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Category Archives: buford

Buford, GA, Market Report, April 2012

Friday, 25 May 2012 08:00
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This map shows the incorporated and unincorpor...

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Market stats for Buford, GA, April, 2012 indicate that there were 399 properties on the market.  Overall, there was about an 5.1 month supply of properties (Absorption Rate or A/R).  There were 86 sales for April, flat from 86 last month and up from the 73 sales last April (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 227 listings, with a 4.2 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 flat from last month 61, but up compared to last year (51 sales in April, 2011).  But, the A/R is under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market.

Between $200k and $400k, there were 126 listings for sale, and about 6.2 months of supply.  The 19 sales recorded were flat from the 19 from last month and down a bit from the 22 sales last year for April.  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, again, with increasing strength.

From $400k to $600k, there were 24 homes on the market.  The absorption rate is 8.0 Months.  There have been 9 sales in the last 3 months (0 for February, 3 for March and 6 for April).  When the market is rolling, there should be 6-8 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 was back in the right direction, and the drop in listings certainly helps.  January certainly wasn’t the month to call a recovery, nor February.  March showed a little promise.  April was nice.  Just for comparison, there was 1 sale in the Feb.-Apr. period in 2011.

In the $600k to $800k arena, there were 6 listings. Absorption Rate is 4.5 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.  This is a sign of strength, but the low inventory is what is driving the incredible A/R.

The range from $800k to $1m, there were 7 homes listed.  But, with no sales last year (2011), obviously trends are hardly definable. Listings are down, but sales aren’t following through.

Above $1m, there were 9 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 36 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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But the News Said…

Wednesday, 23 May 2012 08:00
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English: Change of the Case-Shiller Home Price...

English: Change of the Case-Shiller Home Price Index relative to its peak values in 1989 and 2006. Series starting in 1989 is in blue. Series starting in 2006 is in red. (Photo credit: Wikipedia)

One of the comments I hear the most is “but the news said…”.  There are always stories on the news about the NAR (National Association of REALTORS®) market stats, Case-Shiller or others.  Most of the statistics are based on national numbers.  Case Shiller is a little more local, in that it is based on the local area… if you can call the Atlanta region “local”.

One thing I would note is that the Atlanta region DOES tend to track pretty close to national averages.  But being pretty close isn’t the same as being the same.  And even if it were, there is a huge difference between the Atlanta Metro area and Gwinnett County… much less Suwanee, or the Morningview subdivision.

And that is the problem…

We can’t listen to the news and have a clear picture of what it means for our house or our neighborhood.  It would be the same as looking at the Dow Jones Industrial Average (DJIA) and deciding whether a specific stock was going to go up or down.

But that is exactly what people do… They see a report on the network news and then decide that houses are over-priced, under-priced or whatever.  When the real fact is that some market segments are rocking bargains right now… there is too much inventory and not enough buyers.  Other segments have scarce inventory and homes are selling as fast as they are listed (if they are priced appropriately).  But the national news… or even the local news… can’t be that exact in their reporting.

Unlike a lot of real estate professionals, I don’t begrudge the news for reporting the “big picture” story on the real estate market.  We DO need to know what is happening on a national basis.  But we also need to remember that there are vast differences between neighborhoods, price ranges, ZIP codes, school areas, etc.

The best bet is to talk with a local agent… I have monthly market reports on 7 cities in Gwinnett County, GA.  If this is your area, you can get a much better idea of what is going on around you.  If you really want to know what is happening, let me know and we’ll talk about YOUR house.

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Buford, GA, Market Report, March 2012

Friday, 27 April 2012 08:00
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This map shows the incorporated and unincorpor...

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Market stats for Buford, GA, March, 2012 indicate that there were 407 properties on the market. Overall, there was about an 6.0 month supply of properties (Absorption Rate or A/R). There were 86 sales for February, up from 64 last month and from the 63 sales last March (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 240 listings, with a 5.0 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 way up from last month (61 v 40), but pretty flat compared to last year (48 sales in March, 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 122 listings for sale, and about 7.3 months of supply. The 19 sales recorded were down from the 23 from last month and up a bit from the 14 sales last year for March. 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, again, with increasing strength.

From $400k to $600k, there were 23 homes on the market. The absorption rate is 17.3 Months. There have been 4 sales in the last 3 months (1 for January, 0 for February and 3 for March). When the market is rolling, there should be 6-8 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 was back in the right direction, and the drop in listings certainly helps. January certainly wasn’t the month to call a recovery, nor February. Just for comparison, there were 2 sales in the Jan.-Mar. period in 2011.

In the $600k to $800k arena, there were 6 listings. Absorption Rate is 3.6 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.  This is a sign of strength, but the low inventory is what is driving the incredible A/R.

The range from $800k to $1m, there were 6 homes listed. But, with no sales 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, 2011… and 2 sales in June, 2011. 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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Prices Up? Prices Down? WTH??

Wednesday, 25 April 2012 08:00
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Case-Shiller Home Price Index

Case-Shiller Home Price Index (Photo credit: planspark)

Just in the last two days I have heard reported on the national news that prices have stabilized (link to the NAR release here) and that prices were declining in 16 of the 20 top metro areas (Case-Shiller link here).

How can these two stories be squared?

Honestly, I don’t think that they can be…  and given experience with past “interpretations” by the NAR, I’m inclined to not believe the NAR numbers.  Actually… I believe the numbers, but not the interpretation.

Case-Shiller looks at actual properties in some of their surveys.  Rather than looking at averages or medians, they sample properties.  By looking at repeat sales of the same address, they can better determine what prices are doing.

Pretty much every other study looks at all of the sales and then breaks it down to average or median prices.  The problem then is that if more expensive homes are selling, it looks like values are going up.  If less expensive homes are selling, it looks like prices are going down.

Of course, nothing is perfect.

The problem is that there are a LOT of ways that data can be sliced and diced.  And EVERYONE that looks at the data has an agenda.  Some may be better at ignoring their personal bias, but it is still there.

My take?  I don’t think we are quite ready to recover.  Yet.  I think that the bottom line is that until there is a recovery in jobs (not the unemployment rate, but the employment rate), there will be no recovery in the hosing market.  And that shakes out to local areas…

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Buford, GA, Market Report, February 2012

Friday, 23 March 2012 08:00
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This map shows the incorporated and unincorpor...

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Market stats for Buford, GA, February, 2012 indicate that there were 431 properties on the market.  Overall, there was about an 6.5 month supply of properties (Absorption Rate or A/R).  There were 64 sales for February, up from 52 last month but only slightly up from the 60 sales last February (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 257 listings, with a 5.7 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 slightly down from last month (40 v 42), but pretty flat compared to last year (41 sales in February, 2011).  But, the A/R is under the 6 months that would be considered fairly balanced… pointing towards a slight seller’s market.  It is heartening that despite the increase in listings, the A/R still dropped.

Between $200k and $400k, there were 126 listings for sale, and about 6.8 months of supply.  The 23 sales recorded were way up from the 8 from last month and up a bit from the 18 sales last year for February.  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, again, with increasing strength.

From $400k to $600k, there were 27 homes on the market.  The absorption rate is 16.2 Months.  There have been 5 sales in the last 3 months (4 sales for December and 1 for January, 0 for February).  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 was back in the right direction, and the drop in listings certainly helps.  January certainly wasn’t the month to call a recovery, nor February.  Just for comparison, there were 5 sales in the Dec.-Feb. period in 2010/2011.

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 5 homes has made things look less slow… but there were 4 sales in this segment last year… and 1 sale in February.

The range from $800k to $1m, there were 5 homes listed.  But, with no sales 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 44 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.

Related articles
Atlanta Metro Zillow Home Value Index

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