Buford, GA, Market Report, May 2013

Market stats for Buford, GA, May, 2013 indicate that there were 324 properties on the market, an decrease of 28 from last month. Overall, there was about an 4.0 month supply of properties (Absorption Rate or A/R). There were 88 sales for May, down from 90 last month and upfrom the 86 sales last May12. 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 120 listings, with a 2.5 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 52 (v 49 last month), and slightly down compared to last year (54 sales in May12). 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 136 listings for sale, and about 4.5 months of supply. The 35 sales recorded were up from the 33 last month and up from the 25 sales last year for May. 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 46 homes on the market. The absorption rate is 19.7 Months. There have been 7 sales in the last 3 months (0 for March, 7 for April and 0 for May). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 16 sales in the Mar-May period in 2012. This segment has been bouncing all over the place, though…

In the $600k to $800k arena, there were 6 listings. Absorption Rate is 9.0 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 6 had made things look less slow… but they are back on the rise. There were 0 sales in May last year and 1 in May this year.

The range from $800k to $1m, there were 4 homes listed. Trends are hardly definable. Listings are down. February was the last recorded sale. There was 0 sales in May. 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 0 sales in May. 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).