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Category Archives: buyers

Lawrenceville, GA Market Report, May 2012

Friday, 29 June 2012 08:00
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Market stats for Lawrenceville, GA, May, 2012, indicate that there were 1046 properties on the market.  Overall, there was about a 3.9 month supply of properties.  In 2011, sales for May were at 262, so 267 sales was a solid increase, year over year.  Last month’s sales were at 256.  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 holding back sales or we would be looking even better.

For Lawrenceville, GA, Homes Under $200k, there are 870 listings, with about a 3.6 month supply of homes.  Sales were well down from May, 2011 (235 v 246), although sales may very well be down because of constrained inventories.  Last year in this segment, there were 1340 listings v the 870 now.  This segment is easily the lion’s share of sales for the area.  With the 3.57 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 237 in April.

Between $200k and $400k, there are 148 listings for sale, and about 7.1 months of supply.  Oddly, this had one of the weaker segments in the county, now it’s mid-pack.  The 31 sales for May, 2012 were WAY up from the 16 from last year.  They were also well up from the 18 sales last month.  But, we are still slightly in Buyer’s Market territory here.

From $400k to $600k, there are 23 homes on the market (big jump from the 16 last month).  The absorption rate is around 34.5 months (also a big jump from the 12 last month).  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There were 0 sales for May, the Absorption Rate has dropped from 78 months last June, through good, but sporadic sales.  There were 0 sales in May, 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 five 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 3 listings, with about 9.0 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there was 1 sale in May. 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.

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.

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I have a page dedicated to Lawrenceville Market Data.

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Buford, GA, Market Report, May 2012

Monday, 25 June 2012 08:00
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Market stats for Buford, GA, May, 2012 indicate that there were 388 properties on the market.  Overall, there was about an 4.5 month supply of properties (Absorption Rate or A/R).  There were 86 sales for May, flat from 86 last month and up from the 75 sales last May (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 217 listings, with a 3.7 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 54 (v 61 last month), but flat compared to last year (54 sales in May, 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 130 listings for sale, and about 6.2 months of supply.  The 25 sales recorded were up from the 19 from last month and from the 17 sales last year for May.  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 3.8 Months.  There have been 16 sales in the last 3 months (3 for March, 6 for April and 7 for May).  When the market is rolling, there should be 6-8 sales a month during this part of the year.  Just for comparison, there were 2 sales in the Mar.-May 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 5 listings.  Absorption Rate is 5 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 has made things look less slow… but there were 4 sales in this segment last year… and 3 sales in March, but none since.  But the low inventory is what is driving the incredible A/R.

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

Above $1m, there were 11 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, May 2012

Friday, 22 June 2012 08:00
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Market stats for Sugar Hill, GA , May, 2012 indicates that there are 143 homes on the market.  Overall, there is about an 5.1 month supply.  There were 39 sales, compared to 32 last month and 43 last May.  Of course, last May, there were 238 listings on the market.

For Sugar Hill homes priced under $200k, there are 97 listings, with about 3.5 months supply.  There were 34 sales this May, slightly worse than last year for the same time (39).  There were 25 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 42 listings for sale, and about 10.5 months of supply.  Last May there was an 12.8 month supply.  There were 4 sales, this year there were also 4.  Last month had 7 sales.  It makes the last couple of months look more like flukes.

For listings in the $400k to $600k range, there were 3 homes on the market.  The absorption rate was around 9 months, but with 1 sale this month (and that being the only sale 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 2 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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Lilburn, GA Market Report, May 2012

Wednesday, 20 June 2012 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, May, 2012, indicate that there were 306 properties on the market (as of May 31st).  Overall, there was about an 5.0 month supply of properties and 68 properties that closed (sold) in May.  It was a huge increase from last year’s sales (54) and an increase from April (65 sales).  The Absorption Rate notched down a good bit.  Lilburn had been among the weakest of Gwinnett County, GA, cities I track.  But, at 4.99 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 212 listings, with about an 4.2 month supply with 59 sales.  This represents most of the sales in the market area.  Sales increased a bit from last month (51), and were also up from last year (41).  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.  At 4.2 months of inventory, I’d say with a few months of similar stats, we’re there.

Between $200k and $400k, there are 82 listings for sale, and about 8.0 months of supply.  This segment had been quite weak for months, and had stalled a little, but came back with a vengeance.  It is stalling a bit again.  There were 8 sales compared to 14 last month and 11 last year.  Lilburn has never been seen as a luxury market, but this number isn’t terrible.  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 was strengthening, just not as consistently as I’d like.

From $400k to $600k, there are just 7 homes on the market.  The absorption rate is 10.5 months.  There was 1 sale in May.  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 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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Suwanee, GA, Market Report, May 2012

Friday, 15 June 2012 08:00
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Market stats for Suwanee, GA, May, 2012 indicate that there were 455 properties on the market (up from 426 last month).  Overall, there was about a 5.0 month supply of properties (down from 5.4 last month).  May had 99 sales.  Compared to May, 2011 (88), this year was pretty hot.  Inventory was down compared to 2011 (640).  There were 75 sales last month.  Gwinnett had a pretty good month, and it was evident here.

In the Under $200k arena, there were 118 listings in Suwanee, GA, with about a 3.2 month supply (184 and 6.5, respectively last year).  This May’s sales were WAY up, at 42 (29 last year, 28 last month).  This was definitely the strongest price segment in Suwanee.  And one of the strongest in the whole county.  The next level up is coming up fast.  There are a few other segments in the county getting close, though.

Between $200k and $400k, there were 220 listings for sale (310 last year, 200 last month), and 5.5 months of supply.  Sales in May, 2012 were 43 (35 in April), compared with 45 for the same period in 2011.  Sales have been bouncing between very strong and average for the last few months.  I’d like to see some consistency around 40-50 sales 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 62 homes on the market.  The absorption rate was at 6.0 months (7.1 in April).  There were 11 sales in May (10 in April)… up from 10 last May.  Looking at the three month average, there were 31 sales this year and 18 for the same period last year.  This segment had gotten dramatically stronger in the last couple of months.

In the $600k to $800k arena, there are 27 listings, with about a 13.5 month supply.  Sales at this level are not consistent, but there were 3 this month (0 last month).  Looking at one month makes the numbers jump around. For the last three months, sales were 6… 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.  But until I see 3-5 sales a month on average, I can’t call this one strong.

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 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.

In Suwanee, GA, Above $1m, there are 20 properties listed.  The current absorption rate indicated about 15 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (2 for March, 2 for April and 0 for May).  In this segment, we should be seeing reduced inventories…  There were 22 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.

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