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Category Archives: gwinnett

Duluth, GA, Market Report, March 2011

Thursday, 21 April 2011 08:13
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Preliminary stats for Duluth, March, 2011 indicated that there were 607 properties on the market. Overall, there is about an 11.7 month supply of properties.  Sales in March were 65, compared to 59 a year earlier.  Usually in February we see an uptick in inventory, which continues through the spring.  Inventory actually dropped this time, but started picking up for March.

In the Under $200k arena, there were 255 listings in Duluth, GA, with about a 9.6 month supply.  The Absorption Rate as recent as December, 2009, was in the low 5s.  Sales for March were up this year v last year (30 v 28), and up from February (27).  If the sales can start picking up faster than the inventory (and sales ARE picking up), this segment could do really well.

Between $200k and $400k, there are 155 listings for sale, and about 11.9 months of supply.  Absorption rates have similarly risen, dropped and then risen again.  Sales were up dramatically compared to March, 2010 (21 v 11).  Again, if sales can keep the trend, things will look pretty good.  Inventory is moving around a lot.

From $400k to $600k, there were 58 homes on the market. The absorption rate was around 11.6 months.  Sales might not seem that strong, with only 5 units, especially compared to 8 last year, but I think the problem is with the inventory.  I’ll keep looking for an increase in sales.  Maybe April will show it.

In the $600k to $800k arena, there were 54 listings, with about 14.7 months of supply.  Sales were 4 for March… 9 for March last year.  Month to month sales were up slightly (4 v 3).  If listings stay relatively low, this segment could show a great improvement, but they are creeping up.

In Duluth, GA, from $800k to $1m, there were 29 homes listed and approximately 10.9 months of inventory on the market.  Falling inventories AND increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February).  Last March there were 44 homes on the market and only 2 sales compared to the 29 homes and 3 sales this year.  The Absorption Rate actually looks better than it has in the last 18 months.

Above $1m, there were 56 properties listed. The current absorption rate indicated about 56 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 4 sales for the same time last year… but inventories are lower.

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 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.

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Lawrenceville, GA Market Report, March 2011

Tuesday, 19 April 2011 08:00
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Market stats for Lawrenceville, March, 2011, indicate that there are 1648 properties on the market. Overall, there is about a 9.2 month supply of properties. In 2010, sales for March were at 181, so 239 is only a pretty nice increase, year over year.  Coupled with the recent decrease in inventory, things are looking up.

For Lawrenceville Homes Under $200k, there are 1414 listings, with about an 8.8 month supply of homes.  Sales were way up from March 2010 (220 v 154).  Since this segment is easily the lion’s share of sales for the area, it isn’t surprising (given that the market area is doing pretty well) that this segment is strong.  It is actually one of the strongest segments in the county.

Between $200k and $400k, there are 205 listings for sale, and about 14 months of supply.  Oddly, this was one of the weakest segments in the county.  The 16 sales for March, 2011 were well down from the 27 from March last year.  Ditto for February… so March is the second weak month in a row here.

From $400k to $600k, there are 20 homes on the market. The absorption rate is around 12 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  Case in point is that the 2 sales for March, 2011 actually looked pretty strong.  Even 5 sales in the last three months looks pretty strong.  4 months ago there was 87 months of inventory…

In the $600k to $800k arena, there are 6 listings, with about 6 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there were only 3 sales in the last three months.  Prior to that, the last sale was in July, 2010.  Unless we have 2 or more sales for April, the Absorption Rate is likely to go up…

Between $800k and $1M, and Above $1M there are 3 homes 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 2 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.

I have a page dedicated to Lawrenceville Market Data.

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Lilburn, GA Market Report, March 2011

Thursday, 14 April 2011 08:15
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Market stats for Lilburn, March, 2011, indicates that there were 437 properties on the market (as of March 31st). Overall, there was about an 11.3 month supply of properties and 55 properties that closed (sold) in March.  I had been looking for an increase in sales for March and it came through.  In March, 2010, there were 34 sales.  This year was a major increase.

In the sub-$200k arena, there are 293 listings, with about an 9.7 month supply. This represents most of the sales in the market area.  March 2011 sales blew March 2010 out of the water (22 v 19).  Again, I was looking for an increase in sales.  The decrease in inventory (from last month, not last year) was a nice bonus.

Between $200k and $400k, there are 127 listings for sale, and about 17.3 months of supply. This segment has been quite weak for months. Having 0 sales in December, and only 6 in November didn’t help. Nine sales in January was HUGE. But, February was back down below last year.  March was strong last year, but a little stronger this year (9 v 8 in 2010).  It was a bit of a surprise in this segment.

From $400k to $600k, there are 13 homes on the market. The absorption rate is 19.5 months. There were no sales in this segment from December through February, but there were 2 in March, which really turned the segment around.  With just a few sales, just one or two can make a huge difference.

From $600k to $800k, $800k to $1M and Above $1M, there are 4 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 (none between $800k and $1M), and there is no market activity in the last 12 months for that range…

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.

I have a page dedicated to Lilburn Market Data.

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Norcross, GA, Market Report, February 2011

Thursday, 07 April 2011 22:17
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Market stats for Norcross GA, January, 2011 indicate that there were 382 properties on the market. Overall, there is about a 9.6 month supply of properties. January was a powerhouse… unlike most of the areas in Gwinnett, with 41 sales v just 29 last January.  February continued the trend, although not quite as powerful.  There were 43 sales in Norcross this year v 36 last February.

In the sub-$200k arena, there were 231 listings, with about 7.8 month supply.  Sales are up from a year ago in this segment, which is the main driver of sales in this area (32 v 23).  So, the segment is still looking pretty strong for January and February, despite the weakness of sales in November and December.

Between $200k and $400k, there were 108 listings for sale, and about 17.1 months of supply.  Sales have been down and slowing for the last few months, but lower inventory levels have really made things look better.  If it is all because of a hold on foreclosures from late last year, then we will see bloodshed again, otherwise, we could be seeing a recovery.

From $400k to $600k, there were 37 homes on the market. The absorption rate is around 11.1 months. Much of the perception of strong Absorption Rates is from shrinking inventories.  But, for the record, sales for January were at 3 for both 2011 and 0 for 2010 and February had an increase from 2 to 4 sales for this year.

In the $600k to $800k arena, there were 3 listings on the market.  Inventories have decreased as sales have increased compared to last year.  The absorption rate (12 month average) is at 9 months of inventory… but with only 4 sales last year, obviously it is easy to bump one way or the other. The ONLY reason for the strong looking Absorption Rate is that there are only 3 listings.  Only.

The range from $800k to $1m, there were no homes listed on the market and no sales… seemingly forever.

Above $1m, there were 3 properties listed.  But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales.  The single sale in January (first since October) has pushed the Absorption Rate down to just 9 months of inventory.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,41, 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.

I have a page dedicated to Norcross Market Data.

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Buford, GA, Market Report, February 2011

Tuesday, 05 April 2011 08:56
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Market stats for Buford, GA, February, 2011 indicate that there were 600 properties on the market. Overall, there was about an 12.2 month supply of properties.  February was up substantially, 60 v 38 sales in 2009.  January was slightly below last year (25 v 28 for 2009).  There were 83 sales in June and an Absorption Rate under 8.5 months.

In the sub-$200k arena, there were 352 listings, with a 10.6 month supply.  Again, this is the largest price segment in this area, so strength here usually equals weakness across the market area.  Sales were up substantially from last month (41 v 18), but pretty flat compared to last year (16 sales in Feb. 2010).  Much of the county has been slowing slightly over the last month, but this is a strong outpost in that bleak land.

Between $200k and $400k, there were 196 listings for sale, and about  14.7 months of supply.  As with many other local price segments, February was well above January (18 v 6 homes sold).  February of last year (19 sales) had a similar bump… hopefully it holds out for a while this time.

From $400k to $600k, there were 31 homes on the market. The absorption rate is almost 18.6 Months.  This shouldn’t be acting like a high-end luxury segment, but it is.  There have been 5 sales in the last 3 months.  When the market is rolling, there should be 5-7 sales a month during this part of the year.  And despite the lower market segments getting better, this one weakened for February.

In the $600k to $800k arena, there were 2 listings.  Absorption Rate is 6 months (averaging a sale every few 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 2 homes has made things look less slow… but there have been 3 sales in this segment last year… the last was this past November.

The range from $800k to $1m, there were 6 homes listed. And with only 1 sale in the last year (Feb 10) until last December (2 more), obviously  trends are hardly definable.  At least listings are down by more than compared to a few months ago (9 listings in June).

Above $1m, there were 13 properties listed.  The last sale in the segment was in April… of 2009… still…

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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