Buford, GA, Market Report, September 2013

Market stats for Buford, GA, Sept, 2013 indicate that there were 334 properties on the market, a decrease of 6 from last month. Overall, there was about an 4.1 month supply of properties (Absorption Rate or A/R). There were 81 sales for August, down from 86 last month and well up from the 67 sales Sep12. 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.

DSCN0574 (Photo credit: lane.bailey)

In the sub-$200k arena, there were 108 listings, with a 2.4 month supply. This was the largest price segment in this market area, so strength here usually equaled strength across the whole local market area. Sales were down from last month 42 (v 49 last month), and down compared to last year (47 sales in Sep12). 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 a decrease is sales… and listings.

Between $200k and $400k, there were 159 listings for sale, and about 5.1 months of supply. The 34 sales recorded were up from the 29 last month and way up from the 14 sales last year for September. 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 a little less into Seller’s Market territory.

From $400k to $600k, there were 45 homes on the market. The absorption rate is 7.5 Months. There have been 18 sales in the last 3 months (6 for July, 7 in August and 5 in September). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 8 sales in the Jul-Sep period in 2012. This segment has been bouncing all over the place, though… (as a note, the A/R was 17.25 two months ago).

In the $600k to $800k arena, there were 9 listings. Absorption Rate is 54 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 9 had made things look less slow… but they are back on the rise. There was 0 sales in September last year and 0 in August this year. There were 0 sales in September 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 September. So it now has a 48.0 month Absorption Rate. (the decrease in listings is what dropped the A/R)

Above $1m, there were 9 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 August. So, we have 13.5 months of inventory. I am hoping, 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).