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Preliminary stats for Duluth, October, 2010 indicated that there were 589 properties on the market. Overall, there is about an 10.5 month supply of properties. Months of Inventory has been increasing for the last couple of months. Sales in October were 360, compared to 63 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 sub-$200k arena, there were 227 listings, with about a 9 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 October were actually up this year v last year (35 v 30).
Between $200k and $400k, there are 168 listings for sale, and about 10.5 months of supply. Sales decreased from 19 in 2009 to 14 in 2010. Last month was a big decrease compared to previous months. Inventory had been sliding downward, too, but rose slightly for October.
From $400k to $600k, there were 61 homes on the market. The absorption rate was around 8.3 months. While sales haven’t been super strong, they haven’t been bad for this price segment, until October. 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 52 listings, with about 13 months of supply. Sales were 0 for September, 2010 v 4 last year and 6 in October 2010 v just 1 last year.. For the three months of Aug – Oct 2010 were 12 v 8 last year. At this level, that is significant.
The range from $800k to $1m, there were 26 homes listed and approximately 19.5 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.
Above $1m, there were 55 properties listed. The current absorption rate indicated about 23.6 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 Aug – Oct period this year, and 6 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.
Related articles
- Duluth, GA, Market Report, September 2010 (lanebailey.com)
- Duluth, GA, Market Report, August 2010 (lanebailey.com)
