Duluth, GA, Market Report, February 2013

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Market stats for Duluth, February, 2013 indicated that there were 287 properties on the market, up 15 from last month. Overall, there was about a 6.0 month supply of properties. Sales in February were 40, down from 65 a year earlier. Sales were also down compared to the prior month (45). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months. It is right in the Balanced Market zone.

In the Under $200k arena, there were 86 listings in Duluth, GA, with about a 3.8 month supply. The Absorption Rate for last February, was 5.6. Sales were WAY down this year v last year (20 v 45), but flat compared to last month (20). The Absorption Rate (A/R) is a bit better than most of the county…

Between $200k and $400k, there are 82 listings for sale, and about 5.1 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were up compared to February, 2012 (15 v 8) but down compared to last month (16). 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 34 homes on the market. The Absorption Rate was around 6.8 months. February brought in 2 sales. There were 8 last year and 4 last month. Unlike many 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. We are now slightly to the Buyer’s Market side.

In the $600k to $800k arena, there were 30 listings, with about 15 months of supply. Sales were 1 for February… 1 for last year. And month to month sales were down (1 v 3). 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 has been looking better than the much of the rest of the County at this price level. But not the last few months…

In Duluth, GA, from $800k to $1m, there were 16 homes listed and approximately 24 months of inventory on the market. The 1 sale for February was not better than the 2 last year or the 1 last month. Sales haven’t been moving much for the last couple of months, but 2 sales for the last 3 months was the same as the same 3 months from last year (2 sale). And a year ago the A/R was 36 months.

Above $1m, there were 39 properties listed. The current absorption rate indicated about 29 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 Dev-Feb period this year, and 2 for the same time last year. We should be posting four sales a month here regularly… and we fell short last month but barely had a start with it this month with 1 sale. There was 1 sale last year and there was 1 for January.

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.