Last week I posted an infographic from Active Rain saying that Real Estate is Back… Here is another one from 29doors that makes it look like in Georgia, it isn’t so much. But, looking at the market reports for Gwinnett, as well as Case-Schiller numbers for the Atlanta statistical area, prices look to be up year over year by more than 9%. That tells me that there are some places in Georgia that are still pretty slammed. What do you think?
Market stats for Buford, GA, January, 2013 indicate that there were 285 properties on the market, an increase of 11 from last month. Overall, there was about an 4.4 month supply of properties (Absorption Rate or A/R). There were 58 sales for January, down from 67 last month but up from the 52 sales last Jan12. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is still solidly in Seller’s Market territory.
In the sub-$200k arena, there were 131 listings, with a 3.2 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 32 (v 41 last month), and well down compared to last year (42 sales in Jan12). But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market. This time of year I’m not terribly concerned about a little weakening.
Between $200k and $400k, there were 113 listings for sale, and about 5.5 months of supply. The 21 sales recorded were down from the 25 last month but way up from the 8 sales last year for January. This had been one of the weaker segments in the county, but had improved dramatically until last month it was fairly balanced, though tilted towards buyers… now it is slightly further into Seller’s Market territory.
From $400k to $600k, there were 27 homes on the market. The absorption rate is 13.5 Months. There have been 6 sales in the last 3 months (0 for November, 1 for December and 5 for January). When the market is rolling, there should be 3-5 sales a month during this part of the year. Just for comparison, there were 8 sales in the Nov-Jan period in 2011-12. This segment has been bouncing all over the place… but it is reasonable right now.
In the $600k to $800k arena, there were 5 listings. Absorption Rate is (again) 36+ 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 5 has made things look less slow… but there were 7 sales in this segment last year including 3 sales in March, 1 in June and 0 in January.
The range from $800k to $1m, there were 2 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2010. There were 0 sales in January. But it still has a 12.0 month Absorption Rate.
Above $1m, there were 7 properties listed. There was sale in the segment in April… of 2009…and then May, 2011… and 2 sales in June, 2011… also 1 in July and September. There was 1 sale in October, but 0 sales in January. So, we have 21 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.
I have been saying it for a few months now… and it has been pretty apparent in the Gwinnett County area. Real Estate is back. This nifty infographic from Active Rain, where I am an Ambassador (I help other agents more effectively blog and such…) shows that agents across the country are really starting to feel confident that real estate is again strong.
As mentioned here during the depths of the down-turn, we wouldn’t really know that the market had turned until it was done. And just because I, and a few thousand of my real estate peers feel like real estate has returned to normal doesn’t mean that it can’t be derailed. But, for now…
Data provided by ActiveRain, the #1 social community for real estate professionals.
Market stats for Buford, GA, November, 2012 indicate that there were 274 properties on the market, a reduction of 48 from last month. Overall, there was about an 3.9 month supply of properties (Absorption Rate or A/R). There were 67 sales for December, down from 69 last month but well up from the 83 sales last Dec11. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is still solidly in Seller’s Market territory.
In the sub-$200k arena, there were 133 listings, with a 2.7 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 41 (v 50 last month), and well down compared to last year (53 sales in Dec11). But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market. This time of year I’m not terribly concerned about a little weakening.
Between $200k and $400k, there were 102 listings for sale, and about 5.3 months of supply. The 25 sales recorded were up from the 19 last month but flat from the 25 sales last year for December. This had been one of the weaker segments in the county, but had improved dramatically until last month it was fairly balanced, though tilted towards buyers… now it is back in Seller’s Market territory.
From $400k to $600k, there were 20 homes on the market. The absorption rate is 15.0 Months. There have been 4 sales in the last 3 months (3 for October, 0 for November and 1 for December). When the market is rolling, there should be 3-5 sales a month during this part of the year. Just for comparison, there were 10 sales in the Oct-Dec period in 2011. This segment has been bouncing all over the place… but it is pretty weak right now.
In the $600k to $800k arena, there were 7 listings. Absorption Rate is (again) 36+ 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 has made things look less slow… but there were 7 sales in this segment last year including 3 sales in March, 1 in June and 0 in December.
The range from $800k to $1m, there were 3 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2010. There were 0 sales in December. But it still has a 12.0 month Absorption Rate.
Above $1m, there were 9 properties listed. There was sale in the segment in April… of 2009…and then May, 2011… and 2 sales in June, 2011… also 1 in July and September. There was 1 sale in October, but 0 sales in December. So, we have 27 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.
I’m making a big change for the market reports from January, 2013, forward.
English: Chart showing the median and average sales prices of new homes sold in the United States by month/year. Based off of US Census Median and Average Sales Price of New Houses Sold Data. Please note that the sales price includes land. Also, the average from 1963-1974 inclusively, is annual, and not monthly. (Photo credit: Wikipedia)
Instead of tracking average Days on Market (DoM), I’m going to track median DoM. It might not seem like much of a change, but I’m seeing segments where the average is 100+ days, while the median 50 or 60 days. The reason for this is that the average is giving too much weight to a few outlier properties that might have 500 or more days on the market.
A while back, FMLS, the primary provider of the data I analyze, changed the way THEY calculated DoM. The started tracking the property for total days on market instead of just the most recent listing.
While FMLS’s policy change made the data more accurate for individual listings, it also made it much less relevant for the market trends. The median data is more accurate for market trends because it lowers the effects of the outliers.
I discontinued posting the DoM data in the market reports a while back because it ceased being useful, but I have continued to track it. Moving forward, while I still probably won’t include the DoM data directly in the reports, I will allude to it as I see trends develop.
Enjoy…
