Buford, GA, Market Report, April 2013

Market stats for Buford, GA, April, 2013 indicate that there were 296 properties on the market, an decrease of 26 from last month. Overall, there was about an 4.0 month supply of properties (Absorption Rate or A/R). There were 90 sales for March, up from 67 last month and from the 86 sales last Apr12. 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 111 listings, with a 2.7 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 49 (v 42 last month), and well down compared to last year (61 sales in Apr12). 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 are usually seeing an increase is sales… and listings.

Between $200k and $400k, there were 123 listings for sale, and about 4.5 months of supply. The 33 sales recorded were up from the 23 last month and up from the 19 sales last year for April. 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 further into Seller’s Market territory.

From $400k to $600k, there were 38 homes on the market. The absorption rate is 12.7 Months. There have been 9 sales in the last 3 months (2 for February, 0 for March and 7 for April). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 9 sales in the Feb-Apr period in 2012. This segment has been bouncing all over the place, though…

In the $600k to $800k arena, there were 8 listings. Absorption Rate is 24 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 had made things look less slow… but they are back on the rise. There were 0 sales in April last year and 0 in April this year.

The range from $800k to $1m, there were 4 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2010. There was 0 sales in April. So it now has a 12.0 month Absorption Rate.

Above $1m, there were 12 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 April. So, we have 18 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 opened for the 2010-11 school year).