Market stats for Buford, GA, June, 2013 indicate that there were 3239 properties on the market, an increase of 15 from last month. Overall, there was about an 4.0 month supply of properties (Absorption Rate or A/R). There were 76 sales for June, down from 88 last month and well down from the 102 sales last June12. 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 127 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 down from last month 42 (v 52 last month), and well down compared to last year (68 sales in June12). 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 137 listings for sale, and about 4.1 months of supply. The 32 sales recorded were down from the 35 last month and up from the 29 sales last year for June. This had been one of the weaker segments in the county, but had improved dramatically until a few months ago it was fairly balanced, though tilted towards buyers… now it is further into Seller’s Market territory.
From $400k to $600k, there were 50 homes on the market. The absorption rate is 16.7 Months. There have been 9 sales in the last 3 months (7 for April, 0 for May and 2 for June). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 15 sales in the Apr-Jun period in 2012. This segment has been bouncing all over the place, though…
In the $600k to $800k arena, there were 7 listings. Absorption Rate is 21 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 7 had made things look less slow… but they are back on the rise. There was 1 sale in June last year and 1 in May this year. There were 0 sales in June 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 June. So it now has a 24.0 month Absorption Rate.
Above $1m, there were 14 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 June. So, we have 42 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).
I have a page dedicated to Buford Market Data.
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