Image by lane.bailey via Flickr
Market stats for Suwanee, GA, April, 2011 indicate that there are 624 properties on the market. Overall, there is about an 10.3 month supply of properties. March sales were down (53), but April reversed the trend, although with 75 sales, it was close to flat compared to 2010 (74). inventory was flat compared to 2010. This is one of the few markets where the inventory increased.
In the Under $200k arena, there are 178 listings in Suwanee, GA, with about a 6.9 month supply. In June, there was a 4.8 month supply. April sales were quite strong, at 37. Last month there were barely half (19) as many sales and last April there were 24. This might be the strongest current segment in Gwinnett County.
Between $200k and $400k, there are 295 listings for sale, and 10.5 months of supply. Sales in April 2011 were 30, compared with 37 for the same period in 2010. Weak, but with the decrease in listings, the Absorption Rate AR)got a bit better. So far this year, only February has posted better sales that 2010, and that was just barely.
From $400k to $600k, there are 90 homes on the market. The absorption rate is at 22.5 months. There were 3 sales this year (April)… down from 6 last year. Even looking at the three month average, there were 12 sales this year and 22 for the same period last year. The only good part is that listings are down slightly, and would normally be rising at this time of the year.
In the $600k to $800k arena, there are 29 listings, with about a 29 month supply. Sales at this level are not consistent, but there were 2 this month. Looking at one month makes the numbers jump. For the last three months, sales were 3… For the sale time last year, the sales were 10. The segment weakened , but we can’t call a trend yet… two months ago it was looking stronger.
The range from $800k to $1m, there are 10 homes listed and 2½ years of inventory on the market. There were only been 4 sales at this price level last year (1 each in January, April, May and December) and one for April this year. This is a tough segment to try to sell in right now.
In Suwanee, GA, Above $1m, there are 22 properties listed. The current absorption rate indicated about 22 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. Again, we can thank reduced inventory for making the market look healthier (3 sales in Feb-Apr this year and 5 last year). But, in this segment, we should be seeing reduced inventories… There were 40 homes listed in this segment at this time last year. There were 2 sales for April.
Suwanee, GA is a suburb of Atlanta in Gwinnett, Forsyth and (just a little bit) in Fulton Counties. The population is 2000 was 8,725, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Money Magazine rated Suwanee in the “Top 10 Best Places to Live” in 2007, and it is one of the wealthiest parts of Georgia. Recently, the City of Suwanee has revamped their old town, adding a large park with a bandshell, condos, town homes and small businesses. It is also home to North Gwinnett High School, Peachtree Ridge and Collins Hill. I have a page dedicated to Suwanee Market Data.
Related articles
- Suwanee, GA, Market Report, March 2011 (lanebailey.com)
- Suwanee, GA, Market Report, February 2011 (lanebailey.com)
- Suwanee, GA, Market Report, January 2011 (lanebailey.com)
- Suwanee, GA, Market Report, December 2010 (lanebailey.com)
- Suwanee, GA, Market Report, November 2010 (lanebailey.com)
- Suwanee, GA, Market Report, October 2010 (gwinnettgarageguy.com)
- Suwanee, GA, Market Report, September 2010 (lanebailey.com)
In 2010, sales for April were at 216, so 229 sales isn’t much of an increase, year over year. But, coupled with the recent decrease in inventory, things are looking up. However, there were 239 sales in March, 2011, so that makes the 229 seem like a giant step backwards. Normally at this time of year, we are seeing healthy increases in month to month sales.
