Last week I posted an infographic from Active Rain saying that Real Estate is Back… Here is another one from 29doors that makes it look like in Georgia, it isn’t so much. But, looking at the market reports for Gwinnett, as well as Case-Schiller numbers for the Atlanta statistical area, prices look to be up year over year by more than 9%. That tells me that there are some places in Georgia that are still pretty slammed. What do you think?
Image via Wikipedia
Market stats for Duluth, January, 2013 indicated that there were 272 properties on the market, down 4 from last month. Overall, there was about a 5.0 month supply of properties. Sales in January were 45, up from 30 a year earlier. Sales were down compared to the prior month (58). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months.
In the Under $200k arena, there were 82 listings in Duluth, GA, with about a 3.0 month supply. The Absorption Rate for last January, was 7.1. Sales were well up this year v last year (20 v 13), but down compared to last month (28). The Absorption Rate (A/R) is quite a bit better than most of the county…
Between $200k and $400k, there are 82 listings for sale, and about 5.0 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were up compared to January, 2012 (16 v 10) but down compared to last month (17). Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected… but it might be constrained somewhat due to low inventories. It is still a slight Seller’s Market.
From $400k to $600k, there were 31 homes on the market. The Absorption Rate was around 4.9 months. January brought in 4 sales. There were 4 last year and 9 last month. Unlike many of the market areas, Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, especially at this price level. Usually we see the A/R soften as we move up in price, but that isn’t happening here. We are slightly to the Seller’s Market side.
In the $600k to $800k arena, there were 27 listings, with about 11.6 months of supply. Sales were 3 for January… 3 for last year. And month to month sales were up (3 v 2). I would like to see three consecutive months with strong sales, and haven’t seen that for a while. Since Duluth does favor luxury sales, it has been looking better than the much of the rest of the County at this price level. But not the last few months…
In Duluth, GA, from $800k to $1m, there were 14 homes listed and approximately 42 months of inventory on the market. The 1 sale for January was better than the 0 last year, and the 0 last month. Sales haven’t been moving much for the last couple of months, but 1 sale for the last 3 months was the same as the same 3 months from last year (1 sale). And a year ago the A/R was 69 months.
Above $1m, there were 36 properties listed. The current absorption rate indicated about 27 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 4 sales in the Nov-Jan period this year, and 2 for the same time last year. We should be posting four sales a month here regularly… and we fell short last month but barely had a start with it this month with 1 sale. There were 0 sales last year there were 2 for December.
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 former 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.
I have been saying it for a few months now… and it has been pretty apparent in the Gwinnett County area. Real Estate is back. This nifty infographic from Active Rain, where I am an Ambassador (I help other agents more effectively blog and such…) shows that agents across the country are really starting to feel confident that real estate is again strong.
As mentioned here during the depths of the down-turn, we wouldn’t really know that the market had turned until it was done. And just because I, and a few thousand of my real estate peers feel like real estate has returned to normal doesn’t mean that it can’t be derailed. But, for now…
Data provided by ActiveRain, the #1 social community for real estate professionals.
Image via Wikipedia
Market stats for Duluth, December, 2012 indicated that there were 276 properties on the market, down 14 from last month. Overall, there was about a 4.2 month supply of properties. Sales in December were 58, slightly up from 57 a year earlier. Sales were slightly down compared to the prior month (59). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months. Okay, but not pack leading at the moment.
In the Under $200k arena, there were 87 listings in Duluth, GA, with about a 2.4 month supply. The Absorption Rate for last December, was 5.0. Sales were down this year v last year (28 v 35), but down compared to last month (34). The Absorption Rate (A/R) is quite a bit better than most of the county…
Between $200k and $400k, there are 87 listings for sale, and about 4.8 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were up compared to December, 2011 (17 v 14) but up compared to last month (16). Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected… but it might be constrained somewhat due to low inventories. It is still a slight Seller’s Market.
From $400k to $600k, there were 31 homes on the market. The Absorption Rate was around 5.5 months. December brought in 9 sales. There were 5 last year and 6 last month. Unlike many of the market areas, Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, especially at this price level. Usually we see the A/R soften as we move up in price, but that isn’t happening here. We are slightly to the Seller’s Market side.
In the $600k to $800k arena, there were 27 listings, with about 10.1 months of supply. Sales were 2 for December… 5 for last year. And month to month sales were flat (2 v 2). Last month was good, but I would like to see three consecutive months with strong sales, and haven’t seen that for a while. Since Duluth does favor luxury sales, it has been looking better than the much of the rest of the County at this price level. But not this month…
In Duluth, GA, from $800k to $1m, there were 13 homes listed and approximately 39 months of inventory on the market. The 0 sales for December were just like the 0 last year, and the 0 last month. Sales haven’t been moving much for the last couple of months, but 1 sales for the last 3 months was the same as the same 3 months from last year (1 sales). And eleven months ago the A/R was 69 months.
Above $1m, there were 31 properties listed. The current absorption rate indicated about 15.5 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 6 sales in the Oct-Dec period this year, and 2 for the same time last year. We should be posting four sales a month here regularly… and we fell short last month but almost had a start with it this month with 2 sales. Last month there was 1 sale and last year there was 1 for December.
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 former 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.
I’m making a big change for the market reports from January, 2013, forward.
English: Chart showing the median and average sales prices of new homes sold in the United States by month/year. Based off of US Census Median and Average Sales Price of New Houses Sold Data. Please note that the sales price includes land. Also, the average from 1963-1974 inclusively, is annual, and not monthly. (Photo credit: Wikipedia)
Instead of tracking average Days on Market (DoM), I’m going to track median DoM. It might not seem like much of a change, but I’m seeing segments where the average is 100+ days, while the median 50 or 60 days. The reason for this is that the average is giving too much weight to a few outlier properties that might have 500 or more days on the market.
A while back, FMLS, the primary provider of the data I analyze, changed the way THEY calculated DoM. The started tracking the property for total days on market instead of just the most recent listing.
While FMLS’s policy change made the data more accurate for individual listings, it also made it much less relevant for the market trends. The median data is more accurate for market trends because it lowers the effects of the outliers.
I discontinued posting the DoM data in the market reports a while back because it ceased being useful, but I have continued to track it. Moving forward, while I still probably won’t include the DoM data directly in the reports, I will allude to it as I see trends develop.
Enjoy…
