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Preliminary stats for Duluth, November, 2011 indicated that there were 439 properties on the market. Overall, there is about an 7.4 month supply of properties. Sales in November were 51, slightly down from 54 a year earlier. But, sales were slightly down compared to the prior month (62). Duluth had been slightly leading Gwinnett County as a whole, but not so much in October and November.
In the Under $200k arena, there were 168 listings in Duluth, GA, with about a 4.3 month supply. The Absorption Rate two years ago, December, 2009, was in the low 5s. Sales for November were up sharply this year v last year (28 v 25), but down compared to last month (44). The Absorption Rate (A/R) is rocking most of the county… but sales have decelerated again this month, ever so slightly.
Between $200k and $400k, there are 121 listings for sale, and about 11.3 months of supply. Absorption rates have similarly risen, dropped and then risen again, but have been moving the wrong way (up) since August. Sales were WAY down compared to November, 2010 (8v 15) and compared to last month (12). Duluth is a market that favors luxury, but this segment is not doing well…
From $400k to $600k, there were 50 homes on the market. The absorption rate was around 11.5 months. November brought in 8 sales. There were 8 last year and 3 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 pretty weak, but it’s better than last month,
In the $600k to $800k arena, there were 40 listings, with about 10.9 months of supply. Sales were 5 for November… 3 for November last year. Month to month sales were better (5 v 3). After August’s performance (5 sales), I had been holding out some hope last month, but had to wait until this month to see the result I wanted. Since Duluth does favor luxury sales, it looks better than the rest of the County.
In Duluth, GA, from $800k to $1m, there were 23 homes listed and approximately 69 months of inventory on the market. The 1 sale recorded for November was beaten by last year’s 2 but flat the 0 from last month. Sales haven’t been moving much for the last couple of months, but 1 sale for the last3 months has killed the 3 month average A/R. It isn’t as weak as that suggests… at least I hope it isn’t.
Above $1m, there were 37 properties listed. The current absorption rate indicated about 28 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 Sept-Nov period this year, and 5 for the same time last year. Fall was weak last year, but we should be posting four sales a month here.
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.
Related articles
- Duluth, GA, Market Report, October 2011 (lanebailey.com)
- Duluth, GA, Market Report, September 2011 (lanebailey.com)
- Duluth, GA, Market Report, August 2011 (lanebailey.com)
- Duluth, GA, Market Report, June 2011 (lanebailey.com)
- Duluth, GA, Market Report, May 2011 (lanebailey.com)
- Duluth, GA, Market Report, April 2011 (lanebailey.com)
- Duluth, GA, Market Report, March 2011 (lanebailey.com)
- Duluth, GA, Market Report, February 2011 (lanebailey.com)
- Duluth, GA, Market Report, January 2011 (lanebailey.com)
- Duluth, GA, Market Report, December 2010 (lanebailey.com)
- Duluth, GA, Market Report, November 2010 (lanebailey.com)
- Duluth, GA, Market Report, October 2010 (lanebailey.com)
- Flashback Friday… Duluth, O, Duluth… (lanebailey.com)
- Is $1,000,000 Burning a Hole in Your Pocket? (lanebailey.com)
