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Market stats for Duluth, July, 2012 indicated that there were 382 properties on the market. Overall, there was about an 4.1 month supply of properties. Sales in July were 93, WAY up from 77 a year earlier. Sales were down, though, compared to the prior month (98). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months. Good, but not pack leading at the moment.
In the Under $200k arena, there were 134 listings in Duluth, GA, with about a 2.6 month supply. The Absorption Rate for last June, was 6.5. Sales in July were way up this year v last year (51 v 33), but pretty flat compared to last month (52). The Absorption Rate (A/R) is quite a bit better than most of the county…
Between $200k and $400k, there are 113 listings for sale, and about 5.0 months of supply. Absorption rates have similarly risen, dropped and then risen again, but they are moving the right way now. Sales were up compared to July, 2011 (27 v 24) and compared to last month (21). Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected…
From $400k to $600k, there were 39 homes on the market. The Absorption Rate was around 3.8 months. July brought in 10 sales. There were 8 last year and 13 last month. As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is a bit weaker here. But this could be the great turning point for this segment. Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA.
In the $600k to $800k arena, there were 42 listings, with about 12.6 months of supply. Sales were 3 for July… 6 for last year. And month to month sales were down (3 v 5). Last month was OK, but 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 looks better than the rest of the County at this price level.
In Duluth, GA, from $800k to $1m, there were 16 homes listed and approximately 4.0 months of inventory on the market. The 6 sales recorded for June rocked but there were 0 in July compared to last year’s 3. Sales haven’t been moving much for the last couple of months, but 12 sales for the last 3 months bumped the same 3 months from last year (6 sales). And six months ago the A/R was 69 months.
Above $1m, there were 38 properties listed. The current absorption rate indicated about 14.3 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 8 sales in the May-Jul period this year, and 7 for the same time last year. We should be posting four sales a month here regularly… and we fell short this month with just 2 sales. Last month there was 1 sale and last year there were 3 for July.
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, February 2012 (lanebailey.com)
- Duluth, GA, Market Report, January 2012 (lanebailey.com)
- Duluth, GA, Market Report, December 2011 (lanebailey.com)
- Duluth, GA, Market Report, November 2011 (lanebailey.com)
- 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)
- Flashback Friday… Duluth, O, Duluth… (lanebailey.com)
- Is $1,000,000 Burning a Hole in Your Pocket? (lanebailey.com)
In 2011, sales for July were at 255, so 276 sales was a good increase, year over year. Last month’s sales were at 272. Coupled with the decrease in inventory, things are looking pretty good. Normally the market picks up from January through about June-August. This month we are rocking, in fact, some are arguing that constrained inventories are still holding back sales or we would be looking even better.
