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Category Archives: buyers

Suwanee, GA, Market Report, August 2012

Tuesday, 15 January 2013 08:00
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Market stats for Suwanee, GA, August, 2012 indicate that there were 406 properties on the market (down from 439 last month). Overall, there was about a 4.0 month supply of properties (down from 4.5 last month). August had 111 sales. Compared to August, 2011 (83), this year rocked, but inventory was down compared to 2011 (593). There were 99 sales last month, so this month was substantially better.

In the Under $200k arena, there were 100 listings in Suwanee, GA, with about a 2.8 month supply (compared to 5.7 month supply last year). This August’s sales were 37 (33 last year, 34 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. Sales may have been limited by constricted inventory.

Between $200k and $400k, there were 192 listings for sale (292 last year, 191 last month), and 3.8 months of supply. Sales in August, 2012 were 61 (48 in July), compared with 32 for the same period in 2011. Sales have been consistent and strong for the last few months, but rocketed this month. I’d like to see it stay around 40-50 sales or more for the next couple of 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.

From $400k to $600k, there were 61 homes on the market. The absorption rate was at 6.5 months (6.6 in July). There were 9 sales in August (10 in July)… down from 15 last August. Looking at the three month average, there were 28 sales this year and 29 for the same period last year. This segment had gotten dramatically stronger in the last couple of months, but slacked a little this month.

In the $600k to $800k arena, there are 21 listings, with about a 4.9 month supply. Sales at this level are not consistent, but there was 1 this month (6 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 13… For the same time last year, the sales were 11. 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. It is pretty strong right now… with a low absorption rate.

The range from $800k to $1m, there are 8 homes listed and 12 months of inventory on the market. There were only 4 sales at this price level last year (1 in April, 2 in July and 1 in August). 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 this year, 1 sale in July and 1 sale in August.

In Suwanee, GA, Above $1m, there are 24 properties listed. The current absorption rate indicated about 36 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (2 for April, last recorded). In this segment, we should be seeing reduced inventories… There were 27 homes listed in this segment at this time last year.  There were 2 sales in August.

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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Lilburn, GA Market Report, July 2012

Friday, 11 January 2013 08:00
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This map shows the incorporated and unincorporated areas in Gwinnett County, Georgia, highlighting Lilburn in red. It was created with a custom script with US Census Bureau data and modified with Inkscape. (Photo credit: Wikipedia)

Market stats for Lilburn, GA, July, 2012, indicate that there were 298 properties on the market (as of July 31st).  Overall, there was about an 3.9 month supply of properties and 82 properties that closed (sold) in July.  It was a huge increase from last year’s sales (56) and a slight increase from June (77 sales).  The Absorption Rate notched down slightly.  Lilburn had been among the weakest of Gwinnett County, GA, cities I track.  But, at 3.94 months of inventory, it is downright strong now.  Six months is considered balanced, lower is a seller’s market and higher is a buyer’s market.

In the sub-$200k arena, there were 211 listings, with about an 3.4 month supply with 61 sales.  This represents most of the sales in the market area.  Sales decreased a bit from last month (65), and were also up from last year (48).  While the Absorption Rate isn’t as low as many other areas, sales are strong, and I’m think we are in a comeback for Lilburn.  At 3.4 months of inventory, with a few months of similar stats, we’re there.

Between $200k and $400k, there are 78 listings for sale, and about 6.0 months of supply.  This segment had been quite weak for months, and had stalled a little, but came back with a vengeance.  There were 20 sales compared to 11 last month and 6 last year.  Lilburn has never been seen as a luxury market, but this number is pretty good.  The decrease in listings has really helped.  I’m still not as confident about this portion of the Lilburn market coming back quite yet…  It is strengthening, just not as consistently as I’d like.  This month was quite strong. The month before was strong…

From $400k to $600k, there are just 5 homes on the market.  The absorption rate is 5 months.  There was 1 sale in July.  Poised for a comeback, but the increase in listings and weak sales don’t give the right ingredients for that to happen.  To start with, we can’t have 7 month blank spots in sales (none from Aug11 through Feb12).  If we can keep up a sale each month on average, this one will be back.

From $600k to $800k, $800k to $1M and Above $1M, there are 4 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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Norcross, GA, Market Report, July 2012

Thursday, 10 January 2013 08:00
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Market stats for Norcross GA, July, 2012 indicate that there were 221 properties on the market.  Overall, there is about a 3.7 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all.  July saw 54 sales, not hot compared to the 70 for June, but better than the 47 for June last year.

In the sub-$200k arena, there were 136 listings, with about 3.5 month supply.  Sales are down a bit from last month and from a year ago in this segment, which is the main driver of sales in this area (35 v 38 in July11 & 45 June12).  For the last nine 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 just under a 3½ month A/R, this is VERY strong for sellers.

Between $200k and $400k, there were 64 listings for sale, and about 3.7 months of supply.  This segment had been weakening for the last few months.  But, the 16 sales rocked last year’s 6 sales, but was a little under last month’s 20 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.  I’m still waiting for this segment to stop bouncing around so much.

From $400k to $600k, there were 18 homes on the market.  The Absorption Rate is around 5.4 months.  The AR had been fairly steady for months, then shot WAY up in January.  July’s 2 sales were down from the 5 last month and flat from last year’s 2 sales.  This had actually been a pretty good area for homes in this price range to sell…  The good news is that it only takes a few sales to put it back in a balanced range long term.

In the $600k to $800k arena, there were 2 listings on the market. The Absorption Rate is at 6.0 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. February had 1 sale. The was 1 sale for July12, 0 for June12 and 1 for July11.

The range from $800k to $1m, there was 0 homes listed on the market and 0 sales in June (1 sale for May). 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.

I have a page dedicated to Norcross Market Data.

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Duluth, GA, Market Report, July 2012

Wednesday, 09 January 2013 08:00
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Market stats for Duluth, July, 2012 indicated that there were 382 properties on the market.  Overall, there was about an 4.1 month supply of properties.  Sales in July were 93, WAY up from 77 a year earlier.  Sales were down, though, compared to the prior month (98).  Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months.  Good, but not pack leading at the moment.

In the Under $200k arena, there were 134 listings in Duluth, GA, with about a 2.6 month supply.  The Absorption Rate for last June, was 6.5.  Sales in July were way up this year v last year (51 v 33), but pretty flat compared to last month (52).  The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 113 listings for sale, and about 5.0 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but they are moving the right way now.  Sales were up compared to July, 2011 (27 v 24) and compared to last month (21).  Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected…

From $400k to $600k, there were 39 homes on the market.  The Absorption Rate was around 3.8 months.  July brought in 10 sales.  There were 8 last year and 13 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is a bit weaker here.  But this could be the great turning point for this segment.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA.

In the $600k to $800k arena, there were 42 listings, with about 12.6 months of supply.  Sales were 3 for July… 6 for last year.  And month to month sales were down (3 v 5).  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 16 homes listed and approximately 4.0 months of inventory on the market.  The 6 sales recorded for June rocked but there were 0 in July compared to last year’s 3.  Sales haven’t been moving much for the last couple of months, but 12 sales for the last 3 months bumped the same 3 months from last year (6 sales).  And six months ago the A/R was 69 months.

Above $1m, there were 38 properties listed. The current absorption rate indicated about 14.3 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 8 sales in the May-Jul period this year, and 7 for the same time last year. We should be posting four sales a month here regularly… and we fell short this month with just 2 sales. Last month there was 1 sale and last year there were 3 for July.

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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Lawrenceville, GA Market Report, July 2012

Tuesday, 08 January 2013 08:00
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Market stats for Lawrenceville, GA, July, 2012, indicate that there were 953 properties on the market.  Overall, there was about a 3.5 month supply of properties. In 2011, sales for July were at 255, so 276 sales was a good increase, year over year.  Last month’s sales were at 272.  Coupled with the decrease in inventory, things are looking pretty good.  Normally the market picks up from January through about June-August.  This month we are rocking, in fact, some are arguing that constrained inventories are still holding back sales or we would be looking even better.

For Lawrenceville, GA, Homes Under $200k, there are 793 listings, with about a 3.2 month supply of homes.  Sales were up from July, 2011 (262 v 235), although sales may very well be off because of constrained inventories.  Last year in this segment, there were over 1200 listings v under 800 now.  This segment is easily the lion’s share of sales for the area.  With the 3.19 month A/R, it is solidly in Seller’s Market territory.  The low Absorption Rate (AR) is due to very strong sales, coupled with dramatically lower listing inventories.  Month over month sales were up from 248 in June.

Between $200k and $400k, there are 135 listings for sale, and about 6.1 months of supply.  Oddly, this had one of the weaker segments in the county, now it’s mid-pack.  The 12 sales for July, 2012 were slightly down from the 14 from last year.  They were well below from the 23 sales last month.  But, we are close to Balanced Market territory here.

From $400k to $600k, there are 17 homes on the market (big drop from the 22 last month).  The absorption rate is around 26 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There was 1 sale for July, the Absorption Rate has dropped from 78 months last June, through good, but sporadic sales.  This is acting like a luxury market and the A/R is jumping all over the place… with just a few sales (A/R was 7.1 eight months ago).  While the long term trend was looking a little better, now it is still pretty choppy.

In the $600k to $800k arena, there are 4 listings, with about 12 months of supply.  As with the next lower priced segment, a couple of sales makes a big difference and there were 0 sales in July.  There were only 6 sales at this level in all of 2011, 2 of them were last January.  There was 1 sale in January 2012 and 1 in May.

Between $800k and $1M, and Above $1M there are 4 homes listed (combined) and not enough sales data to give an accurate absorption rate.  Until this month, there had only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS.  But, there was 1 sale in July.  It was over $1M, if that makes a difference…

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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