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Category Archives: duluth

Duluth, GA, Market Report, November 2012

Friday, 22 February 2013 14:00
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Market stats for Duluth, November, 2012 indicated that there were 290 properties on the market, down 33 from last month. Overall, there was about a 3.8 month supply of properties. Sales in November were 59, way up from 61 a year earlier. Sales were way down compared to the prior month (81). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months. Good, but not pack leading at the moment.

In the Under $200k arena, there were 92 listings in Duluth, GA, with about a 2.1 month supply. The Absorption Rate for last November, was 4.3. Sales in November were slightly up this year v last year (34 v 28), but down compared to last month (49). The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 96 listings for sale, and about 5.2 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were up compared to November, 2011 (16 v 8) but down compared to last month (22). 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 29 homes on the market. The Absorption Rate was around 5.4 months. November brought in 6 sales. There were 8 last year and 2 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.

In the $600k to $800k arena, there were 27 listings, with about 5.4 months of supply. Sales were 2 for November… 5 for last year. And month to month sales were down (2 v 4). 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 looks better than the much of the rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 15 homes listed and approximately 7.5 months of inventory on the market. The 0 sales for November were edged the 1 last year, and by the 1 last month. Sales haven’t been moving much for the last couple of months, but 6 sales for the last 3 months killed the same 3 months from last year (1 sales). And ten months ago the A/R was 69 months.

Above $1m, there were 31 properties listed. The current absorption rate indicated about 13.3 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 Sep-Nov period this year, and 4 for the same time last year. We should be posting four sales a month here regularly… and we fell short last month but almost hit it this month with 1 sales. Last month there were 3 sales and last year there was 1 for November.

 

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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Duluth Market Information.

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Buford, GA, Market Report, November 2012

Wednesday, 20 February 2013 13:00
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This map shows the incorporated and unincorpor...Market stats for Buford, GA, November, 2012 indicate that there were 322 properties on the market, a reduction of 14. Overall, there was about an 4.6 month supply of properties (Absorption Rate or A/R). There were 69 sales for November, down from 76 last month but well up from the 44 sales last Nov11. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is solidly in Seller’s Market territory.

In the sub-$200k arena, there were 147 listings, with a 2.5 month supply. This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area. Sales were down from last month 50 (v 58 last month), and well up compared to last year (30 sales in Nov11). But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market.

Between $200k and $400k, there were 134 listings for sale, and about 8.6 months of supply. The 19 sales recorded were up from the 14 last month and from the 11 sales last year for November. This had been one of the weaker segments in the county, but had improved dramatically until this month it was fairly balanced, though slightly tilted towards buyers… now it is back in Buyer’s Market territory.

From $400k to $600k, there were 23 homes on the market. The absorption rate is 9.9 Months. There have been 7 sales in the last 3 months (4 for September, 3 for October and 0 for November). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 12 sales in the Sep-Nov period in 2011. This segment has been bouncing all over the place… but it is reasonable right now.

In the $600k to $800k arena, there were 7 listings. Absorption Rate is (again) 36+ months… but it jumps around a lot. Sales in this range are pretty sporadic, but steady when looking at the long-term. The drop in inventory over the last few months from 14 homes to 7 has made things look less slow… but there were 7 sales in this segment last year including 3 sales in March, 1 in June and 0 in November.

The range from $800k to $1m, there were 3 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2012. There was 1 sale in November. But it still has a 9.0 month Absorption Rate.

Above $1m, there were 8 properties listed. There was sale in the segment in April… of 2009…and then May, 2011… and 2 sales in June, 2011… also 1 in July and September. There was 1 sale in October, but 0 sales in November. So, we have 12 months of inventory. I hope, but am not expecting, sales to be more consistent.

Buford, GA is a suburb of Atlanta in Gwinnett and Hall Counties. The population is 2000 was 10,668, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Buford is home to Lake Lanier, one of Georgia’s premiere recreational areas, and Lake Lanier Islands. Recently, the City of Buford has revamped their old town. It is also home to Buford (Buford City Schools aren’t a part of Gwinnett County Schools), Mill Creek, Mountain View and Lanier High School (Lanier will open for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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Duluth, GA, Market Report, October 2012

Tuesday, 12 February 2013 13:00
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Market stats for Duluth, October, 2012 indicated that there were 323 properties on the market, down 18 from last month.  Overall, there was about a 4.1 month supply of properties.  Sales in October were 81, way up from 62 a year earlier.  Sales were down compared to the prior month (89).  Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months.  Good, but not pack leading at the moment.

In the Under $200k arena, there were 108 listings in Duluth, GA, with about a 2.4 month supply.  The Absorption Rate for last October, was 3.6.  Sales in October were slightly up this year v last year (49 v 44), also up compared to last month (47).  The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 99 listings for sale, and about 5.6 months of supply.  Absorption rates have similarly risen, dropped and then risen again.  Sales were up compared to October, 2011 (22 v 12) and 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 35 homes on the market.  The Absorption Rate was around 5.0 months.  October brought in 2 sales.  There were 3 last year and 8 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.

In the $600k to $800k arena, there were 29 listings, with about 5.8 months of supply.  Sales were 4 for October… 3 for last year. And month to month sales were way down (4 v 9).  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 looks better than the much of the rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 18 homes listed and approximately 9.0 months of inventory on the market.  The 1 sale for October rocked the 0 last year, but was blown out by the 5 last month.  Sales haven’t been moving much for the last couple of months, but 6 sales for the last 3 months killed the same 3 months from last year (1 sales). And nine months ago the A/R was 69 months.

Above $1m, there were 34 properties listed. The current absorption rate indicated about 14.6 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 for the same time last year.  We should be posting four sales a month here regularly… and we fell short last month but almost hit it this month with 3 sales.  Last month there were 3 sales and last year there were 0 for October.

 

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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Duluth Market Information.

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Yep… A Seller’s Market. But What Does That Mean NOW?

Tuesday, 05 February 2013 09:00
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Supply and Demand

Supply and Demand (Photo credit: ATENCION:)

Normally, a Seller’s Market means that conditions are generally better for sellers than for buyers.  There is, in effect, more demand than there is supply.  And, usually, that means that sellers are more in control of pricing and terms for their homes.  Prices generally rise and there are fewer demands made upon sellers in regards to inspections, and other concessions.

 

But things aren’t always “normal”.  Now is a great example of that.

Right now, the majority of Gwinnett is solidly in Seller’s Market territory.  Below about half a million dollars, Absorption Rates remain under the magical 6 months… in some cases, even below 3 months.  Above half a million, things aren’t quite as rosy, but they are WAY stronger than they have been for years.

But all is not beer and pizza in Seller Land.  In fact, it may be FAR from fun to be a seller in today’s market, no matter what the numbers look like.  The reality is that bank-owned properties are skewing the numbers… or skewering, depending on how you want to look at it.  What has happened is that bank-owned inventory has come to dominate the market.  It may or may not be the majority, but there is enough of a presence that it pushes the pricing down for all of the homes that are actually selling.

Whether this is a good thing or a bad thing depends on whether you are a buyer or a seller.  As a buyer, it means that the homes you look are are either priced quite competitively (and don’t stay on the market very long) or they aren’t… and they stay on the market forever.

One of the ways that I can see this is by looking at the “Days on Market” (DoM) stats while preparing Market Reports.  They are jumping ALL over the place.  This isn’t a direct sign, but rather one that is more deduction.  In some segments I am seeing DoMs bounce from over 100 days to under 50 days and back over 100 in back to back to back months.  This means that homes that every once in a while a home that sells has been on the market a VERY long time… pushing up the average, then there are none of those “old-timers” the next month… then another one pops through.

What does it all mean?

Simply… as a buyer, if you see a home you like, and it is priced well, there will likely be competition for it.  Don’t expect that you can toss a low offer across the table and get a reply.  In fact, I have seen a LOT of multiple offer situations on well-priced properties.  As a seller, don’t expect that you can price your home at the level you thought it was worth a few years ago.  You are competing with bank-owned properties and their primary motivation is to not own the property any longer than they need to in order to almost break even… and their definition of break even may include insurance payments and government inducements to hurry up and sell it.

One may say that the worst aspects of both a seller’s market and a buyer’s market are present right now… fierce competition (for buyers) for the “right” properties and weak pricing for sellers).

If you really want to sell your property, let’s talk…

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Duluth, GA, Market Report, September 2012

Thursday, 31 January 2013 13:00
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Market stats for Duluth, September, 2012 indicated that there were 341 properties on the market, down 27 from last month. Overall, there was about a 4.1 month supply of properties. Sales in September were 89, way up from 66 a year earlier. Sales were also up compared to the prior month (69). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months. Good, but not pack leading at the moment.

In the Under $200k arena, there were 123 listings in Duluth, GA, with about a 2.7 month supply. The Absorption Rate for last September, was 4.3. Sales in September were slightly up this year v last year (47 v 46), also up compared to last month (41). The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 105 listings for sale, and about 5.4 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were up compared to September, 2011 (17 v 12) and compared to last month (14). 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 34 homes on the market. The Absorption Rate was around 3.5 months. September brought in 8 sales. There were 2 last year and 11 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.

In the $600k to $800k arena, there were 30 listings, with about 6.4 months of supply. Sales were 9 for September… 3 for last year. And month to month sales were way up (2 v 9). Last month was weak, 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 looks better than the much of the rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 17 homes listed and approximately 10.2 months of inventory on the market. The 5 sales for September rocked but there were 0 in August and 0 last year. Sales haven’t been moving much for the last couple of months, but 5 sales for the last 3 months slightly better than the same 3 months from last year (4 sales). And eight months ago the A/R was 69 months.

Above $1m, there were 37 properties listed. The current absorption rate indicated about 18.5 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 Jul-Sep period this year, and 9 for the same time last year. We should be posting four sales a month here regularly… and we fell short last month but almost hit it this month with 3 sales. Last month there was 1 sale and last year there were 3 for September.

 

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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Duluth Market Information.

Related articles
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