Lawrenceville, GA Market Report, June 2013

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Market stats for Lawrenceville, GA, June, 2013, indicate that there were 657 properties on the market, up 10 from last month. Overall, there was about a 3.4 month supply of properties. In 2012, sales for June were at 272, so 211 sales was a big decrease, year over year. Last month’s sales were at 207. But, coupled with the decrease in inventory, things are still looking pretty good. Normally the market picks up from January-February through about June-August. This month we are OK, but some are arguing that constrained inventories are still holding back sales or we could be looking even better.

For Lawrenceville, GA, Homes Under $200k, there are 456 listings, with about a 2.9 month supply of homes. Sales were down from June, 2012 (169 v 248), although sales may very well be off because of constrained inventories. Last year in this segment, there were over 800 listings v under 460 now. This segment is easily the lion’s share of sales for the area. With the 2.85 month A/R, it is solidly in Seller’s Market territory. The low Absorption Rate (AR) is due to very strong sales, coupled with dramatically lower listing inventories. Month over month sales were down from 175 last month.

Between $200k and $400k, there are 172 listings for sale, and about 5.2 months of supply. Oddly, this had one of the mid-pack segments in the county, now it’s on the weak side. The 39 sales for June, 2013 was well over the 29 from last month, and destroyed the 23 sales last year. We are barely into Buyer’s Market territory here… again. Month to month there is a lot of volitility, but over the longer term, it is WAY better than it had been.

From $400k to $600k, there are 20 homes on the market. The absorption rate is around 10 months. However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact. There were 3 sales for June, the Absorption Rate has dropped from 78 months June11, through good, but sporadic sales. This is acting like a luxury market and the A/R is jumping all over the place… with just a few sales (A/R was 25.5 two months ago). While the long term trend was looking a little better, now it is still pretty choppy.

In the $600k to $800k arena, there are 5 listings, with about 15 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there were 0 sales in June. There were only 6 sales at this level in all of 2011. There were 4 sales in 2012. May booked the only sale so far in 2013.

Between $800k and $1M, and Above $1M there are 4 homes listed (combined) and not enough sales data to give an accurate absorption rate. Until this month, there had only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS. But, there was 1 sale in July 12. It was over $1M, if that makes a difference…

Lawrenceville is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 22,937 people in Lawrenceville, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County (2008 estimates from the Census Bureau peg population around 29,000). It was incorporated in 1821. Lawrenceville is home to Central Gwinnett High School, and also has students that the Mountain View and Archer clusters. It is also home to Gwinnett Technical College and Georgia Gwinnett College. Another recent addition to Lawrenceville is that it is home to the Gwinnett Braves, playing at the Gwinnett Stadium on GA20 between I-85 and GA316. Possibly the most famous resident of Lawrenceville was Oliver Hardy. As a small boy he lived in Lawrenceville with his parents for a short time. Lawrenceville was also home to Junior Samples. Some of its other residents included Jeff Francouer, Brian McCann and Jennifer Ferrin.