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Category Archives: duluth

Duluth, GA, Market Report, May 2012

This map shows the incorporated and unincorpor...

Image via Wikipedia

Preliminary stats for Duluth, May, 2012 indicated that there were 426 properties on the market.  Overall, there is about an 5.3 month supply of properties.  Sales in May were 91, up from 71 a year earlier.  Sales were up compared to the prior month (77).  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 151 listings in Duluth, GA, with about a 3.2 month supply.  The Absorption Rate for last May, was 7.05.  Sales in May were way up this year v last year (50 v 37), but only slightly up compared to last month (47).  The Absorption Rate (A/R) is better than most of the county…

Between $200k and $400k, there are 122 listings for sale, and about 6.7 months of supply. Absorption rates have similarly risen, dropped and then risen again, but they are moving the right way now. Sales were down compared to May, 2011 (20 v 18) and 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…

From $400k to $600k, there were 49 homes on the market.  The Absorption Rate was around 7.4 months.  May brought in 8 sales.  There were 10 last year and 6 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is much weaker here.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still kind of weak, and it decelerated.

In the $600k to $800k arena, there were 41 listings, with about 12.3 months of supply.  Sales were 2 for May… 3 for last year.  And month to month sales were down (5 v 2).  Last month was ok, 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 rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 23 homes listed and approximately 7.7 months of inventory on the market.  The 6 sales recorded for May rocked last year’s 2 and from the 1 from last month.  Sales haven’t been moving much for the last couple of months, but 9 sales for the last 3 months bumped the same 3 months from last year (8 sales).  It isn’t as weak as that suggests… at least I hope it isn’t.  And five months ago the A/R was 69 months.

Above $1m, there were 40 properties listed.  The current absorption rate indicated about 15 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates.  There were 8 sales in the Mar-May period this year, and 7 for the same time last year.  We should be posting four sales a month here regularly… and we hit that this month with 5 sales.

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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Duluth, GA, Market Report, April 2012

This map shows the incorporated and unincorpor...

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Preliminary stats for Duluth, April, 2012 indicated that there were 434 properties on the market.  Overall, there is about an 6.0 month supply of properties.  Sales in March were 77, up from 70 a year earlier.  Sales were up slightly compared to the prior month (75).  Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last four months.

In the Under $200k arena, there were 172 listings in Duluth, GA, with about a 3.8 month supply.  The Absorption Rate for October, was 3.55.  Sales in April were way up this year v last year (47 v 37), but only slightly up compared to last month (44).  The Absorption Rate (A/R) is a bit better than most of the county…

Between $200k and $400k, there are 110 listings for sale, and about 7.7 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but they are moving the right way now.  Sales were down compared to April, 2011 (16 v 17) and compared to last month (19).  Duluth is a market that favors luxury, but this segment is not doing that well… although it is one of the few to beat last year.

From $400k to $600k, there were 47 homes on the market.  The Absorption Rate was around 7.1 months.  March brought in 6 sales.  There was 1 last year and 6 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is much weaker here.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still kind of weak, but it’s better than last month.

In the $600k to $800k arena, there were 39 listings, with about 13.0 months of supply.  Sales were 5 for April… 8 for April last year.  But, month to month sales were down (5 v 3).  Last month was ok, 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 rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 24 homes listed and approximately 14.4 months of inventory on the market.  The 1 sale recorded for April was down from last year’s 3 and from the 2 from last month.  Sales haven’t been moving much for the last couple of months, but 5 sales for the last 3 months was killed by the same 3 months from last year (11 sales).  It isn’t as weak as that suggests… at least I hope it isn’t. And four month ago the A/R was 69 months.

Above $1m, there were 42 properties listed.  The current absorption rate indicated about 31.5 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 Feb-Apr period this year, and 7 for the same time last year.  Fall was weak last year, but we should be posting four sales a month here instead of the 2 we got.

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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A Perfect Storm for “Move-Up Buyers”?

Interest rates are at historic lows… leading to incredible affordability.

Picture of the

Picture of the "Gingerbread House" in Essex, Connecticut, USA (Photo credit: Wikipedia)

Entry level inventories are at historic lows… leading to some price strength at base price levels.

Still some weakness at some “move-up” price levels… leading to great deals on homes at those price levels.

For a while now, many of us in the real estate world have been saying two things.  First, until jobs come back and people feel secure, real estate would struggle.  Second, the market wouldn’t come back until “move-up” buyers were in a position to make a move.

I don’t know that the majority of consumers are “comfortable” with their job situation, but when they are, the deals will start to dry up.  Those that get off the fence early will have the best choice of bargains… and inventories are actually dropping.

Move-up buyers had been somewhat locked into their homes with crappy resale values.  They couldn’t afford to move out and be in a position to put anything down on another house.  But now that there is a bit of stability in in the entry level, more of those buyers ARE able to sell and move up the market.

 

If you want to see if you are in a position to trade up, give me a call.  Lane Bailey 678-200-5895.

But the News Said…

English: Change of the Case-Shiller Home Price...

English: Change of the Case-Shiller Home Price Index relative to its peak values in 1989 and 2006. Series starting in 1989 is in blue. Series starting in 2006 is in red. (Photo credit: Wikipedia)

One of the comments I hear the most is “but the news said…”.  There are always stories on the news about the NAR (National Association of REALTORS®) market stats, Case-Shiller or others.  Most of the statistics are based on national numbers.  Case Shiller is a little more local, in that it is based on the local area… if you can call the Atlanta region “local”.

One thing I would note is that the Atlanta region DOES tend to track pretty close to national averages.  But being pretty close isn’t the same as being the same.  And even if it were, there is a huge difference between the Atlanta Metro area and Gwinnett County… much less Suwanee, or the Morningview subdivision.

And that is the problem…

We can’t listen to the news and have a clear picture of what it means for our house or our neighborhood.  It would be the same as looking at the Dow Jones Industrial Average (DJIA) and deciding whether a specific stock was going to go up or down.

But that is exactly what people do… They see a report on the network news and then decide that houses are over-priced, under-priced or whatever.  When the real fact is that some market segments are rocking bargains right now… there is too much inventory and not enough buyers.  Other segments have scarce inventory and homes are selling as fast as they are listed (if they are priced appropriately).  But the national news… or even the local news… can’t be that exact in their reporting.

Unlike a lot of real estate professionals, I don’t begrudge the news for reporting the “big picture” story on the real estate market.  We DO need to know what is happening on a national basis.  But we also need to remember that there are vast differences between neighborhoods, price ranges, ZIP codes, school areas, etc.

The best bet is to talk with a local agent… I have monthly market reports on 7 cities in Gwinnett County, GA.  If this is your area, you can get a much better idea of what is going on around you.  If you really want to know what is happening, let me know and we’ll talk about YOUR house.

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Duluth, GA, Market Report, March 2012

This map shows the incorporated and unincorpor...

Image via Wikipedia

Preliminary stats for Duluth, March, 2012 indicated that there were 431 properties on the market.  Overall, there is about an 7.6 month supply of properties.  Sales in March were 75, up from 65 a year earlier.  Sales were up a similar compared to the prior month (also 65).  Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last four months.

In the Under $200k arena, there were 172 listings in Duluth, GA, with about a 5.1 month supply.  The Absorption Rate for October, was 3.55.  Sales in March were way up this year v last year (44 v 30), but slightly down compared to last month (45).  The Absorption Rate (A/R) is a bit better than most of the county…

Between $200k and $400k, there are 120 listings for sale, and about 9.7 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but they are moving the right way now.  Sales were down compared to March, 2011 (19 v 21) but way up compared to last month (8).  Duluth is a market that favors luxury, but this segment is not doing that well… although it is one of the few to beat last year.

From $400k to $600k, there were 39 homes on the market.  The Absorption Rate was around 6.5 months.  March brought in 6 sales.  There were 5 last year and 8 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is much weaker here.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still kind of weak, but it’s better than last month… and one of a very few to have posted a better A/R than in the previous month.

In the $600k to $800k arena, there were 36 listings, with about 15.4 months of supply.  Sales were 3 for March… 4 for March last year.  Month to month sales were up as well (3 v 1).  Last month was ok, 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 rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 22 homes listed and approximately 16.5 months of inventory on the market.  The 2 sales recorded for March was down from last year’s 3 and flat from the 2 from last month.  Sales haven’t been moving much for the last couple of months, but 4 sales for the last 3 months was killed by the the 3 months from last year (8 sales).  It isn’t as weak as that suggests… at least I hope it isn’t.  And two month ago the A/R was 69 months.

Above $1m, there were 42 properties listed.  The current absorption rate indicated about 63 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 Jan-Mar period this year, and 3 for the same time last year.  Fall was weak last year, but we should be posting four sales a month here instead of the 1 we got.

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.

Enhanced by Zemanta
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