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Preliminary stats for Duluth, May, 2011 indicated that there were 585 properties on the market. Overall, there is about an 8.5 month supply of properties.  Sales in May were 71, compared to 76 a year earlier.  While it is better, the change is mostly seasonal.  Duluth is trailing Gwinnett County as a whole.

In the Under $200k arena, there were 244 listings in Duluth, GA, with about a 7 month supply.  The Absorption Rate as recent as December, 2009, was in the low 5s.  Sales for May were up sharply this year v last year (37 v 29), but flat compared to April, 2011 (37).  This segment could do really well, but sales need to strengthen a little more…

Between $200k and $400k, there are 154 listings for sale, and about 8.3 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but have been moving the right way (down) since February.  Sales were way down compared to April, 2010 (18 v 29).  Duluth is a market that favors luxury, and this segment isn’t doing terrible…

From $400k to $600k, there were 60 homes on the market. The absorption rate was around 11.2 months.  Two months ago I wrote “Sales might not seem that strong, with only 5 units, especially compared to 8 last year, but I think the problem is with the inventory.  I’ll keep looking for an increase in sales.  Maybe April will show it.”  April did NOT show it.  Sales DIVED to just 1 unit.  May, on the other hand, brought in 10 sales.  There were 5 last year.  I really want to be over a dozen for June.

In the $600k to $800k arena, there were 52 listings, with about 10.4 months of supply.  Sales were 3 for May… 5 for May last year.  Month to month sales halved (3 v 8).  I was looking for somewhere around 10-12 sales for May to show me this segment was coming back… but I got less than half of that.  June will need to be stellar… 12-15.

In Duluth, GA, from $800k to $1m, there were 31 homes listed and approximately 11.6 months of inventory on the market.  The 2 sales recorded for May tied last year and dropped 1 from last month.  The AR actually looked better than it had in the last 18 months, but was one of the few to really increase for May.

Above $1m, there were 44 properties listed. The current absorption rate indicated about 18.9 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 7 sales in the Mar-May period this year, and 12 sales for the same time last year…  The whole summer was weak last year, but we should be posting half a dozen sales a month here.

Duluth, GA is a suburb of Atlanta, in the heart of Gwinnett County. It actually straddles the county line and has unincorporated portions in South Forsyth County. The population of Duluth is estimated as about 26,000 people as of 2008, but this doesn’t include unincorporated areas outside the city limits, but with a Duluth mailing address. It is also home to Sugarloaf Country Club, a PGA stop until recently.  Forbes Magazine rated Duluth 26th in their nationwide survey of the best places to move, and it is one of the wealthiest parts of Georgia.  It is also home to the Arena at Gwinnett Center (Home of the ECHL Gwinnett Gladiators) and the Atlanta Thrashers practice facility (the Duluth Ice Forum). There is a LONG list of celebrities and athletes that call Duluth home, largely because of the country clubs and proximity to Atlanta.

I have a page dedicated to Duluth Market Information.

Related articles

• Duluth, GA, Market Report, April 2011 (lanebailey.com)
• Duluth, GA, Market Report, March 2011 (lanebailey.com)
• Duluth, GA, Market Report, February 2011 (lanebailey.com)
• Duluth, GA, Market Report, January 2011 (lanebailey.com)
• Duluth, GA, Market Report, December 2010 (lanebailey.com)
• Duluth, GA, Market Report, November 2010 (lanebailey.com)
• Duluth, GA, Market Report, October 2010 (lanebailey.com)
• Flashback Friday… Duluth, O, Duluth… (lanebailey.com)
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