Buford, GA, Market Report, November 2012

Market stats for Buford, GA, November, 2012 indicate that there were 322 properties on the market, a reduction of 14. Overall, there was about an 4.6 month supply of properties (Absorption Rate or A/R). There were 69 sales for November, down from 76 last month but well up from the 44 sales last Nov11. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is solidly in Seller’s Market territory.

In the sub-$200k arena, there were 147 listings, with a 2.5 month supply. This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area. Sales were down from last month 50 (v 58 last month), and well up compared to last year (30 sales in Nov11). But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market.

Between $200k and $400k, there were 134 listings for sale, and about 8.6 months of supply. The 19 sales recorded were up from the 14 last month and from the 11 sales last year for November. This had been one of the weaker segments in the county, but had improved dramatically until this month it was fairly balanced, though slightly tilted towards buyers… now it is back in Buyer’s Market territory.

From $400k to $600k, there were 23 homes on the market. The absorption rate is 9.9 Months. There have been 7 sales in the last 3 months (4 for September, 3 for October and 0 for November). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 12 sales in the Sep-Nov period in 2011. This segment has been bouncing all over the place… but it is reasonable right now.

In the $600k to $800k arena, there were 7 listings. Absorption Rate is (again) 36+ months… but it jumps around a lot. Sales in this range are pretty sporadic, but steady when looking at the long-term. The drop in inventory over the last few months from 14 homes to 7 has made things look less slow… but there were 7 sales in this segment last year including 3 sales in March, 1 in June and 0 in November.

The range from $800k to $1m, there were 3 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2012. There was 1 sale in November. But it still has a 9.0 month Absorption Rate.

Above $1m, there were 8 properties listed. There was sale in the segment in April… of 2009…and then May, 2011… and 2 sales in June, 2011… also 1 in July and September. There was 1 sale in October, but 0 sales in November. So, we have 12 months of inventory. I hope, but am not expecting, sales to be more consistent.

Buford, GA is a suburb of Atlanta in Gwinnett and Hall Counties. The population is 2000 was 10,668, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Buford is home to Lake Lanier, one of Georgia’s premiere recreational areas, and Lake Lanier Islands. Recently, the City of Buford has revamped their old town. It is also home to Buford (Buford City Schools aren’t a part of Gwinnett County Schools), Mill Creek, Mountain View and Lanier High School (Lanier will open for the 2010-11 school year).