- Image by lane.bailey via Flickr
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).
Market stats for Buford, GA, August, 2010 indicate that there were 653 properties on the market. Overall, there was about an 12.3 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). But the magic has been a little underwhelming since June.
In the sub-$200k arena, there were 323 listings, with a 10.2 month supply. Sales for July were down by 70%. There was actually one extra sale for August. May was the best absorption rate of the year, and it has been going downhill ever since.
Between $200k and $400k, there were 250 listings for sale, and about 13.4 months of supply. Again, July was the dog, with sales down by 75%. August was 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 49 homes on the market. The absorption rate is around 21 months. This shouldn’t be acting like a high-end luxury segment, but it is. There have been 7 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 11 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 has been 1 sale in this segment since November.
The range from $800k to $1m, there were 6 homes listed. And with only 2 sales in the last year (Nov. 09 and Feb 10), obviously trends are hardly definable.
Above $1m, there were 14 properties listed. The last sale in the segment was in April… of 2009.
I have a page dedicated to Buford Market Data.
Related articles
- Sugar Hill, GA, Market Report, August 2010 (lanebailey.com)
- Suwanee, GA, Market Report, August 2010 (lanebailey.com)
- Lilburn, GA Market Report, August 2010 (lanebailey.com)
- Lawrenceville, GA Market Report – August, 2010 (lanebailey.com)
- Duluth, GA, Market Report, August 2010 (lanebailey.com)
