Market stats for Suwanee, GA, April, 2013 indicate that there were 353 properties on the market (up from 337 last month). Overall, there was about a 4.8 month supply of properties (up from 4.8 last month). April had 92 sales. Compared to April, 2012 (75), this year was WAY up, but inventory was down compared to 2012 (426). There were 65 sales last month, so this month rocked last. I think that part of the sales for this month were delayed from last month.
In the Under $200k arena, there were 56 listings in Suwanee, GA, with about a 2.6 month supply (compared to 3.5 months supply last year). This April’s sales were 24 (28 last year, 16 last month). It used to be a county leader, though, for now it is moving back to one of the best price/locale segments again. The next level up is coming up fast, though. Sales were likely limited by constricted inventory. Last year at this time, there were 117 listings.
Between $200k and $400k, there were 184 listings for sale (200 last year, 177 last month), and 4.5 months of supply. Sales in April, 2013 were 54 (38 in March), compared with 35 for the same period in 2012. Sales have been consistent for the last few months, but had fallen off somewhat, but may have started a recovery. I’d like to see it stay up past 50 sales or so for the next couple of months. This shouldn’t be a “peaky” market/price segment. Unlike most of the county, this is the largest price segment in the area, and its direction plays a major part in how the area looks. Make no mistake, this is still basically in Seller’s Market territory.
From $400k to $600k, there were 65 homes on the market. The absorption rate was at 8.5 months (8.7 in March). There were 11 sales in April (6 last month)… up from 10 last year at this time. Looking at the three month average, there were 23 sales this year and 24 for the same period last year. This segment had become dramatically stronger in the last couple of months.
In the $600k to $800k arena, there are 20 listings, with about a 6.7 month supply. Sales at this level are not consistent, but there were 2 sales this month (3 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 9… For the same time last year, the sales were 6. With the huge decrease in listings over the last couple of months, I was looking for this to become one of the strongest $600k-$800k area in the county. It is fairly strong right now… we’ll have to see if it holds.
The range from $800k to $1m, there are 11 homes listed and 33 months of inventory on the market. There were only 4 sales at this price level in 2011. There were 7 in 2012. This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough. But there still needs to be some more sales activity. There was 1 sale in March.
In Suwanee, GA, Above $1m, there are 17 properties listed. The current absorption rate indicated about 25.5 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. In this segment, we should be seeing reduced inventories… There were 25 homes listed in this segment at this time last year. There was 1 sale in April, but 2 in the Feb-Apr time frame, 4 the year before.
Suwanee, GA is a suburb of Atlanta in Gwinnett, Forsyth and (just a little bit) in Fulton Counties. The population is 2000 was 8,725, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Money Magazine rated Suwanee in the “Top 10 Best Places to Live” in 2007, and it is one of the wealthiest parts of Georgia. Recently, the City of Suwanee has revamped their old town, adding a large park with a bandshell, condos, town homes and small businesses. It is also home to North Gwinnett High School, Peachtree Ridge and Collins Hill. I have a page dedicated to Suwanee Market Data.