Image by lane.bailey via Flickr
Market stats for Suwanee, GA, February, 2011 indicate that there are 604 properties on the market. Overall, there is about an 13.5 month supply of properties. There was less that 8 months of inventory as recently as June. Even though inventories are down since then, sales are also down. January was a big move in the wrong direction for the overall Suwanee Market area, but things stayed about the same for February.
In the Under $200k arena, there are 176 listings in Suwanee, GA, with about a 10.6 month supply. In June, there was a 4.8 month supply. Inventories have increased, until September, as sales have slowed… There were 22 sales, compared to only 16 a year earlier. February definitely was looking better than January.
Between $200k and $400k, there are 284 listings for sale, and 12.7 months of supply. Sales for February 2011 were 26, compared with 25 for the same period in 2010. Still weak, but with the decrease in listings, leading to an improvement in the Absorption Rate. Listings are up slightly for February…
From $400k to $600k, there are 80 homes on the market. The absorption rate is at 24 months. There were 4 sales this year (Feb)… down from 6 last year. Even looking at the three month average, there were 10 sales this year and 17 for the same period last year.
In the $600k to $800k arena, there are 24 listings, with about a 18 month supply. Sales at this level are not consistent. Looking at one month makes the numbers jump. For the last three months, sales were 4… For the sale time last year, the sales were 3. The segments strengthened, but we can’t call a trend yet… but close.
The range from $800k to $1m, there are 13 homes listed and 3+ years of inventory on the market. There were only been 4 sales at this price level last year (1 each in January, April, May and December). This is a tough segment to try to sell in right now.
In Suwanee, GA, Above $1m, there are 27 properties listed. The current absorption rate indicated about 40 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. Again, we can thank reduced inventory for making the market look healthier (2 sales in Dec-Feb this year and 2 last year). But, in this segment, we should be seeing reduced inventories… There were 40 homes listed in this segment at this time last year.
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.
- Suwanee, GA, Market Report, January 2011 (lanebailey.com)
- Suwanee, GA, Market Report, December 2010 (lanebailey.com)
- Suwanee, GA, Market Report, November 2010 (lanebailey.com)
- Suwanee, GA, Market Report, October 2010 (gwinnettgarageguy.com)
- Suwanee, GA, Market Report, September 2010 (lanebailey.com)
