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Category Archives: buyers

Lawrenceville, GA Market Report, June 2012

Friday, 27 July 2012 08:00
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Market stats for Lawrenceville, GA, June, 2012, indicate that there were 1001 properties on the market.  Overall, there was about a 3.8 month supply of properties. In 2011, sales for June were at 276, so 272 sales was a slight decrease, year over year.  Last month’s sales were at 267.  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 824 listings, with about a 3.4 month supply of homes.  Sales were well down from June, 2011 (248 v 254), although sales may very well be down because of constrained inventories.  Last year in this segment, there were 1309 listings v the 824 now.  This segment is easily the lion’s share of sales for the area.  With the 3.43 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 down, though, from 235 in May.

Between $200k and $400k, there are 148 listings for sale, and about 6.2 months of supply.  Oddly, this had one of the weaker segments in the county, now it’s mid-pack.  The 23 sales for June, 2012 were only slightly up from the 21 from last year.  They were well below from the 31 sales last month.  But, we are close to Balanced Market territory here.

From $400k to $600k, there are 22 homes on the market (big jump from the 16 last month).  The absorption rate is around 33 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 June, the Absorption Rate has dropped from 78 months last June, through good, but sporadic sales.  There was 1 sale in June, 2011.  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 six 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 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 were 0 sales in June. 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 last month.

Between $800k and $1M, and Above $1M there are 2 homes 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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lawrenceville Market Data.

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Want to Look at Foreclosures?

Wednesday, 25 July 2012 08:00
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Are you sure?

As a Real Estate Agent, I see a lot of foreclosures and talk with a lot of people that want to (or think they want to) buy foreclosures.  In fact, even more buyers target foreclosures than short sales.  But a lot of times, the buyers really don’t want a foreclosure… they just want a deal and think that the foreclosure search is the way to find it.

There are some pros to foreclosed properties:

  • They are available to close in a reasonable time-frame.
  • They are what they are.
  • Often, they are priced pretty attractively.

But, it isn’t all roses and honey… there are some drawbacks:

  • They are what they are.
  • The selling group usually won’t do (or even allow) work on the property to pass lender inspections.
  • When they are over-priced, the seller often takes forever to negotiate.
  • Offers may not be answered in a timely manner.
  • There might be a lot of hoops to just through.

Often, buyers go into the process with buying a foreclosure not knowing what to expect.  They expect it to be like buying their last house… which probably wasn’t a foreclosure.  They don’t know know to expect the peculiarities of dealing with a bank or other agency… Freddie Mac, HUD, etc.

If you are thinking about looking at foreclosures in order to find a deal, give me a shout…  We can talk about what kind of strategy will get you the deal you are looking for.  It might be a foreclosure, or a short sale, or just an aggressively priced traditional sale.

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Buford, GA, Market Report, June 2012

Monday, 23 July 2012 08:00
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Market stats for Buford, GA, June, 2012 indicate that there were 393 properties on the market.  Overall, there was about an 4.3 month supply of properties (Absorption Rate or A/R).  There were 102 sales for June, well up from 86 last month and up from the 97 sales last June (2011).  It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at.  It is solidly in Seller’s Market territory.

In the sub-$200k arena, there were 213 listings, with a 3.5 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 up from last month 68 (v 54 last month), but flat compared to last year (67 sales in June, 2011).  But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market.

Between $200k and $400k, there were 137 listings for sale, and about 5.6 months of supply.  The 29 sales recorded were up from the 25 from last month and from the 25 sales last year for June.  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 (aside from Suwanee).

From $400k to $600k, there were 20 homes on the market.  The absorption rate is 4.0 Months.  There have been 15 sales in the last 3 months (6 for April, 7 for May and 2 for June).  When the market is rolling, there should be 6-8 sales a month during this part of the year.  Just for comparison, there were 5 sales in the Apr-Jun period in 2011.  This segment has been bouncing all over the place… but it is VERY strong right now.

In the $600k to $800k arena, there were 8 listings. Absorption Rate is 24 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 8 has made things look less slow… but there were 4 sales in this segment last year… and 3 sales in March and 1 in June.

The range from $800k to $1m, there were 5 homes listed.  Trends are hardly definable.  Listings are down.  June recorded the first sales since December, 2012.  There were 2 sales in June.  That gives the segment a 7.5 month Absorption Rate.

Above $1m, there were 10 properties listed.  The last sale in the segment was in April… of 2009…and then there was May, 2011… and 2 sales in June, 2011.  So, we have 66 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, June 2012

Friday, 20 July 2012 08:00
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Market stats for Sugar Hill, GA , June, 2012 indicates that there are 139 homes on the market.  Overall, there is about an 4.8 month supply.  There were 39 sales, compared to 39 last month and 45 last June.  Of course, last June, there were 217 listings on the market.

For Sugar Hill homes priced under $200k, there are 97 listings, with about 3.3 months supply.  There were 30 sales this June, slightly worse than last year for the same time (32).  There were 34 sales last month.  Inventories have been fluid, rising and falling.  This time of years we often see a slight decrease in listings… but we are already very low.

Sugar Hill Listings between $200k and $400k, there are 36 listings for sale, and about 5.4 months of supply.  Last June there was an 18 month supply.  There were 3 sales, this year there were 9.  Last month had 4 sales.  That makes two of the last three month look pretty strong.

For listings in the $400k to $600k range, there were 3 homes on the market.  The absorption rate was around 9 months, but with 0 sales this month (and last month’s 1 sale being the only one since November), 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 were only 3 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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Buying More Affordable Than Renting in Atlanta?

Wednesday, 18 July 2012 08:00
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Trulia maintains a database of costs for rentals as well as listings for buying.  This allows them to compare the costs of both in various markets around the country…  And Atlanta is currently listed as one of the markets where Buying is Cheaper than Renting!

In addition to the costs, they look at Employment Growth, Vacancy Rates and Price Drops.  Because of the reasonably low vacancy rates, flat employment growth and big price drops, Atlanta scored well into the Buy side…

Check it out on Trulia’s blog.

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