Category Archives: buford

Buford, GA, Market Report, December 2010

Tuesday, 25 January 2011 08:51

Written by Lane Bailey

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: Image via Wikipedia

Market stats for Buford, GA, November, 2010 indicate that there were 566 properties on the market. Overall, there was about an 10.2 month supply of properties. December was slightly above last year (62 v 52 for 2009). But it was also a pretty substantial bump from November (44 sales). There were 83 sales in June and an Absorption Rate under 8.5 months.

In the sub-$200k arena, there were 325 listings, with a 9.1 month supply. Again, this is the largest price segment in this area, so being up by 10 sales over last year (41 v 31) strengthens the whole market area. It is also a pretty nice increase over November (29 sales).

Between $200k and $400k, there were 193 listings for sale, and about 11.1 months of supply. While there was a slight increase in sales compared to November (16 v 13), it was also a decrease from last year (19). Strangely, this segment has been improving for the last four months. Much of that is due to decreased inventory.

From $400k to $600k, there were 27 homes on the market. The absorption rate is almost 20.1 Months. This shouldn’t be acting like a high-end luxury segment, but it is. There have been 4 sales in the last 3 months. When the market is rolling, there should be 5-7 sales a month during this part of the year. There were 2 sales in November, 2010… and 3 this year. Last month’s 57 months of inventory looks like an anomaly.

In the $600k to $800k arena, there were 7 listings. Absorption Rate is 21 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 7 homes has made things look less slow… but there have been 3 sales in this segment this year… the last was this past November.

The range from $800k to $1m, there were 3 homes listed. And with only 1 sale in the last year (Feb 10) until this month (2 more), obviously trends are hardly definable. At least listings are down by more than 50% compared to a few months ago (9 listings in June).

Above $1m, there were 11 properties listed. The last sale in the segment was in April… of 2009… still…

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.

Buford, GA, Market Report, November 2010 (lanebailey.com)
Buford, GA, Market Report, October 2010 (lanebailey.com)
Buford, GA, Market Report, September 2010 (lanebailey.com)

Buford, GA, Market Report, November 2010

Tuesday, 28 December 2010 08:15

Written by Lane Bailey

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: Image via Wikipedia

Market stats for Buford, GA, November, 2010 indicate that there were 584 properties on the market. Overall, there was about an 11.2 month supply of properties. September was slightly below last year (52 v 60 for 2009). October was back to the pits (60 v 89 in 2009). November this year had 44 sales v 67 in 2009. There were 83 sales in June and an Absorption Rate under 8.5 months.

In the sub-$200k arena, there were 318 listings, with a 9.6 month supply. October sales were down from 51 in 2009 to 37 this year. May was the best absorption rate of the year, and it has been going downhill since, but actually got better in October. It is sliding down again. Sales for November were 29 this year compared to 40 last year.

Between $200k and $400k, there were 206 listings for sale, and about 11.6 months of supply. Again, July was the dog, with sales down by 75%. August, September and October were also down, but the absorption rate improved significantly with July dropping off. November was off by 35% (13 sales v 20 in 2009).

From $400k to $600k, there were 38 homes on the market. The absorption rate is almost 5 years. This shouldn’t be acting like a high-end luxury segment, but it is. There have been 2 sales in the last 3 months. When the market is rolling, there should be 5-7 sales a month during this part of the year. There were 5 sales in November, 2009… and 1 this year.

: Image by lane.bailey via Flickr

In the $600k to $800k arena, there were 7 listings. 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 7 homes has made things look less slow… but there have been 3 sales in this segment since last November… but one was this November.

The range from $800k to $1m, there were 5 homes listed. And with only 1 sale in the last year (Feb 10), obviously trends are hardly definable. At least listings are down by more than 50% compared to a few months ago (9 listings in June).

Above $1m, there were 11 properties listed. The last sale in the segment was in April… of 2009… still…

I have a page dedicated to Buford Market Data.

Buford, GA, Market Report, October 2010 (lanebailey.com)
Buford, GA, Market Report, September 2010 (gwinnettgarageguy.com)
Buford, GA, Market Report, August 2010 (lanebailey.com)

Zestimate Accuracy in the Atlanta GA Area…

Thursday, 09 December 2010 08:54

Written by Lane Bailey

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: Image via Wikipedia

Ever since they were first introduced, Zillow’s ‘Zestimates’ have created a stir. Some herald them, while other decry them. But, Zillow’s Zestimates are a great tool for homeowners and those looking at buying, whether they are familiar with the area or not.

But the Zestimates DO have a limit. They aren’t terribly accurate. On the good side, though, Zillow is nice enough to tell us how accurate they are for some areas. But, even the accuracy may need to be interpreted.

Let’s see if we can shed some light on Zestimate accuracy for the Atlanta, GA, area. For the sake of this example let’s assume that the Zestimate is exactly $200,000. This is a nice, round number that makes calculations easier.

Median error for the Atlanta area is 15.3%. That means that half of the homes have an error of less than 15.3%, while half have an error higher than 15.3%. In other words, half of the homes that would be valued at $200,000 are worth between $169,400 and $230,600. the other half are worth more than $230,600 or less than $164,900 (should be around 25% too high, 25% too low).
About 58% are actually worth between $160,000 and $240,000.
About 36% are worth between $180,000 and $220,000.
Only 19% are worth between $190,000 and $210,000.

The bottom line is that Zestimates, in the Atlanta area, are pretty rough. There is only a 1 in 5 chance of the home’s value being within 5% of the Zestimate. In other words, it is not a precision tool…

In my experience, most sellers are sure that the Zestimate is too low, and most buyers are convinced it is too high. It is just as likely to be one as the other…

But Zestimates ARE still useful…

Like any tool, they need to be used the right way. My Zillow contacts (and I have met and enjoyed talking with several of the fine folks at Zillow) have stated that the distribution of Zestimate error is just as likely to be high as low. Look at the target in the graphic. None of the shots hit the center of the target… but the AVERAGE of them is quite close. And the same holds true of Zestimates.

Taken as a whole, when looking at larger areas (the larger, the better), they provide a very accurate look at the broader market. But, as we narrow down to more specific areas, they get cloudier and cloudier.

Wayback Wednesday… Median Price Comparison… Ouch! (lanebailey.com)

Buford, GA, Market Report, October 2010

Thursday, 02 December 2010 08:51

Written by Lane Bailey

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: Image via Wikipedia

Market stats for Buford, GA, October, 2010 indicate that there were 616 properties on the market. Overall, there was about an 11 month supply of properties. Sales were down radically in July (19 v 71 for 2009), but August was back in the realm (57 v 61 for 2009). September was slightly below last year (52 v 60 for 2009). October was back to the pits (60 v 89 in 2009). The magic has been a little underwhelming since June.

In the sub-$200k arena, there were 314 listings, with a 9 month supply. Sales for July were down by 70%. There was actually one extra sale for August, but two less in September. October was down from 51 in 2009 to 37 this year. May was the best absorption rate of the year, and it has been going downhill since, but actually got better in October because of the terribly weak July dropping off of the 3 month rate.

Between $200k and $400k, there were 234 listings for sale, and about 12.3 months of supply. Again, July was the dog, with sales down by 75%. August, September and October were also down, but the absorption rate improved significantly with July dropping off.

From $400k to $600k, there were 45 homes on the market. The absorption rate is around 22.5 months. This shouldn’t be acting like a high-end luxury segment, but it is. There have been 6 sales in the last 3 months. When the market is rolling, there should be 5-7 sales a month during this part of the year.

In the $600k to $800k arena, there were 6 listings. 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 have been 2 sales in this segment since November… but one was in September.

The range from $800k to $1m, there were 5 homes listed. And with only 2 sales in the last year (Nov. 09 and Feb 10), obviously trends are hardly definable. At least listings are down by 50% compared to last month.

Above $1m, there were 12 properties listed. The last sale in the segment was in April… of 2009… still…

I have a page dedicated to Buford Market Data.

Buford, GA, Market Report, September 2010 (lanebailey.com)
Buford, GA, Market Report, August 2010 (lanebailey.com)

Buford, GA, Market Report, September 2010

Tuesday, 09 November 2010 08:34

Written by Lane Bailey

0 Comments

: Image via Wikipedia

Market stats for Buford, GA, September, 2010 indicate that there were 612 properties on the market. Overall, there was about an 14.3 month supply of properties. Sales were down radically in July (19 v 71 for 2009), but August was back in the realm (57 v 61 for 2009). September was slightly below last year (52 v 60 for 2009). But the magic has been a little underwhelming since June.

In the sub-$200k arena, there were 316 listings, with a 11.9 month supply. Sales for July were down by 70%. There was actually one extra sale for August, but two less in September. May was the best absorption rate of the year, and it has been going downhill ever since.

Between $200k and $400k, there were 233 listings for sale, and about 17.1 months of supply. Again, July was the dog, with sales down by 75%. August and September were also slightly down. This is one of the weakest segments in the county (excluding the very high end of the market…).

From $400k to $600k, there were 39 homes on the market. The absorption rate is around 19.5 months. This shouldn’t be acting like a high-end luxury segment, but it is. There have been 6 sales in the last 3 months. When the market is rolling, there should be 5-7 sales a month during this part of the year.

In the $600k to $800k arena, there were 8 listings. 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 to11 homes have made things look less slow… but there have been 2 sales in this segment since November… but one was in September.

The range from $800k to $1m, there were 3 homes listed. And with only 2 sales in the last year (Nov. 09 and Feb 10), obviously trends are hardly definable. At least listings are down by 50% compared to last month.

Above $1m, there were 13 properties listed. The last sale in the segment was in April… of 2009… still…

I have a page dedicated to Buford Market Data.

Buford, GA, Market Report, August 2010 (lanebailey.com)

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Category Archives: buford

Buford, GA, Market Report, December 2010

Buford, GA, Market Report, November 2010

Zestimate Accuracy in the Atlanta GA Area…

But Zestimates ARE still useful…

Buford, GA, Market Report, October 2010

Buford, GA, Market Report, September 2010

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Browse Listings

What's YOUR Home Worth?

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Category Archives: buford

Buford, GA, Market Report, December 2010

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Buford, GA, Market Report, November 2010

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Zestimate Accuracy in the Atlanta GA Area…

But Zestimates ARE still useful…

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Buford, GA, Market Report, October 2010

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Buford, GA, Market Report, September 2010

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