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Category Archives: gwinnett

Lawrenceville, GA Market Report, August 2011

Friday, 16 September 2011 08:00
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Market stats for Lawrenceville, August, 2011, indicate that there were 1424 properties on the market. Overall, there was about a 5.3 month supply of properties. In 2010, sales for August were at 180, so 269 sales was a pretty good increase, year over year. Coupled with the solid decrease in inventory, things are looking great. Normally at this time of year we should be seeing strong sales, but they start weakening in September.

For Lawrenceville, GA, Homes Under $200k, there are 1208 listings, with about an 4.9 month supply of homes. Sales were way up from August 2010 (250 v 155). This segment is easily the lion’s share of sales for the area.  With the 4.9 month A/R, it is solidly in Seller’s Market territory.  The big drop in Absorption Rate (AR) is due to strong sales, coupled with slightly lower inventories.  I will be looking for a strong follow-up, though.

Between $200k and $400k, there are 182 listings for sale, and about 10.1 months of supply. Oddly, this was one of the weaker segments in the county, again. With an strong at the segment down was, this one was weak.  The 19 sales for August, 2011 were down from the 24 from last year. Sales should have been closer to 25 or 30 units for August.  We are still solidly in Buyer’s Market territory, here.

From $400k to $600k, there are 28 homes on the market. The absorption rate is around 14 months. However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  July saw 5 sales, so even though there were 0 sales for August, the Absorption Rate has dropped from 78 months in June.  There were also 0 sales in August, 2010.

In the $600k to $800k arena, there are 5 listings, with about 15 months of supply.  As with the next lower priced segment, a couple of sales makes a big difference and there was only 1 sale in the last three months.  The only saving grace is low inventory. 

Between $800k and $1M, and Above $1M there is 1 home listed (combined) and not enough sales data to give an accurate absorption rate. There has only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS.

Lawrenceville is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 22,937 people in Lawrenceville, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County (2008 estimates from the Census Bureau peg population around 29,000). It was incorporated in 1821. Lawrenceville is home to Central Gwinnett High School, and also has students that the Mountain View and Archer clusters. It is also home to Gwinnett Technical College and Georgia Gwinnett College. Another recent addition to Lawrenceville is that it is home to the Gwinnett Braves, playing at the Gwinnett Stadium on GA20 between I-85 and GA316. Possibly the most famous resident of Lawrenceville was Oliver Hardy. As a small boy he lived in Lawrenceville with his parents for a short time. Lawrenceville was also home to Junior Samples. Some of its other residents included Jeff Francouer, Brian McCann and Jennifer Ferrin.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lawrenceville Market Data.

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Lilburn, GA Market Report, August 2011

Monday, 12 September 2011 08:00
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Market stats for Lilburn, GA, August, 2011, indicates that there were 431 properties on the market (as of August 31st). Overall, there was about an 7.7 month supply of properties and 48 properties that closed (sold) in August.  It was an decrease from last year’s sales (51) and July, 2011 (56 sales).  The Absorption Rate notched up slightly.  Unfortunately, Lilburn is among the weakest of Gwinnett County, GA, cities I track.  But, at 7.74 months of inventory, it isn’t nearly as bad as it had been just a few months ago.
In the sub-$200k arena, there were 306 listings, with about an 6.9 month supply with 37 sales.  This represents most of the sales in the market area.  Sales decreased markedly from last month (48), and were slightly below last year (38).  This is the strongest that Lilburn has been for quite a while.  This is easily the strongest market condition for sellers in the last 2+ years (I only have full data back 2 years right now).

Between $200k and $400k, there are 114 listings for sale, and about 11.o months of supply.  This segment had been quite weak for months, and has stalled a little.  There were 11 sales compared to 9 last year.  But, the last time we had an absorption rate under 11 months was in December of 2009.  This segment really needs to get back into single digits… but Lilburn has never been seen as a luxury market.

From $400k to $600k, there are just 5 homes on the market. The absorption rate is 5.0 months. There were no sales in this segment from December through February, but there were 2 in March, which really turned the segment around, followed by 1 sale for April.  May posted 2 sales, 1 sale in June, 2 in July and none in August.

From $600k to $800k, $800k to $1M and Above $1M, there are 6 listings (combined), but too few sales to have any sort of reliable number of months of inventory.  March posted the first sale since August, 2010.  It was in the $600-$800k range. One of the listings is above $1M and one between $800k and $1M, and there is no market activity in the last 12 months for those ranges…

Lilburn is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County. It was incorporated in 1910. Lilburn is home to Parkview High School, and also has students that the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School. Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lilburn Market Data.

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Change to Local Market Reports

Monday, 05 September 2011 08:00
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As a real estate agent, I run across a lot of cool tools.  Some of them are great for me to better read the markets and help buyers and sellers to accomplish their goals.  Other tools are great for consumers to use while making decisions about buying or selling a home.

I always recommend that both buyers and sellers look at the local market where they are buying or selling.  It has a tremendous bearing on whether prices are on the rise or falling, as well as what the competitive environment might be.  Looking at a solid CMA (Comparative Market Analysis) for the home (that they are selling or looking at buying) is a great start… but it doesn’t give the wide picture.

 

Map of Georgia highlighting Gwinnett County

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Many buyers and sellers turn to AVMs (Automated Valuation Models) to get an idea of the value of a home.  Probably the most well known of these would be the Zillow Zestimate.  I have written about Zillow and their Zestimates a few times.  Zestimates are amazing tools… within the bounds of their limitations.

 

While I would quickly point out that Zestimates are a very limited tool in regards to pegging the value of a particular property, one thing I will point out just as quickly is that the Zestimates have given Zillow an amazing database of historical and current home values.  And while individual Zestimates are seldom right, I feel that their compiled data is quite accurate (1 house is too small a sample size to be accurate, but 10,000 houses can make them very accurate in pegging the market in general).

I will be incorporating Zillow’s Local Area Indexes into my Market Reports moving forward.  I think that they are a valuable tool for you, the consumer, to better assess the market value of homes that you might be considering.  Look for charts like this one for various areas within Gwinnett as part of market reports.

Atlanta Metro Zillow Home Value Index

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Gwinnett County Homestretch… Again…

Friday, 26 August 2011 08:00
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I wrote a post a few months ago about the Gwinnett County Homestretch Program.  It is a REALLY cool program for buyers with qualified incomes.  The actual caps change regularly, but follow HUD limits.  Buyers also have to go through a financial counseling class.

But the end result is that buyers get $7,500 in Down Payment Assistance.  This is money that does NOT need to be repaid, as long as the buyer stays in the home at least 5 years.

Earlier in the year, when I wrote the post, funds were available even for existing home owners, not just first time home buyers.  Since that time, Gwinnett County has changed that… they ran out of funds for existing home owners.  But they still have plenty of funds available for first time home buyers (remember, to qualify as a first time home buyer, you can’t have owned a home for the last three years).  BTW, please don’t think that there is a way around that by not having a spouse on the title or something.  It doesn’t work…

In order to qualify, the buyer needs to have $1000 in the deal.  I recently was asked what qualified as part of the $1000…  Did the inspection count?  Did the earnest money count?  I wasn’t asked about the appraisal…  Here are the short answers.

  • The inspection doesn’t count.  I ALWAYS recommend that buyers get an inspection, but it isn’t part of the $1000 that the buyer has “in the deal.”
  • The appraisal DOES count.  It is a requirement, and it is a closing cost.  The funds CAN be used to pay closing costs.
  • The earnest money is actually like a security deposit.  It is money credited toward the closing and/or down payment, so therefore it DOES count.

One thing to keep in mind… money can NOT flow back to the buyer at closing.  Even if they overpay closing costs, they can’t be refunded at closing.  Ken Cook (of America Home Key) and I have been through the rules and know how the program works.  If you want to see if YOU qualify, contact us.

 

We’d love to help you buy a home.  There are great deals on the market right now, and interest rates are exceptional.  For more info, click here. There are other Down Payment Assistance programs available around the Metro Atlanta area.

Here is my video from the original post.

Wayback Wednesday… Social Media Breakfast

Wednesday, 17 August 2011 08:00
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A little over 2 years ago, Mortgage Broker, Ken Cook and I started an event called Social Media Breakfast Atlanta (smbATL).  It was actually in July, 2009.  Ken was (and still is) the co-host of a show on Blog Talk Radio called Social Media Edge (it used to be called Twitter Tuesday).  And I had the idea that it would be fun to get together a with a bunch of local small business owners to talk about better ways to leverage social medias.

 

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When we started, Twitter was all the rage.  FaceBook Pages were brand new, and a lot of people hadn’t heard of them.  Google Buzz and Wave hadn’t been released yet.  And we hadn’t even had an inkling about Google+.  In the last two years, we’ve learned more about those platforms, as well as things like Posterous, Get Glue and a PILE of tools.

 

We have also split the events so that there is one in Cobb County and one in Gwinnett County each month.  Cobb’s event is generally the 3rd Thursday of the month and Gwinnett’s is the 4th Thursday.  In Cobb, the usually take off a couple of months in the summer… in Gwinnett, we take off for the Holidays.

 

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For August, we have a special guess at the Gwinnett County smbATL event.  Jennifer Jones of Anderson Jones PR will be talking about Social Media leveraging for small business.  She has case studies and all sorts of solid reasons that we (as small business owners or principals) should be involved with Social Media.  But, even better, she will be fun!

 

And, as usual, we will all get to socialize and meet some new folks.  That’s why Ken and I started this over two years ago… to meet some cool new folks and learn some cool new tips, technologies and techniques.  And we have.

 

You can check us out on FaceBook (1st link), and we’d love for you to join us on August 25th at the Atlanta Bread Company on Lawrenceville-Suwanee Rd and Satellite Blvd.  We’ll be meeting there from 9:00am until around 10:30am.

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