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Norcross, GA, Market Report, January 2012

Friday, 02 March 2012 08:00
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Market stats for Norcross GA, January, 2012 indicate that there were 241 properties on the market.  Overall, there is about a 5.7 month supply of properties.  The last year has been fairy strong… although April and May weren’t that strong (April was below last year)… it hasn’t slowed much, if at all.  January saw 40 sales, ever so slightly below the 41 for January, 2011, and well under the 52 for December.

In the sub-$200k arena, there were 140 listings, with about 3.4 month supply.  Sales are well off from last month but only slightly up from a year ago in this segment, which is the main driver of sales in this area (33 v 32 in Jan11 & 46 Dec11).  For the last seven months, the AR has been tilted in favor of sellers.  This still looks like one of the strongest price/area segment in Gwinnett County, GA.  At barely over 3 month A/R, this is VERY strong for sellers.

Between $200k and $400k, there were 67 listings for sale, and about 14.4 months of supply.  This segment has been weakening for the last four months.  The 6 sales were slightly up compared to last year’s 5 sales, but solidly up from last month’s 4 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.  Coming off of a reasonably strong summer selling season is why this segment looks like it is weakening.

From $400k to $600k, there were 26 homes on the market.  The Absorption Rate is around 15.6 months.  The AR had been fairly steady for months, then shot WAY up in January.  January’s 1 sale was down from 2 the month before and from last year’s 3 sales.  This had actually been a pretty good area for homes in this price range to sell…  The good news is that it would only take a few sales to put it back in a balanced range.

In the $600k to $800k arena, there were 4 listings on the market.  Inventories doubled compared to last year.  The Absorption Rate is at 12 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, the last in November (0 in December or January), 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 range from $800k to $1m, there was 1 home listed on the market and no sales… seemingly forever.

Above $1m, there were 4 properties 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.

I have a page dedicated to Norcross Market Data.

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Duluth, GA, Market Report, January 2012

Monday, 27 February 2012 08:00
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Preliminary stats for Duluth, January, 2012 indicated that there were 449 properties on the market.  Overall, there is about an 9.8 month supply of properties.  Sales in January were 30, slightly down from 40 a year earlier.  But, sales were way down compared to the prior month (57).  Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last four months.

In the Under $200k arena, there were 180 listings in Duluth, GA, with about a 7.1 month supply.  The Absorption Rate for October, was 3.55.  Sales in January were down this year v last year (13 v 23), and way down compared to last month (35).  The Absorption Rate (A/R) is a bit better than most of the county… but it has decelerated again this month.

Between $200k and $400k, there are 131 listings for sale, and about 12.3 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but have been moving mostly the wrong way (up) since August.  Sales were up compared to January, 2011 (10 v 7) but down compared to last month (14).  Duluth is a market that favors luxury, but this segment is not doing that well… although it is one of the few to beat last year.

From $400k to $600k, there were 46 homes on the market.  The Absorption Rate was around 8.1 months.  January brought in 4 sales. There were 6 last year and 5 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is much weaker here.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still kind of weak, but it’s better than last month… and one of a very few to have posted a better A/R than in the previous month.

In the $600k to $800k arena, there were 33 listings, with about 9.9 months of supply.  Sales were 3 for January… 4 for January last year.  Month to month sales were actually up (3 v 2).  Last month was ok, but 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 looks better than the rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 23 homes listed and approximately 69 months of inventory on the market.  The 0 sales recorded for January was flat with last year’s 0 and from the 0 from last month.  Sales haven’t been moving much for the last couple of months, but 1 sale for the last3 months has killed the 3 month average A/R.  It isn’t as weak as that suggests… at least I hope it isn’t.

Above $1m, there were 36 properties listed. The current absorption rate indicated about 54 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 2 sales in the Nov-Jan period this year, and 3 for the same time last year. Fall was weak last year, but we should be posting four sales a month here instead of the 0 we got.

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.

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I have a page dedicated to Duluth Market Information.

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Buford, GA, Market Report, January 2012

Monday, 20 February 2012 08:00
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Market stats for Buford, GA, January, 2012 indicate that there were 417 properties on the market.  Overall, there was about an 7.0 month supply of properties (Absorption Rate or A/R).  There were 52 sales for January, way down from 83 last month but strikingly up from the 27 sales last January (2011).  It isn’t the strongest market in Gwinnett, but it is much better than it has been.

In the sub-$200k arena, there were 246 listings, with a 5.9 month supply.  This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area.  Sales were down from last month (42 v 53), but huge compared to last year (18 sales in January, 2011).  But, the A/R is under the 6 months that would be considered fairly balanced… pointing towards a slight seller’s market.

Between $200k and $400k, there were 126 listings for sale, and about 8.6 months of supply.  The 8 sales recorded were well down from the 25 from last month and up a bit from the 6 sales last year for January.  This had been one of the weaker segments in the county, but has improved dramatically and at current A/Rs, it is one of the stronger $200k-$400k segments in the county.

From $400k to $600k, there were 24 homes on the market.  The absorption rate is 9.0 Months.  There have been 8 sales in the last 3 months (3 sales for November, 4 sales for December and 1 for January).  When the market is rolling, there should be 5-7 sales a month during this part of the year.  September was pretty strong, and but we didn’t have the follow-up the next two months I was looking for…  December is back in the right direction, and the drop in listings certainly helps.  January certainly wasn’t the month to call a recovery.  Just for comparison, there were 5 sales in the Nov.-Jan. period in 2010/2011.

In the $600k to $800k arena, there were 6 listings.  Absorption Rate is 9 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 6 homes has made things look less slow… but there were 4 sales in this segment last year… and 1 sale in January.

The range from $800k to $1m, there were 5 homes listed.  But, with no sales in the last year (2011), obviously trends are hardly definable.  Listings are down, but sales aren’t following through.

Above $1m, there were 10 properties listed.  The last sale in the segment was in April… of 2009…and then there was May… and 2 sales in June. So, we have 40 months of inventory.  I hope, 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 will open for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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Sugar Hill, GA, Market Report, January 2012

Friday, 17 February 2012 08:00
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Market stats for Sugar Hill, GA , January, 2012 indicates that there are 159 homes on the market.  Overall, there is about an 5.9 month supply.  There were 20 sales, compared to 31 last month and 15 last January.  The Absorption Rate (AR) increase, largely due to the decrease in sales.

For Sugar Hill homes priced under $200k, there are 120 listings, with about 5.1 months supply.  There were 18 sales this January, significantly than last year for the same time (12).  But, last month there were 24 sales.  Inventories have been fluid, rising and falling.  Normally, this time of year we see inventories leveling out, but this month there was a slight increase.

Sugar Hill Listings between $200k and $400k, there are 37 listings for sale, and about 10.1 months of supply.  Last January there was an 11.3 month supply.  Last January there were 3 sales, this year there were 2.  Last month had 7 sales.

For listings in the $400k to $600k range, there is 1 home on the market.  The absorption rate is around 1 months, but with 3 sales in November (and those being the only sales since July), it is tough to calculate accurately.  Obviously, a sale or two could make a BIG difference.  I still 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 is only 1 home 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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Lilburn, GA Market Report, January 2012

Monday, 13 February 2012 08:00
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Market stats for Lilburn, GA, January, 2012, indicates that there were 360 properties on the market (as of January 30th).  Overall, there was about an 7.7 month supply of properties and 46 properties that closed (sold) in January.  It was an increase from last year’s sales (35) but a decrease from December, 2011 (54 sales).  The Absorption Rate notched up a bit. Lilburn had been among the weakest of Gwinnett County, GA, cities I track.  But, at 7.66 months of inventory, it isn’t nearly as bad as it had been just a few months ago (14.35 months of inventory in Feb, 2011, for example), nor as good as the 7.35 last month.

In the sub-$200k arena, there were 267 listings, with about an 6.4 month supply with 46 sales.  This represents most of the sales in the market area.  Sales increased slightly from last month (43), and were also up dramatically from last year (26).  While the Absorption Rate isn’t as low as many other areas, sales are strong, and I’m still pulling for a comeback for Lilburn.  December was back on track.

Between $200k and $400k, there are 84 listings for sale, and about 15.8 months of supply. This segment had been quite weak for months, and has stalled a little. There were 0 sales compared to 9 last year. This segment really needs to get back into single digit A/Rs … but, Lilburn has never been seen as a luxury market. But the decrease in listings has really helped. I’m still not as confident about this portion of the Lilburn market coming back quite yet…

From $400k to $600k, there are just 3 homes on the market. The absorption rate is 6.0 months (one year average). There were 2 sales in March, which really turned the segment around, followed by 1 sale for April. May posted 2 sales, 1 sale in June, 2 in July and none since.

From $600k to $800k, $800k to $1M and Above $1M, there are 5 listings (combined), but too few sales to have any sort of reliable number of months of inventory. March posted the first sale since August, 2010. It was in the $600-$800k range. One of the listings is above $1M and one between $800k and $1M, and there is no market activity in the last 12 months for those ranges…

Lilburn is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County. It was incorporated in 1910. Lilburn is home to Parkview High School, and also has students that the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School. Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.

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I have a page dedicated to Lilburn Market Data.

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