Lilburn, GA Market Report, October 2012

Market stats for Lilburn, GA, October, 2012, indicate that there were 248 properties on the market, down 4 from last month. Overall, there was about an 4.3 month supply of properties and 52 properties that closed (sold) in October. It was a decrease from last year’s sales (60) and a decrease from September (58 sales). The Absorption Rate notched down very slightly. Lilburn had been among the weakest of Gwinnett County, GA, cities I track. But, at 4.28 months of inventory, it is reasonably strong now. Six months is considered balanced, lower is a seller’s market and higher is a buyer’s market.

In the sub-$200k arena, there were 170 listings, with about an 3.5 month supply with 44 sales. This represents most of the sales in the market area. Sales decreased a bit from last month (45), but well down from last year (53). While the Absorption Rate isn’t as low as many other areas, sales are strong, and I’m think we are in a comeback for Lilburn. At 3.5 months of inventory, with a few months of similar stats, we’re there.

Between $200k and $400k, there are 69 listings for sale, and about 8.0 months of supply. This segment had been quite weak for months, and had stalled a little, but came back with a vengeance… only to stall a bit again. But it would be hard to follow up July. There were 7 sales compared to 12 last month and 7 last year. Lilburn has never been seen as a luxury market. The decrease in listings has really helped. I’m still not as confident about this portion of the Lilburn market coming back quite yet… It is strengthening, just not as consistently as I’d like. July month was quite strong. April was strong…

From $400k to $600k, there are just 5 homes on the market. The absorption rate is 3.75 months. There was 1 sale in October. Poised for a comeback, but an increase in listings and weak sales don’t give the right ingredients for that to happen. To start with, we can’t have 7 month blank spots in sales (none from Aug11 through Feb12). If we can keep up a sale each month on average, this one will be back. Right now, low listings numbers give the appearance of strong activity.

From $600k to $800k, $800k to $1M and Above $1M, there are 4 listings (combined), but too few sales to have any sort of reliable number of months of inventory. March posted the first sale since August, 2010. It was in the $600-$800k range. One of the listings is above $1M and one between $800k and $1M, and there is no market activity in the last 12 months for those ranges…

Lilburn is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County. It was incorporated in 1910. Lilburn is home to Parkview High School, and also has students in the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School. Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.