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Category Archives: buyers

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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Wayback Wednesday… Why Hyperlocal Matters in the Real Estate Market

Wednesday, 15 February 2012 08:00
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Downtown Lawrenceville (as of June 2006)

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Last year I was writing about why the only REAL important market report in real estate is a VERY local market report.  It’s all fine and dandy to hear the talking heads on (insert your favorite national news network), but national averages mean nothing on the state level.  Even state averages mean very little in specific counties.  In fact, looking at county level data might only be marginally relevant to a certain city in the county, and even then, there might be specific school districts or subdivisions that buck the trend… one way or another.

I run market reports for Suwanee, Lilburn, Sugar Hill, Buford, Lawrenceville, Norcross and Duluth, and it is surprising how often two cities that are right next to each other in the county will have wildly different market reports.

There is a lot more in the original post…  Hop on over and take a look.

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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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Suwanee, GA, Market Report, January 2012

Friday, 10 February 2012 08:00
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Market stats for Suwanee, GA, January, 2012 indicate that there are 440 properties on the market (down from 468 last month).  Overall, there is about an 7.9 month supply of properties (up from 6.7 last month).  January had 40 sales. Compared to January, 2011 (35), this year was a stronger.  Inventory was down compared to 2011 (582).  The last six months have been very strong, but that comes on a very weak June and just average sales for a couple of prior months.  January was much weaker than December, but still much stronger than the previous year.  It will be interesting to see if the strength carries through next month.

In the Under $200k arena, there are 131 listings in Suwanee, GA, with about a 4.4 month supply (152 and 4.0, respectively last year).  This January’s sales were ok, at 17 (15 last year).  This is definitely the strongest price segment in Suwanee.  December’s sales were at 46, and while January was up against the previous year, it wasn’t looking so hot month to month.  We’ll have to see what February brings.

Between $200k and $400k, there are 201 listings for sale (249 last year), and 8.4 months of supply.  Sales in January, 2012 were 16 (21 in December), compared with 16 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 35-40 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.  Could be getting better… but not the last few months.

From $400k to $600k, there are 60 homes on the market.  The absorption rate is at 12.0 months (9.8 in December).  There were 5 sales in January (6 in December)… up by 3 compared to last January.  Looking at the three month average, there were 15 sales this year and 10 for the same period last year.  This segment had gotten dramatically stronger in the last couple of months, but like the next lower price segment, dropped off heavily this month.  We should be looking at close to 12 sales for February… I was hoping (but not expecting) 10 for January.

In the $600k to $800k arena, there are 17 listings, with about a 51 month supply (same as last month).  Sales at this level are not consistent, but there were 0 this month (0 last month).  Looking at one month makes the numbers jump around.  For the last three months, sales were 0…  For the same time last year, the sales were 3.  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 2-3 sales a month on average, I can’t call this one strong.

The range from $800k to $1m, there are 6 homes listed and 18 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 sales activity.

In Suwanee, GA, Above $1m, there are 25 properties listed. The current absorption rate indicated about 25 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (only 1 sale for October, 0 for November, 1 for December and 2 for January). In this segment, we should be seeing reduced inventories… There were 24 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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