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Category Archives: gwinnett

Norcross, GA, Market Report, July 2013

Market stats for Norcross GA, July, 2013 indicate that there were 159 properties on the market, up 1 from last month. Overall, there is about a 3.6 month supply of properties. The last year has been fairly strong… it hasn’t slowed much, if at all. July saw 38 sales, down from the 48 last month and compared to the 54 for July last year.

6774613538_9023a107b2_mIn the sub-$200k arena, there were 72 listings, with about 3.3 month supply. Sales are down a little from last month (24) and way down from a year ago in this segment, which is the main driver of sales in this area (14 v 35 – Jul13 v Jul12). For the last two years, the AR has been tilted in favor of sellers.  We seem to be weakening a bit, though.

Between $200k and $400k, there were 69 listings for sale, and about 3.8 months of supply. This segment had been weakening for the last few months. But, the 19 sales were up from last year’s 16 sales, and down from last month’s 20 sales. Even though it isn’t as gangbusters as some of the other areas, it is certainly better than the 28 months of inventory we had in December, 2010. I think this is starting to look like a pretty settled market here…

From $400k to $600k, there were 15 homes on the market. The Absorption Rate is around 3.5 months. The AR last year had been fairly steady all summer, then shot WAY up in September/October. July’s 5 sales were down from the 3 last month and from last year’s 2 sales. This has actually been a pretty good area for homes in this price range to sell… for the last few months.

In the $600k to $800k arena, there were 2 listings on the market. The Absorption Rate is at 6 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, obviously it is easy to bump one way or the other. One reason for the strong looking Absorption Rate last month was that there were so few listings. The was 0 sales for Jul13, 1 for Jun13 and 1 for Jul12.

The range from $800k to $1m, there were 0 homes listed on the market and 0 sales in July. There were no sales last year. Unfortunately there isn’t enough data for a good A/R number.

Above $1m, there was 1 property listed. But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales. There is simply not enough activity for an A/R figure. The last sale was January 2011.

 

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,410 but that only included the area inside the city limits, and it has seen tremendous growth since that census. The City of Norcross revamped their old town a long time ago, and it has served as a model for other towns in the area. It is also home to Meadow Creek and Norcross High Schools. One of the things that Norcross is known for locally is the beautiful older homes in the downtown area. They have maintained their historic flair quite successfully.

Duluth, GA, Market Report, July 2013

Market stats for Duluth, July, 2013 indicated that there were 297 properties on the market, up 6 from last month. Overall, there was about a 3.7 month supply of properties. Sales in July were 84, down from 93 a year earlier. Sales were up compared to the last month (79). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months. It is still in the Seller’s Market zone.

NS in Duluth, GA

NS in Duluth, GA (Photo credit: djaquay)

In the Under $200k arena, there were 90 listings in Duluth, GA, with about a 2.8 month supply. The Absorption Rate for last July was 2.6. Sales were WAY down this year v last year (31 v 51), and down a bit compared to last month (35). The Absorption Rate (A/R) is a bit better than much of the county…

Between $200k and $400k, there are 83 listings for sale, and about 2.9 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were up compared to July, 2012 (34 v 27) and compared to last month (28). Duluth is a market that favors luxury, and this segment is doing at least as well as I would have expected… but it might be constrained somewhat due to low inventories. It is a solid Seller’s Market.

From $400k to $600k, there were 30 homes on the market. The Absorption Rate was around 3.9 months. July brought in 7 sales. There were 10 last year and 5 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. Two months ago we saw a HUGE drop in the A/R. We’ve spent the last few months wandering around in Buyer’s Market territory. However, because of the drop in listings and increase in sales, this is ostensibly the best Seller’s Market in the county for this price range.

In the $600k to $800k arena, there were 31 listings, with about 6.2 months of supply. Sales were 6 for July… 3 for last year. And month to month sales were down a little (4 v 6). 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. That A/R is great, and getting better.

In Duluth, GA, from $800k to $1m, there were 19 homes listed and approximately 6.3 months of inventory on the market. The 4 sales for July were better than the 0 last year but not up to the 5 last month. Sales haven’t been moving much for the last couple of months, but 9 sales for the last 3 months were well under the same 3 months from last year (12 sales).

Above $1m, there were 44 properties listed. The current absorption rate indicated about 11 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 12 sales in the May-Jul period this year, and 8 for the same time last year. We should be posting four sales a month here regularly… and we fell short the last few months but barely had a start with it this month with 2 sales. There were 2 sales last year and there was 2 last month.

 

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.

 

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Lawrenceville, GA Market Report, July 2013

Market stats for Lawrenceville, GA, July, 2013, indicate that there were 644 properties on the market, down 13 from last month. Overall, there was about a 3.1 month supply of properties. In 2012, sales for July were at 276, so 212 sales was a big decrease, year over year. Last month’s sales were at 211. But, coupled with the decrease in inventory, things are still looking reasonably good. Normally the market picks up from January-February through about June-August. This month we are OK, but some are arguing that constrained inventories are still holding back sales or we could be looking even better.

English: Gwinnett County Historic Courthouse, ...

English: Gwinnett County Historic Courthouse, Lawrenceville GA (Photo credit: Wikipedia)

For Lawrenceville, GA, Homes Under $200k, there are 443 listings, with about a 2.6 month supply of homes. Sales were down from July, 2012 (165 v 262), although sales may very well be off because of constrained inventories. Last year in this segment, there were almost 800 listings v under 450 now. This segment is easily the lion’s share of sales for the area. With the 2.61 month A/R, it is solidly in Seller’s Market territory. The low Absorption Rate (AR) is due to very strong sales, coupled with dramatically lower listing inventories. Month over month sales were down from 169 last month.

Between $200k and $400k, there are 170 listings for sale, and about 4.6 months of supply. Oddly, this had one of the mid-pack segments in the county, now it’s on the weak side. The 42 sales for July, 2013 was over the 39 from last month, and destroyed the 12 sales last year. We are barely into Buyer’s Market territory here… again. Month to month there is a lot of volatility, but over the longer term, it is WAY better than it had been.

From $400k to $600k, there are 21 homes on the market. The absorption rate is around 7 months. However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact. There were 4 sales for July, the Absorption Rate has dropped from 78 months June11, through good, but sporadic sales. This is acting like a luxury market and the A/R is jumping all over the place… with just a few sales (A/R was 25.5 three months ago). While the long term trend was looking a little better, now it is still pretty choppy.

In the $600k to $800k arena, there are 6 listings, with about 9 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there was 1 sales in July. There were only 6 sales at this level in all of 2011. There were 4 sales in 2012. May booked the only previous sale so far in 2013.

Between $800k and $1M, and Above $1M there are 4 homes listed (combined) and not enough sales data to give an accurate absorption rate. Until this month, there had only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS. But, there was 1 sale in July 12. It was over $1M, if that makes a difference…

 

English: A view of the Aurora Theatre from Pik...

English: A view of the Aurora Theatre from Pike Street in Lawrenceville Georgia. (Photo credit: Wikipedia)

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
Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lawrenceville Market Data.

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Buford, GA, Market Report, July 2013

Market stats for Buford, GA, July, 2013 indicate that there were 332 properties on the market, an decrease of 7 from last month. Overall, there was about an 4.1 month supply of properties (Absorption Rate or A/R). There were 80 sales for July, up from 76 last month and down from the 84 sales last July12. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is still in Seller’s Market territory.

DSCN0574

DSCN0574 (Photo credit: lane.bailey)

In the sub-$200k arena, there were 117 listings, with a 2.6 month supply. This was the largest price segment in this market area, so strength here usually equaled strength across the whole local market area. Sales were flat from last month 42 (v 42 last month), and well down compared to last year (53 sales in Jul12). But, the A/R is well under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market. This time of year we are usually seeing an increase is sales… and listings.

Between $200k and $400k, there were 145 listings for sale, and about 4.4 months of supply. The 31 sales recorded were down from the 32 last month and up from the 26 sales last year for July. This had been one of the weaker segments in the county, but had improved dramatically until a few months ago it was fairly balanced, though tilted towards buyers… now it is further into Seller’s Market territory.

From $400k to $600k, there were 46 homes on the market. The absorption rate is 17.3 Months. There have been 8 sales in the last 3 months (0 for May, 2 for June and 6 for July). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 13 sales in the May-Jul period in 2012. This segment has been bouncing all over the place, though…

In the $600k to $800k arena, there were 9 listings. Absorption Rate is 27 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 9 had made things look less slow… but they are back on the rise. There was 0 sales in July last year and 0 in June this year. There were 0 sales in July this year.

The range from $800k to $1m, there were 3 homes listed. Trends are hardly definable. Listings are down. February was the last recorded sale. There was 0 sales in July. So it now has a 18.0 month Absorption Rate. (the decrease in listings is what dropped the A/R)

Above $1m, there were 12 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, 2012. There was 1 sale in July. So, we have 36 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 opened for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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Sugar Hill, GA, Market Report, July 2013

This map shows the incorporated and unincorpor...

Image via Wikipedia

Market stats for Sugar Hill, GA , July, 2013 indicates that there were 101 homes on the market, up 10 from last month. Overall, there is about an 2.7 month supply (2.7 last month). There were 38 sales, compared to 36 last month and 31 last July. Of course, then there were 139 listings on the market.

For Sugar Hill homes priced under $200k, there were 47 listings, with about 2.4 months supply. There were 19 sales this July, below last year for the same time (23). There were 18 sales last month. Inventories have been fluid, rising and falling. This time of year we often see a slight increase in listings… but we are very low. In fact, sales may be stifled by lack of inventory. Things have been a little choppy, though… up one month, down the next, then back up.

Sugar Hill Listings between $200k and $400k, there are 45 listings for sale, and about 2.7 months of supply. Last July there was a 4.6 month supply. There were 8 sales then, this year there were 18. Last month had 18 sales. This month was gang-busters. We are back in Seller’s Market territory here. Of note, from May, 2012, to June, 2012, the Absorption Rate dropped from 10.5 months of inventory to 5.4. It had spent almost a year above 10… and now has spent over a year below 10.

For listings in the $400k to $600k range, there were 5 homes on the market. The absorption rate was around 5 months, but with 1 sale this month, it is tough to calculate accurately. Obviously, a sale or two could make a BIG difference. I’ve finally started to see some consistency here. Hopefully we’ll have a little more action during the rest of the active selling season.

In the $600k to $800k, $800k to $1m and Above $1m (combined), the sales are too inconsistent to have a solid read on, but there were 5 homes listed for sale in these price ranges. No sales have been recorded in the last 2+ years.

Sugar Hill, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 11,399, but that only included the area inside the city limits. The name comes from a bag of Sugar that spilled on a hill while in transit between Cumming and the railroad in Buford. And while it is actually a big market, it is in the shadows of Lawrenceville, Duluth and Suwanee… which all are nearby. That also makes it a great location, as it is close to everything that Gwinnett County, GA has to offer.

I have a page dedicated to Sugar Hill Market Data.

Atlanta Metro Zillow Home Value Index

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