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Author Archives: Lane Bailey

Sugar Hill, GA, Market Report, August 2011

Monday, 26 September 2011 08:00
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Market stats for Sugar Hill, GA , August, 2011indicate that there are 202 homes on the market. Overall, there is about an 6.0 month supply.  There were 33 sales, compared to 45 last month and 15 last August.  The Absorption Rate (AR) dropped, but that is partly due to a declining listings.

For Sugar Hill homes priced under $200k, there are 149 listings, with about 4.5 months supply.  There were 31 sales this August, 2½ times the number from last year for the same time (12).  Last month there were 36 sales.  Inventories have been fluid, rising and falling.  Normally, this time of year we see inventories leveling out.

Sugar Hill Listings between $200k and $400k, there are 48 listings for sale, and about 11.1 months of supply.  Last August there was an 11.5 month supply.  Last August there were 3 sales, this year there were 2.  Last month had 8.  This segment is acting opposite of the under $200k segment, as well as opposite of stronger areas like Suwanee ($200k-$400k).

For listings in the $400k to $600k range, there are 3 homes on the market. The absorption rate is around 2.25 months, but with 5 sales since last September, it is tough to calculate accurately.  Obviously, a sale or two could make a BIG difference.  There were only 3 sales in this segment last year.  In 2009, there were almost twice as many sales in this price range.  I hope to see some consistent activity in this segment.

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 are only 2 homes listed for sale in that price range.  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.

I have a page dedicated to Sugar Hill Market Data.

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Suwanee, GA, Market Report, August 2011

Friday, 23 September 2011 08:00
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Market stats for Suwanee, GA, August, 2011 indicate that there are 593 properties on the market (down from 612 last month). Overall, there is about an 7.3 month supply of properties (down from 7.4 last month). August had 83 sales. Compared to 2010 (55), that was VERY strong. Inventory was down, as well, compared to 2010 (636).  The last two months have been very strong, but that comes on a very weak June and just average sales for a couple of prior months.  Obviously, I’d like to see continued strength here.

In the Under $200k arena, there are 183 listings in Suwanee, GA, with about a 5.7 month supply (151 and 7.3, respectively last year).  This August’s sales were OK, at 33 (just 15 last year).  This is definitely the strongest price segment in Duluth, but not that strong compared to some other areas of the county.  As recently as June 2010, the A/R was 4.8 months.  I’d like to see sales approaching 35 for the next couple of months to call this segment strong.

Between $200k and $400k, there are 292 listings for sale (362 last year), and 8.6 months of supply. Sales in August, 2011 were 32 (48 in July), compared with 28 for the same period in 2010.  Sales have been bouncing between very strong and average for the last few months.  I’d like to see some consistency around 35-40 sales for the next couple of months.  This shouldn’t be a “peaky” market/price  segment.

From $400k to $600k, there are 63 homes on the market. The absorption rate is at 6.5 months (14.5 in May). There were 15 sales in August (11 in July)… up from 12 last August.  Looking at the three month average, there were 29 sales this year and 31 for the same period last year.  This segment has gotten dramatically stronger in the last couple of months, but for the last few years has dropped off pretty heavily as school started.  I’d be quite happy with 10 sales over each of the next two months.

In the $600k to $800k arena, there are 19 listings, with about a 5.2 month supply.  Sales at this level are not consistent, but there were 3 this month (5 last month).  Looking at one month makes the numbers jump. For the last three months, sales were 11… For the same time last year, the sales were 12.  With the huge decrease in listings over the last couple of months, this has become the strongest $600k-$800k area in the county.  Over the next couple of months, look for 2-3 sales a month on average.

The range from $800k to $1m, there are 8 homes listed and 12 months of inventory on the market. There were only been 3 sales at this price level this year (1 in April, 2 in July).  This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough.

In Suwanee, GA, Above $1m, there are 28 properties listed (the only segment to increase listings). The current absorption rate indicated about 42 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 33 homes listed in this segment at this time last year. There were 2 sales for June, and none listed since.

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. I have a page dedicated to Suwanee Market Data.

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Wayback Wednesday… Termite Bonds, Which Should You Have?

Wednesday, 21 September 2011 08:00
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A couple of years ago I had a lot of buyers asking me about termite bonds.  I don’t know why, but sometimes questions come in waves.

So, what type of termite bond should you get when you are buying a house… or even if you aren’t buying it?  Should you get a “normal” retreatment bond?  Should you dig for a company that does a repair bond?  Did your termite company even tell you which one they offer or what they mean?

Take a look at the original post…

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Duluth, GA, Market Report, August 2011

Monday, 19 September 2011 08:00
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Preliminary stats for Duluth, August, 2011 indicated that there were 514 properties on the market. Overall, there is about an 6.9 month supply of properties.  Sales in August were 86, compared to 71 a year earlier.  Sales were dwell up compared to both the prior year and the prior month.  Duluth is slightly leading Gwinnett County as a whole.In the Under $200k arena, there were 211 listings in Duluth, GA, with about a 5.1 month supply.  The Absorption Rate as recent as December, 2009, was in the low 5s.  Sales for August were up sharply this year v last year (51 v 28), and compared to July, 2011 (33).  This is slightly better than Gwinnett county as a whole.
Between $200k and $400k, there are 134 listings for sale, and about 6.9 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but have been moving the right way (down) since February.  Sales were way down compared to August, 2010 (21 v 25).  Duluth is a market that favors luxury, and this segment is doing pretty well…

From $400k to $600k, there were 53 homes on the market. The absorption rate was around 10.6 months.  August brought in 5 sales.  There were 6 last year and 8 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is NOT happening here.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still pretty weak.

In the $600k to $800k arena, there were 47 listings, with about 12.8 months of supply.  Sales were 5 for August… 6 for August last year.  Month to month sales slid (5 v 8).  After June’s performance (0 sales), I hadn’t been holding out that much hope.  Since Duluth does favor luxury sales, it looks better than the rest of the County, but it still isn’t great.

In Duluth, GA, from $800k to $1m, there were 22 homes listed and approximately 13.2 months of inventory on the market.  The 1 sale recorded for August was dwarfed by last year’s 3 and by the 3 from last month.  Sales haven’t been moving much for the last couple of months, but declining inventories have made the market look stronger.

Above $1m, there were 47 properties listed. The current absorption rate indicated about 15.7 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 9 sales in the Jun-Aug period this year, and the same for the same time last year…  The whole summer was weak last year, but we should be posting half a dozen sales a month here.

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 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.

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I have a page dedicated to Duluth Market Information.

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Lawrenceville, GA Market Report, August 2011

Friday, 16 September 2011 08:00
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Market stats for Lawrenceville, August, 2011, indicate that there were 1424 properties on the market. Overall, there was about a 5.3 month supply of properties. In 2010, sales for August were at 180, so 269 sales was a pretty good increase, year over year. Coupled with the solid decrease in inventory, things are looking great. Normally at this time of year we should be seeing strong sales, but they start weakening in September.

For Lawrenceville, GA, Homes Under $200k, there are 1208 listings, with about an 4.9 month supply of homes. Sales were way up from August 2010 (250 v 155). This segment is easily the lion’s share of sales for the area.  With the 4.9 month A/R, it is solidly in Seller’s Market territory.  The big drop in Absorption Rate (AR) is due to strong sales, coupled with slightly lower inventories.  I will be looking for a strong follow-up, though.

Between $200k and $400k, there are 182 listings for sale, and about 10.1 months of supply. Oddly, this was one of the weaker segments in the county, again. With an strong at the segment down was, this one was weak.  The 19 sales for August, 2011 were down from the 24 from last year. Sales should have been closer to 25 or 30 units for August.  We are still solidly in Buyer’s Market territory, here.

From $400k to $600k, there are 28 homes on the market. The absorption rate is around 14 months. However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  July saw 5 sales, so even though there were 0 sales for August, the Absorption Rate has dropped from 78 months in June.  There were also 0 sales in August, 2010.

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 was only 1 sale in the last three months.  The only saving grace is low inventory. 

Between $800k and $1M, and Above $1M there is 1 home listed (combined) and not enough sales data to give an accurate absorption rate. There has only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS.

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.

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I have a page dedicated to Lawrenceville Market Data.

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