Market stats for Buford, GA, January, 2013 indicate that there were 285 properties on the market, an increase of 11 from last month. Overall, there was about an 4.4 month supply of properties (Absorption Rate or A/R). There were 58 sales for January, down from 67 last month but up from the 52 sales last Jan12. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is still solidly in Seller’s Market territory.
In the sub-$200k arena, there were 131 listings, with a 3.2 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 32 (v 41 last month), and well down compared to last year (42 sales in Jan12). But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market. This time of year I’m not terribly concerned about a little weakening.
Between $200k and $400k, there were 113 listings for sale, and about 5.5 months of supply. The 21 sales recorded were down from the 25 last month but way up from the 8 sales last year for January. This had been one of the weaker segments in the county, but had improved dramatically until last month it was fairly balanced, though tilted towards buyers… now it is slightly further into Seller’s Market territory.
From $400k to $600k, there were 27 homes on the market. The absorption rate is 13.5 Months. There have been 6 sales in the last 3 months (0 for November, 1 for December and 5 for January). When the market is rolling, there should be 3-5 sales a month during this part of the year. Just for comparison, there were 8 sales in the Nov-Jan period in 2011-12. This segment has been bouncing all over the place… but it is reasonable right now.
In the $600k to $800k arena, there were 5 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 5 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 January.
The range from $800k to $1m, there were 2 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2010. There were 0 sales in January. But it still has a 12.0 month Absorption Rate.
Above $1m, there were 7 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 January. So, we have 21 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).
I have a page dedicated to Buford Market Data.
- Buford, GA, Market Report, March 2012 (lanebailey.com)
- Buford, GA, Market Report, February 2012 (lanebailey.com)
Atlanta Metro Zillow Home Value Index
Don’t hesitate to shoot Lane a message if you have any questions, or need any help. And check out the new links for FREE Property Searching, FREE Comparative Market Analysis and FREE Market Reports. They are near the top of the page…