Buford, GA, Market Report, February 2013

Market stats for Buford, GA, February, 2013 indicate that there were 307 properties on the market, an increase of 22 from last month. Overall, there was about an 4.9 month supply of properties (Absorption Rate or A/R). There were 63 sales for February, up from 58 last month but down from the 64 sales last Jan12. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is still in Seller’s Market territory.

In the sub-$200k arena, there were 140 listings, with a 3.9 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 up from last month 34 (v 32 last month), and well down compared to last year (40 sales in Jan12). But, the A/R is well under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market. This time of year we should start seeing an increase is sales… and listings.

Between $200k and $400k, there were 123 listings for sale, and about 5.1 months of supply. The 26 sales recorded were up from the 21 last month and from the 23 sales last year for February. 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 32 homes on the market. The absorption rate is 12 Months. There have been 8 sales in the last 3 months (1 for December, 5 for January and 3 for February). When the market is rolling, there should be 4-7 sales a month during this part of the year. Just for comparison, there were 5 sales in the Dec-Feb period in 2011-12. This segment has been bouncing all over the place…

In the $600k to $800k arena, there were 4 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 4 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 February.

The range from $800k to $1m, there was 1 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2010. There was 1 sale in February. So it now has a 3.0 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 February. 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).