Duluth, GA, Market Report, September 2013

Market stats for Duluth, September, 2013 indicated that there were 276 properties on the market, down 16 from last month. Overall, there was about a 3.8 month supply of properties. Sales in September were 72, down from 89 a year earlier. Sales were up compared to the last month (65). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months. It is still in the Seller’s Market zone.

NS in Duluth, GA (Photo credit: djaquay)

In the Under $200k arena, there were 74 listings in Duluth, GA, with about a 2.4 month supply. The Absorption Rate for last September was 2.7. Sales were down this year v last year (37 v 47), but up compared to last month (26). The Absorption Rate (A/R) is a bit better than much of the county. The big story is still inventory… there were 123 homes on the market this time last year.

Between $200k and $400k, there are 74 listings for sale, and about 2.7 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were up compared to September, 2012 (23 v 17) but down a touch compared to last month (26). Duluth is a market that favors luxury, and this segment is doing at least as well as I would have expected… but it might be constrained somewhat due to low inventories. It is a solid Seller’s Market.

From $400k to $600k, there were 33 homes on the market. The Absorption Rate was around 7.1 months. September brought in 4 sales. There were 8 last year and 3 last month. Unlike many of the market areas, Duluth is a luxury centric market, and had been doing better than the rest of Gwinnett County, GA, especially at this price level. Four to five months ago we saw a HUGE drop in the A/R. We’ve spent the last few months wandering around in Seller’s Market territory. However, because of the bump in listings and decrease in sales, we are barely back in Buyer’s Market range.

In the $600k to $800k arena, there were 32 listings, with about 6.4 months of supply. Sales were 4 for September… 9 for last year. And month to month sales were down a little (4 v 5). I would like to see three consecutive months with strong sales, and haven’t seen that for a while. Since Duluth does favor luxury sales, it has been looking better than the much of the rest of the County at this price level. That A/R is great, and getting better.

In Duluth, GA, from $800k to $1m, there were 20 homes listed and approximately 6.0 months of inventory on the market. The 3 sales for September wasn’t as good as the 5 last year but flat to the 3 last month. Sales haven’t been moving much for the last couple of months, but 10 sales for the last 3 months were well over the same 3 months from last year (5 sales).

Above $1m, there were 43 properties listed. The current absorption rate indicated about 25.8 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 5 sales in the Jul-Sep period this year, and 6 for the same time last year. We should be posting 3-5 sales a month here regularly… and we fell short the last few months but barely had a start with it this month with 1 sale. There were 3 sales last year and there were 2 last month.

Duluth, GA is a suburb of Atlanta, in the heart of Gwinnett County. It actually straddles the county line and has unincorporated portions in South Forsyth County. The population of Duluth is estimated as about 26,000 people as of 2008, but this doesn’t include unincorporated areas outside the city limits, but with a Duluth mailing address. It is also home to Sugarloaf Country Club, a PGA stop until recently. Forbes Magazine rated Duluth 26th in their nationwide survey of the best places to move, and it is one of the wealthiest parts of Georgia. It is also home to the Arena at Gwinnett Center (Home of the ECHL Gwinnett Gladiators) and the former Atlanta Thrashers practice facility (the Duluth Ice Forum). There is a LONG list of celebrities and athletes that call Duluth home, largely because of the country clubs and proximity to Atlanta.