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Category Archives: gwinnett

Duluth, GA, Market Report, October 2010

Tuesday, 23 November 2010 08:02
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Office building of NCR Corporation in Duluth, ...
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Preliminary stats for Duluth, October, 2010 indicated that there were 589 properties on the market. Overall, there is about an 10.5 month supply of properties.  Months of Inventory has been increasing for the last couple of months.  Sales in October were 360, compared to 63 a year earlier.  Don’t forget, though, there was a tax credit slated to expire at the end of November last year that was spurring sales.

In the sub-$200k arena, there were 227 listings, with about a 9 month supply.  The Absorption Rate had gotten down into the high 4 month realm… and as recent as December, was in the low 5s.  In May, it was at 7.9 months and has been rising since, markedly in the last couple of months.  Sales for October were actually up this year v last year (35 v 30).

Between $200k and $400k, there are 168 listings for sale, and about 10.5 months of supply.  Sales decreased from 19 in 2009 to 14 in 2010.  Last month was a big decrease compared to previous months.  Inventory had been sliding downward, too, but rose slightly for October.

From $400k to $600k, there were 61 homes on the market. The absorption rate was around 8.3 months.  While sales haven’t been super strong, they haven’t been bad for this price segment, until October.  I keep looking back at the 5.65 month absorption rate in December… but this is still one of the better performing segments in Gwinnett County.

In the $600k to $800k arena, there were 52 listings, with about 13 months of supply.  Sales were 0 for September, 2010 v 4 last year and 6 in October 2010 v just 1 last year..  For the three months of Aug – Oct 2010 were 12 v 8 last year.  At this level, that is significant.

The range from $800k to $1m, there were 26 homes listed and approximately 19.5 months of inventory on the market.  Continuously falling inventories and increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February).  However, for the last couple of months the absorption rate has been on the rise again.

Above $1m, there were 55 properties listed. The current absorption rate indicated about 23.6 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 7 sales in the Aug – Oct period this year, and 6 sales for the same time last year… but inventories have been dropping.

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, October 2010

Monday, 22 November 2010 08:03
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Gwinnett County Historic Courthouse, Lawrencev...
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Market stats for Lawrenceville, October, 2010, indicate that there are 1623 properties on the market. Overall, there is about an 9.8 month supply of properties, with sales weakening since June. Sales dropped off dramatically this year compared to last (154 v 223).

In the sub-$200k arena, there are 1299 listings, with about a 8.8 month supply of homes. Sales accelerated through June, but then fell off as the tax credit was slated to end.  While inventories are down from just a couple of years ago, for the recent past, they are still high.  Sales for this year v last year are at 138 v 187.

Between $200k and $400k, there are 281 listings for sale, and about 186.2 months of supply.  Sales have slowed dramatically, if unevenly, since June.  And sales were down compared to last year (16 v 35).

From $400k to $600k, there are 25 homes on the market. The absorption rate is a bit over 4 years.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There were no sales for July, August, September or October, and only three in the two preceding months.

In the $600k to $800k arena, there are 13 listings, with about 78 months of supply.  As with the next lower priced segment, a couple of sales makes a big difference and there were only two sales since November, 2009 (One each, April and July).

Above $800k there are 5 homes listed and not enough sales data to give an accurate absorption rate.  There hasonly been one sale in this range in the last 24 months, 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, October 2010

Saturday, 20 November 2010 08:49
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Lilburn, GA, October 7, 2009 -- The Gwinnett C...
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Market stats for Lilburn, October, 2010, indicates that there are 444 properties on the market (as of October 31st). Overall, there is about a 10.7 month supply of properties.  Lilburn is actually mid-pack among cities in Gwinnett County.  Absorption Rates had been improving since March, until September.  In fact, in March there was 15.3 months of inventory.

In the sub-$200k arena, there are 278 listings, with about an 8.2 month supply.  This represents most of the sales in the market area, and reflects the same improvement in inventory levels, continuously since March, until October.  And, one other thing to keep in mind is that sales were strong compared to October 2009 (32 v 26).

Between $200k and $400k, there are 139 listings for sale, and about 24.5 months of supply. This segment has also been getting stronger each month since March, until last month.  There were only 2 sales in September 2010, compared to 11 last year and 6 in October v 18 in 2009.

From $400k to $600k, there are 21 homes on the market. The absorption rate is around 15.8 months. There  were no sales in this segment in May, June, July or October this year.  There were only 4 sales in August and September(combined).  Last summer was much stronger overall.  With just a few sales, just one or two can make a huge difference.

Above $600k, there are 6 listings, but too few sales to have any sort of reliable number of months of inventory.  There has been one sale in the last three months, but prior, there had only been a few other sales in 2010 (January, March and August).  One of the listings is above $800k, 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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Gwinnett County Market Preview

Tuesday, 16 November 2010 08:30
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Age pyramid for Gwinnett County, Georgia, Unit...
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I have been running Gwinnett County Market stats for the last couple of hours.  And the results are interesting, if not pretty…

For the county-wide numbers, I don’t have the most accurate numbers until a full month has passed.  That means that I have numbers for October, but they accurate numbers I have are for September.  The October numbers will likely change about a week into December.

I will have a full report with the segments broken out for Thursday.  But here are a couple of highlights…

  • Sales were down 22% for September… as much as 29% for October (year over year).
  • Pending sales (contracts, usually closed about 30-45 days later) were down 24% for Sept. and as much as 27% for Oct (year over year).
  • Listings were up 3.3% for September (bad news for sellers) and look to be down 3.3% for October (year over year).
  • Under $200k is slightly picking up steam… everything else is slowing… (absorption rates for October).
  • But sales are still actually down, year over year, for under $200k in Oct… but listings are down even more.
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Norcross, GA, Market Report, September 2010

Thursday, 11 November 2010 08:48
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Market stats for Norcross, August, 2010 indicate that there were 375 properties on the market. Overall, there is about a 8.3 month supply of properties. September sales were down v 2009 (43 v 55), but August was way up (52 v 43).  Overall, the market isn’t terrible here, looking back.

In the sub-$200k arena, there were 192 listings, with about 6.2 month supply.  Sales are way down from a year ago in this segment, which is the main driver of sales in this area.  But the segment is still looking pretty strong, despite the weakness in July and September.

Between $200k and $400k, there were 136 listings for sale, and about 12.4 months of supply.  Sales have been down and slowing for the last few months.  But September was up slightly (14 v 12 last year).  With the increase in inventory, I think October might be rough, too.

From $400k to $600k, there were 39 homes on the market. The absorption rate is around 13 months.  Sales have actually been strengthening since March (with a few ups and downs…), but much of the perception is from shrinking inventories.  Actual sales have been mostly decelerating.  I expect to see the numbers move the other way in the next few months.

In the $600k to $800k arena, there were 4 listings on the market.  Inventories have decreased as sales have increased compared to last year.  The absorption rate (three month average) is steady at 12 months of inventory… but with only 4 sales this year, obviously it is easy to bump one way or the other.

The range from $800k to $1m, there were 1 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.  There have been two sales in the last year (Nov 09 and Apr 10).

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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