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Category Archives: market report

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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Buford, GA, Market Report, September 2010

Tuesday, 09 November 2010 08:34
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Market stats for Buford, GA, September, 2010 indicate that there were 612 properties on the market. Overall, there was about an 14.3 month supply of properties.  Sales were down radically in July (19 v 71 for 2009), but August was back in the realm (57 v 61 for 2009).  September was slightly below last year (52 v 60 for 2009).  But the magic has been a little underwhelming since June.

In the sub-$200k arena, there were 316 listings, with a 11.9 month supply.  Sales for July were down by 70%.  There was actually one extra sale for August, but two less in September.  May was the best absorption rate of the year, and it has been going downhill ever since.

Between $200k and $400k, there were 233 listings for sale, and about  17.1 months of supply.  Again, July was the dog, with sales down by 75%.  August and September were also slightly down.  This is one of the weakest segments in the county (excluding the very high end of the market…).

From $400k to $600k, there were 39 homes on the market. The absorption rate is around 19.5 months.  This shouldn’t be acting like a high-end luxury segment, but it is.  There have been 6 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.

In the $600k to $800k arena, there were 8 listings.  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 to11 homes have made things look less slow… but there have been 2 sales in this segment since November… but one was in September.

The range from $800k to $1m, there were 3 homes listed. And with only 2 sales in the last year (Nov. 09 and Feb 10), obviously  trends are hardly definable.  At least listings are down by 50% compared to last month.

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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Sugar Hill, GA, Market Report, September 2010

Thursday, 04 November 2010 08:25
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Market stats for Sugar Hill, GA , September, 2010 indicate that there are 226 properties on the market. Overall, there is about an 10.4 month supply of properties, with sales dropping precipitously since June (31 in June, 15 in August and 17 in September).  Meanwhile, inventories are up.

In the sub-$200k arena, there are 151 listings, with under 13.7 months supply.  Sales are also about ¾ of the level last year over the last three months.  Sales appear to be decelerating.

Between $200k and $400k, there are 65 listings for sale, and about 11.5 months of supply.  As recently as May, there was only a 6.75 month supply.  September was better than August, but still pretty weak overall.

From $400k to $600k, there are 6 homes on the market. The absorption rate is around 18 months, but with 1 sale in the last 4 months, it is tough to calculate accurately.  Obviously, a sale or two could make a BIG difference.  There have only been 3 sales in this segment this year.

Above $600k, the sales are too inconsistent to have a solid read on, but there are only 4 homes listed for sale in that price range.  No sales have been recorded in the last 17 months or so.

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.

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Wayback Wednesday… Median Price Comparison… Ouch!

Wednesday, 03 November 2010 08:12
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A couple of years ago I was looking at median house prices in the Atlanta area, via a map that the NAR (National Association of REALTORS®).  My friend Jay Thompson unearthed it… I think before the NAR was quite ready to release it.

The map is a fun little interactive tool, but the information is the real story here.  A couple of years ago, I noted that the Median Home Price in the Atlanta area was $158,300 for the 2nd Quarter of 2008, down 9.8% from the 1st Quarter of that year.

For the 2nd Quarter of 2010, we are sitting at $122,700… up 1.1% from last year.

If you were wondering how values have fared over the last couple of years, this was a pretty telling indicator… and it wasn’t good.  I honestly didn’t expect that the Atlanta market would go down by this much.  I expected a 10-15% decrease in values, but not something closer to 20% as we have seen.

Here is the link back to the original post… with the map.

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Duluth, GA, Market Report, September 2010

Monday, 01 November 2010 08:17
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Preliminary stats for Duluth, September, 2010 indicated that there were 588 properties on the market. Overall, there is about an 9.9 month supply of properties.  Months of Inventory has been increasing for the last couple of months.  Sales in September were 38, compared to 63 a year earlier.

In the sub-$200k arena, there were 226 listings, with about a 10.6 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.

Between $200k and $400k, there are 165 listings for sale, and about 9.2 months of supply.  Sales decreased from 17 in 2009 to 9 in 2010.  That is a big decrease compared to previous months.  Inventory has been sliding downward, too.

From $400k to $600k, there were 62 homes on the market. The absorption rate was around 6.9 months.  While sales haven’t been super strong, they haven’t been bad for this price segment.  I keep looking back at the 5.65 month absorption rate in December… but this is still among the best performing segments in Gwinnett County.

In the $600k to $800k arena, there were 51 listings, with about 8.1 months of supply.  This is amazingly strong for this price level.  However, sales were 0 for September, 2010 v 4 last year.  But, the three months of Jun-Aug 2010 were 26 v 10 last year.  At this level, that is huge.

The range from $800k to $1m, there were 28 homes listed and approximately 16.8 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)

Above $1m, there were 56 properties listed. The current absorption rate indicated about 18.7 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 9 sales in the Jul-Sep period this year, and 11 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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