Buford, GA, Market Report, March 2013

Market stats for Buford, GA, March, 2013 indicate that there were 281 properties on the market, an decrease of 26 from last month. Overall, there was about an 4.5 month supply of properties (Absorption Rate or A/R). There were 67 sales for March, up from 63 last month but down from the 86 sales last Mar12. 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 119 listings, with a 3.3 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 42 (v 34 last month), and well down compared to last year (61 sales in Mar12). 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 117 listings for sale, and about 5.0 months of supply. The 23 sales recorded were down from the 26 last month and up from the 19 sales last year for March. 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 13.7 Months. There have been 7 sales in the last 3 months (5 for January, 2 for February and 0 for March). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 4 sales in the Jan-Mar period in 2012. This segment has been bouncing all over the place…

In the $600k to $800k arena, there were 4 listings. Absorption Rate is (again) 12 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 3 sales in March last year and 1 in March this year.

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 0 sales in March. So it now has a 3.0 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, 2012. There was 1 sale in March. So, we have 24 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).