Author Archives: Lane Bailey

Buford, GA, Market Report, October 2013

Monday, 13 January 2014 09:21

Written by Lane Bailey

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Market stats for Buford, GA, October, 2013 indicate that there were 325 properties on the market, a decrease of 9 from last month. Overall, there was about an 4.1 month supply of properties (Absorption Rate or A/R). There were 69 sales for October, down from 81 last month and down from the 76 sales Oct12. 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 106 listings, with a 2.5 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 38 (v 42 last month), and down compared to last year (58 sales in Oct12). 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 156 listings for sale, and about 5.3 months of supply. The 25 sales recorded were down from the 34 last month and way up from the 14 sales last year for October. 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 43 homes on the market. The absorption rate is 8.6 Months. There have been 15 sales in the last 3 months (7 in August, 5 in September and 3 in October). When the market is rolling, there should be 4-5 sales a month during this part of the year. Just for comparison, there were 7 sales in the Aug-Oct period in 2012. This segment has been bouncing all over the place, though… (as a note, the A/R was 17.25 three months ago).

In the $600k to $800k arena, there were 8 listings. Absorption Rate is 12 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 8 had made things look less slow… but they are back on the rise. There was 0 sales in October last year and 0 in September this year. There were 2 sales in October this year.

The range from $800k to $1m, there were 4 homes listed. Trends are hardly definable. Listings are down. February was the last previously recorded sale. There was 1 sale in October. So it now has a 12.0 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 27 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).

I have a page dedicated to Buford Market Data.

Sugar Hill, GA, Market Report, October 2013

Friday, 10 January 2014 08:54

Written by Lane Bailey

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Market stats for Sugar Hill, GA , October, 2013 indicates that there were 103 homes on the market, up 2 from last month. Overall, there is about an 3.2 month supply (2.9 last month). There were 33 sales, compared to 29 last month and 36 last October. There were 122 listings on the market.

English: An ornamental iron fence built for the City of Sugar Hill, GA. (Photo credit: Wikipedia)

For Sugar Hill homes priced under $200k, there were 49 listings, with about 2.5 month supply. There were 16 sales this October, below last year for the same time (28). There were 17 sales last month. Inventories have been fluid, rising and falling. This time of year we often see a decrease in listings… and we are already very low. In fact, sales may be stifled by lack of inventory. Things have been a little choppy, though… up one month, down the next, then back up.

Sugar Hill Listings between $200k and $400k, there are 45 listings for sale, and about 3.6 months of supply. Last October there was a 5.7 month supply. There were 7 sales then, this year there were 17. Last month had 12 sales. We are still in Seller’s Market territory. Of note, from May, 2012, to June, 2012, the Absorption Rate dropped from 10.5 months of inventory to 5.4. It had spent almost a year above 10… and now has spent over a year below 10.

For listings in the $400k to $600k range, there were 7 homes on the market. The absorption rate was around 21 months, but with 0 sales this month, it is tough to calculate accurately. Obviously, a sale or two could make a BIG difference. I’ve finally started to see some consistency here. Hopefully we’ll have a little more action during the rest of the active selling season.

In the $600k to $800k, $800k to $1m and Above $1m (combined), the sales are too inconsistent to have a solid read on, but there were 3 homes listed for sale in these price ranges. No sales have been recorded in the last 2+ years.

Sugar Hill, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 11,399, but that only included the area inside the city limits. The name comes from a bag of Sugar that spilled on a hill while in transit between Cumming and the railroad in Buford. And while it is actually a big market, it is in the shadows of Lawrenceville, Duluth and Suwanee… which all are nearby. That also makes it a great location, as it is close to everything that Gwinnett County, GA has to offer.

Suwanee, GA, Market Report, October, 2013

Wednesday, 08 January 2014 08:29

Written by Lane Bailey

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Market stats for Suwanee, GA, October, 2013 indicate that there were 300 properties on the market (down from 310 last month). Overall, there was about a 3.4 month supply of properties (up from 2.9 last month). October had 68 sales. Compared to Oct, 2012 (82), this year was down, but inventory was down compared to 2012 (350). There were 88 sales last month, so this month was also lower. This is traditionally when things start slowing down… kids are going back to school and parents avoid buying and moving their kids…

English: This is a picture of the front entrance of Lambert High School in Suwanee, Forsyth County, Georgia. (Photo credit: Wikipedia)

In the Under $200k arena, there were 43 listings in Suwanee, GA, with about a 3.2 month supply (compared to 2.8 months supply last year). This October’s sales were 9 (33 last year, 16 last month). It used to be a county leader, though, for now it is moving back to one of the best price/locale segments again. The next level up is coming up fast, though. Last year at this time, there were 94 listings. Sales are being killed by last year’s, but the way the inventory has dropped, there is a pretty good chance that the low inventory is still constricting sales.

Between $200k and $400k, there were 167 listings for sale (157 last year, 147 last month), and 2.9 months of supply. Sales in October, 2013 were 49 (56 in September), compared with 36 for the same period in 2012. Sales have rocked for the last few months. This shouldn’t be a “peaky” market/price segment. Unlike most of the county, this is the largest price segment in the area, and its direction plays a major part in how the area looks. Make no mistake, this is still way in Seller’s Market territory. This is one of a very few areas where the $200k-$400k segment is ahead of the under $200k segment.

From $400k to $600k, there were 56 homes on the market. The absorption rate was at 4.9 months (3.9 in September). There were 8 sales in October (12 last month)… down from 8 last year at this time. Looking at the three month average, there were 34 sales this year and 23 for the same period last year. This segment had become dramatically stronger in the last couple of months.

In the $600k to $800k arena, there are 28 listings, with about a 7.6 month supply. Sales at this level are not consistent, but there were 5 sales this month (2 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 11… For the same time last year, the sales were 5. With the huge decrease in listings over the last couple of months, I was looking for this to become one of the strongest $600k-$800k area in the county. Now the sales increase might make that happen.

The range from $800k to $1m, there are 8 homes listed and 24 months of inventory on the market. There were only 4 sales at this price level in 2011. There were 7 in 2012. This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough. But there still needs to be some more sales activity. There was 1 sale in March and 1 sale in September. Such a difference between this segment and the one below.

In Suwanee, GA, Above $1m, there are 19 properties listed. The current absorption rate indicated about 28.5 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. In this segment, we should be seeing reduced inventories… There were 22 homes listed in this segment at this time last year. There was 1 sale in September.

Suwanee, GA is a suburb of Atlanta in Gwinnett, Forsyth and (just a little bit) in Fulton Counties. The population is 2000 was 8,725, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Money Magazine rated Suwanee in the “Top 10 Best Places to Live” in 2007, and it is one of the wealthiest parts of Georgia. Recently, the City of Suwanee has revamped their old town, adding a large park with a bandshell, condos, town homes and small businesses. It is also home to North Gwinnett High School, Peachtree Ridge and Collins Hill.

Norcross, GA, Market Report, September 2013

Monday, 04 November 2013 09:49

Written by Lane Bailey

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Market stats for Norcross GA, September, 2013 indicate that there were 134 properties on the market, up 3 from last month. Overall, there is about a 3.4 month supply of properties. The last year has been fairly strong… it hasn’t slowed much, if at all. September saw 35 sales, down from the 44 last month and compared to the 53 for July last year.

In the sub-$200k arena, there were 63 listings, with about 3.7 month supply. Sales are down from last month (25) and way down from a year ago in this segment, which is the main driver of sales in this area (12 v 43 – Sep13 v Sep12). For the last two years, the AR has been tilted in favor of sellers.

Between $200k and $400k, there were 55 listings for sale, and about 3.2 months of supply. This segment had been weakening for the last few months, but got radically stronger last month. The 17 sales were up from last year’s 10 sales, and from last month’s 15 sales. Even though it isn’t as gangbusters as some of the other areas, it is certainly better than the 28 months of inventory we had in December, 2010. I think this is starting to look like a pretty settled market here…

From $400k to $600k, there were 14 homes on the market. The Absorption Rate is around 3.2 months. The AR last year had been fairly steady all summer, then shot WAY up last September/October. September’s 5 sales were up from the 3 last month and from last year’s 0 sales. This has actually been a pretty good area for homes in this price range to sell… for the last few months.

In the $600k to $800k arena, there was 1 listing on the market. The Absorption Rate is at 3 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, obviously it is easy to bump one way or the other. One reason for the strong looking Absorption Rate last month was that there were so few listings. The was 1 sale for Sep13, 0 for Aug13 and 0 for Sep12.

The range from $800k to $1m, there were 0 homes listed on the market and 1 sale in Aug. There were no sales last year. Unfortunately there isn’t enough data for a good A/R number.

Above $1m, there was 1 property listed. But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales. There is simply not enough activity for an A/R figure. The last sale was January 2011.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,410 but that only included the area inside the city limits, and it has seen tremendous growth since that census. The City of Norcross revamped their old town a long time ago, and it has served as a model for other towns in the area. It is also home to Meadow Creek and Norcross High Schools. One of the things that Norcross is known for locally is the beautiful older homes in the downtown area. They have maintained their historic flair quite successfully.

Duluth, GA, Market Report, September 2013

Friday, 01 November 2013 09:24

Written by Lane Bailey

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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.