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Lawrenceville, GA Market Report, February 2012

Monday, 26 March 2012 08:00
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Market stats for Lawrenceville, GA, February, 2012, indicate that there were 1127 properties on the market.  Overall, there was about a 5.0 month supply of properties.  In 2011, sales for February were at 152, so 196 sales was a solid increase, year over year.  Coupled with the decrease in inventory, things are looking pretty good.  Normally the market picks up from January through about June-August.  This year we are not bad, but not quite better than last month (213 sales).

For Lawrenceville, GA, Homes Under $200k, there are 942 listings, with about a 4.5 month supply of homes.  Sales were well up from February 2011 (181 v 141).  This segment is easily the lion’s share of sales for the area.  With the 4.46 month A/R, it is solidly in Seller’s Market territory.  The low Absorption Rate (AR) is largely due to strong sales, coupled with lower listing inventories.  Month over month sales were down from 205 in January.

Between $200k and $400k, there are 163 listings for sale, and about 13.6 months of supply.  Oddly, this had one of the weaker segments in the county, now it’s mid-pack.  The 13 sales for February, 2012 were up from the 10 from last year.  They were up significantly from the 7 sales last month.  Sales should have been closer to 20 units for February.  We are still solidly in Buyer’s Market territory here.

From $400k to $600k, there are 15 homes on the market.  The absorption rate is around 22.5 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There were 2 sales for February, the Absorption Rate has dropped from 78 months in June, through good, but sporadic sales.  There was 1 sales in February, 2011.  This is acting like a luxury market and the A/R is jumping all over the place… with just a few sales (A/R was 7.1 three months ago).  While the long term trend was looking better, now it is still pretty choppy.

In the $600k to $800k arena, there are 6 listings, with about 14.4 months of supply.  As with the next lower priced segment, a couple of sales makes a big difference and there was only 0 sales in February.  There were only 6 sales at this level in all of 2011, 2 of them were last January.  There was 1 sale last month.

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

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I have a page dedicated to Lawrenceville Market Data.

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Buford, GA, Market Report, February 2012

Friday, 23 March 2012 08:00
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Market stats for Buford, GA, February, 2012 indicate that there were 431 properties on the market.  Overall, there was about an 6.5 month supply of properties (Absorption Rate or A/R).  There were 64 sales for February, up from 52 last month but only slightly up from the 60 sales last February (2011).  It isn’t the strongest market in Gwinnett, but it is much better than it has been.

In the sub-$200k arena, there were 257 listings, with a 5.7 month supply.  This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area.  Sales were slightly down from last month (40 v 42), but pretty flat compared to last year (41 sales in February, 2011).  But, the A/R is under the 6 months that would be considered fairly balanced… pointing towards a slight seller’s market.  It is heartening that despite the increase in listings, the A/R still dropped.

Between $200k and $400k, there were 126 listings for sale, and about 6.8 months of supply.  The 23 sales recorded were way up from the 8 from last month and up a bit from the 18 sales last year for February.  This had been one of the weaker segments in the county, but has improved dramatically and at current A/Rs, it is one of the stronger $200k-$400k segments in the county, again, with increasing strength.

From $400k to $600k, there were 27 homes on the market.  The absorption rate is 16.2 Months.  There have been 5 sales in the last 3 months (4 sales for December and 1 for January, 0 for February).  When the market is rolling, there should be 5-7 sales a month during this part of the year.  September was pretty strong, and but we didn’t have the follow-up the next two months I was looking for…  December was back in the right direction, and the drop in listings certainly helps.  January certainly wasn’t the month to call a recovery, nor February.  Just for comparison, there were 5 sales in the Dec.-Feb. period in 2010/2011.

In the $600k to $800k arena, there were 5 listings. Absorption Rate is 5 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 5 homes has made things look less slow… but there were 4 sales in this segment last year… and 1 sale in February.

The range from $800k to $1m, there were 5 homes listed.  But, with no sales last year (2011), obviously trends are hardly definable.  Listings are down, but sales aren’t following through.

Above $1m, there were 11 properties listed. The last sale in the segment was in April… of 2009…and then there was May, 2011… and 2 sales in June, 2011.  So, we have 44 months of inventory.  I hope, but am not expecting, sales to be more consistent.

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, February 2012

Wednesday, 21 March 2012 08:00
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Market stats for Sugar Hill, GA , February, 2012 indicates that there are 159 homes on the market. Overall, there is about an 5.9 month supply. There were 20 sales, compared to 31 last month and 15 last February. The Absorption Rate (AR) increase, largely due to the decrease in sales.

For Sugar Hill homes priced under $200k, there are 120 listings, with about 5.1 months supply. There were 18 sales this February, significantly than last year for the same time (12). But, last month there were 24 sales. Inventories have been fluid, rising and falling. Normally, this time of year we see inventories leveling out, but this month there was a slight increase.

Sugar Hill Listings between $200k and $400k, there are 37 listings for sale, and about 10.1 months of supply. Last February there was an 11.3 month supply. There were 3 sales, this year there were 2. Last month had 7 sales.

For listings in the $400k to $600k range, there is 1 home on the market. The absorption rate is around 1 months, but with 3 sales in November (and those being the only sales since July), it is tough to calculate accurately. Obviously, a sale or two could make a BIG difference. I still hope to see some consistent activity in this segment.

In the $600k to $800k, $800k to $1m and Above $1m (combined), the sales are too inconsistent to have a solid read on, but there is only 1 home listed for sale in that price range. No sales have been recorded in the last 2+ years.

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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Lilburn, GA Market Report, February 2012

Friday, 16 March 2012 08:00
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Market stats for Lilburn, GA, February, 2012, indicates that there were 358 properties on the market (as of February 29th).  Overall, there was about an 7.5 month supply of properties and 43 properties that closed (sold) in February.  It was an increase from last year’s sales (26) but a slight decrease from January (46 sales).  The Absorption Rate notched down a bit.  Lilburn had been among the weakest of Gwinnett County, GA, cities I track.  But, at 7.51 months of inventory, it isn’t nearly as bad as it had been just a few months ago (14.35 months of inventory in Feb, 2011, for example).

In the sub-$200k arena, there were 258 listings, with about an 6.2 month supply with 36 sales.  This represents most of the sales in the market area.  Sales decreased slightly from last month (46), and were also up dramatically from last year (22).  While the Absorption Rate isn’t as low as many other areas, sales are strong, and I’m still pulling for a comeback for Lilburn.  The track is getting a little better.

Between $200k and $400k, there are 90 listings for sale, and about 15.0 months of supply.  This segment had been quite weak for months, and had stalled a little, but came back with a vengeance.  There were 7 sales compared to 4 last year.  This segment really needs to get back into single digit A/Rs … but, Lilburn has never been seen as a luxury market.  But the decrease in listings has really helped.  I’m still not as confident about this portion of the Lilburn market coming back quite yet…  It is strengthening, just not as quickly as I’d like.

From $400k to $600k, there are just 5 homes on the market. The absorption rate is 7.5 months (one year average). There were 2 sales in March, which really turned the segment around, followed by 1 sale for April. May posted 2 sales, 1 sale in June, 2 in July and none since.  The apparent strength in the A/R isn’t from recent sales as much as from low listing vol

From $600k to $800k, $800k to $1M and Above $1M, there are 5 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 and one between $800k and $1M, and there is no market activity in the last 12 months for those ranges…

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.

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I have a page dedicated to Lilburn Market Data.

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Suwanee, GA, Market Report, February 2012

Monday, 12 March 2012 08:00
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Market stats for Suwanee, GA, February, 2012 indicate that there were 433 properties on the market (down from 440 last month).  Overall, there was about a 7.3 month supply of properties (down from 7.9 last month).  February had 64 sales.  Compared to February, 2011 (53), this year was a stronger.  Inventory was down compared to 2011 (604).  The last six months had been very strong, but that came on a very weak June and just average sales for a couple of prior months.  February was stronger than January, but still not as strong as it was a few months ago.  It will be interesting to see if the strength carries through another month.

In the Under $200k arena, there were 133 listings in Suwanee, GA, with about a 4.3 month supply (131 and 4.4, respectively last year).  This February’s sales were WAY up, at 30 (22 last year, 17 last month).  This was definitely the strongest price segment in Suwanee.  I’m hoping that January was an anomaly.

Between $200k and $400k, there were 195 listings for sale (284 last year, 207 last month), and 8.4 months of supply.  Sales in February, 2012 were 27 (16 in January), compared with 26 for the same period in 2011.  Sales have been bouncing between very strong and average for the last few months.  I’d like to see some consistency around 35-40 sales for the next couple of months.  This shouldn’t be a “peaky” market/price segment.  Unlike most of the county, this is the largest price segment in the area, and its direction plays a major part in how the area looks.  And for the last few months, despite there being more listings in this segment, the under $200k segment has had more sales.

From $400k to $600k, there were 62 homes on the market.  The absorption rate was at 12.4 months (12.0 in January).  There were 4 sales in February (5 in January)… up by 3 compared to last January.  Looking at the three month average, there were 15 sales this year and 10 for the same period last year.  This segment had gotten dramatically stronger in the last couple of months, but stayed sort of weak this month.  We should be looking at close to 12 sales for March… I was hoping (but not expecting) 12 for February.

In the $600k to $800k arena, there are 15 listings, with about a 15 month supply (HUGE reduction from last month’s A/R of 51).  Sales at this level are not consistent, but there were 3 this month (0 last month).  Looking at one month makes the numbers jump around.  For the last three months, sales were 3…  For the same time last year, the sales were 4.  With the huge decrease in listings over the last couple of months, I was looking for this to become one of the strongest $600k-$800k area in the county.  But until I see 2-3 sales a month on average, I can’t call this one strong.

The range from $800k to $1m, there are 4 homes listed and 12 months of inventory on the market.  There were only 4 sales at this price level last year (1 in April, 2 in July and 1 in August) .  This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough.  But there still needs to be some sales activity.

In Suwanee, GA, Above $1m, there are 24 properties listed.  The current absorption rate indicated about 24 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (only 1 sale for October, 0 for November, 1 for December and 2 for January).  In this segment, we should be seeing reduced inventories…  There were 27 homes listed in this segment at this time last year.

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.

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