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…
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.