Preliminary stats for Duluth, October, 2010 indicated that there were 595 properties on the market. Overall, there is about an 11.7 month supply of properties. Months of Inventory has been increasing for the last couple of months. Sales in November were 54, compared to 65 a year earlier. Don’t forget, though, there was a tax credit slated to expire at the end of November last year that was spurring sales.
In the Under $200k arena, there were 243 listings in Duluth, GA, with about a 10 month supply. The Absorption Rate had gotten down into the high 4 month realm… and as recent as December, was in the low 5s. In May, it was at 7.9 months and has been rising since, markedly in the last couple of months. Sales for November were flat this year v last year (35).
Between $200k and $400k, there are 162 listings for sale, and about 12.8 months of supply. Sales decreased from 24 in 2009 to 15 in 2010. September sales took a big hit, but October and November were that strong, either.
From $400k to $600k, there were 65 homes on the market. The absorption rate was around 8.1 months. While sales haven’t been super strong, they haven’t been bad for this price segment, until October. November tied last year, with 8 sales in the segment. So, despite the slight increase in listings, the Absorption Rate actually dropped a little. I keep looking back at the 5.65 month absorption rate in December… but this is still one of the better performing segments in Gwinnett County.
In the $600k to $800k arena, there were 44 listings, with about 14.7 months of supply. Sales were 0 for September, 2010 v 4 last year and 6 in October 2010 v just 1 last year. November had 3 sales in 2010 v 5 in 2009. For the three months of Sept – Nov 2010 were 9 v 10 last year.
In Duluth, GA, from $800k to $1m, there were 28 homes listed and approximately 28 months of inventory on the market. Continuously falling inventories and increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February). However, for the last couple of months the absorption rate has been on the rise again. There were 3 sales in the last three months, this year. Last year, there were 8 sales in the same period.
Above $1m, there were 53 properties listed. The current absorption rate indicated about 31.8 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates… There were 5 sales in the Sept – Nov period this year, and only 2 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.
