Duluth, GA, Market Report, August 2012

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Market stats for Duluth, August, 2012 indicated that there were 368 properties on the market. Overall, there was about an 4.3 month supply of properties. Sales in August were 69, way down from 86 a year earlier. Sales were also down compared to the prior month (93). 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 127 listings in Duluth, GA, with about a 2.7 month supply. The Absorption Rate for last August, was 5.1. Sales in August were down this year v last year (41 v 51), also down compared to last month (51). The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 113 listings for sale, and about 5.5 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were down compared to August, 2011 (14 v 21) and compared to last month (27). Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected… but it might be constrained somewhat due to low inventories. It is still a slight Seller’s Market.

From $400k to $600k, there were 36 homes on the market. The Absorption Rate was around 3.2 months. August brought in 11 sales. There were 5 last year and 10 last month. Unlike much of the market areas, Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, especially at this price level. Usually we see the A/R soften as we move up in price, but that isn’t happening here.

In the $600k to $800k arena, there were 37 listings, with about 11.1 months of supply. Sales were 2 for August… 5 for last year. And month to month sales were down (2 v 3). 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 much of the rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 16 homes listed and approximately 8.0 months of inventory on the market. The 6 sales recorded for June rocked but there were 0 in August compared to last year’s 1. Sales haven’t been moving much for the last couple of months, but 6 sales for the last 3 months slightly better than the same 3 months from last year (5 sales). And seven months ago the A/R was 69 months.

Above $1m, there were 39 properties listed. The current absorption rate indicated about 29.3 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 4 sales in the Jun-Aug period this year, and 9 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 was 1 sale and last year there were 3 for August.

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.