- Image by lane.bailey via Flickr
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.
Market stats for Suwanee, GA, August, 2010 indicate that there are 636 properties on the market. Overall, there is about an 9 month supply of properties. There was less that 8 months of inventory as recently as June, but sales are slowing even faster than inventory is shrinking.
In the sub-$200k arena, there are 151 listings, with about a 7.3 month supply. In June, there was a 4.8 month supply. Inventories have increased as sales have slowed… although sales for July and August (19 and 15) were exactly the same last year.
Between $200k and $400k, there are 346 listings for sale, and 10.08 months of supply. Sales for August 2010 were 28 compared with 48 for the same period in 2009. Enough said.
From $400k to $600k, there are 79 homes on the market. The absorption rate is at 7.4 months. While 9 sales this year compares favorable with the 4 sales last year, the three month average is exactly the same. There are fewer listings, though.
In the $600k to $800k arena, there are 24 listings, with about a 6 month supply. We can look directly to a reduction in inventory for the drop in absorption rate from 45 months in February… sales are still slower than last year, and seem to be decelerating.
The range from $800k to $1m, there are 23 homes listed and approximately 23 months of inventory on the market. There has only been 3 sales at this price level this year. Honestly, last year looked a little better, but not much.
Above $1m, there are 35 properties listed. The current absorption rate indicated about 21 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. But, in this segment, we should be seeing reduced inventories…
I have a page dedicated to Suwanee Market Data.
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