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Preliminary stats for Duluth, January, 2011 indicated that there were 584 properties on the market. Overall, there is about an 11 month supply of properties. Months of Inventory has been increasing for the last couple of months, until last month. Sales in January were 40, compared to 25 a year earlier. Usually in January we see an uptick in inventory, which continues through the spring. Inventory actually dropped this time. If inventory stays flat or doesn’t move as high as previous trends, this could bode well for properties on the market.
In the Under $200k arena, there were 239 listings in Duluth, GA, with about a 9.1 month supply. The Absorption Rate had gotten down into the high 4 month realm… and as recent as December, 2009, was in the low 5s. In May, it was at 7.9 months and has been rising since, until last month. Sales for December were up this year v last year (23 v 9).
Between $200k and $400k, there are 158 listings for sale, and about 11.6 months of supply. Sales decreased from 11 in 2010 to 7 in 2011. With sales down for November, up for December and down for January, there is no clear trend. Absorption rates have similarly risen, dropped and then risen again.
From $400k to $600k, there were 54 homes on the market. The absorption rate was around 7.7 months. This is one of the strongest segments in Gwinnett County. Of course, this is on the heels of a weak December and flat November. Sales were strong this year v last year (6 v 3).
In the $600k to $800k arena, there were 50 listings, with about 13.6 months of supply. Sales were 4 for January… just 1 for this month last year. Month to month sales were flat, but at least it is a much higher level than last year. If listings stay relatively low, this segment could show a great improvement.
In Duluth, GA, from $800k to $1m, there were 28 homes listed and approximately 16.8 months of inventory on the market. Falling inventories and increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February). There were 5 sales in the last three months, this year. Last year, there were 4 sales in the same period. Over the summer, the Absorption Rate for this segment dropped as low as 14.3 months of inventory.
Above $1m, there were 55 properties listed. The current absorption rate indicated about 55 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates… There were 3 sales in the Nov – Jan period this year, and 3 sales for the same time last year… but inventories have been dropping.
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.
- 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)
- Is $1,000,000 Burning a Hole in Your Pocket? (lanebailey.com)
