the Under $200k arena, there were 100 listings in Suwanee, GA, with about a 2.8 month supply (compared to 5.7 month supply last year). This August’s sales were 37 (33 last year, 34 last month). It used to be a county leader, though, for now it is moving back to one of the best price/locale segments again. The next level up is coming up fast, though. Sales may have been limited by constricted inventory.
Between $200k and $400k, there were 192 listings for sale (292 last year, 191 last month), and 3.8 months of supply. Sales in August, 2012 were 61 (48 in July), compared with 32 for the same period in 2011. Sales have been consistent and strong for the last few months, but rocketed this month. I’d like to see it stay around 40-50 sales or more 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 61 homes on the market. The absorption rate was at 6.5 months (6.6 in July). There were 9 sales in August (10 in July)… down from 15 last August. Looking at the three month average, there were 28 sales this year and 29 for the same period last year. This segment had gotten dramatically stronger in the last couple of months, but slacked a little this month.
In the $600k to $800k arena, there are 21 listings, with about a 4.9 month supply. Sales at this level are not consistent, but there was 1 this month (6 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 13… For the same time last year, the sales were 11. 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 8 homes listed and 12 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, 1 sale in July and 1 sale in August.
In Suwanee, GA, Above $1m, there are 24 properties listed. The current absorption rate indicated about 36 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. There were 2 sales in August.
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.