Market stats for Lilburn, GA, August, 2013, indicate that there were 199 properties on the market, down 10 from last month. Overall, there was about an 3.5 month supply of properties and 59 properties that closed (sold) in August. It was a decrease from last year’s sales (64) and a huge drop compared to July’s (71 sales). The Absorption Rate notched down slightly. Lilburn had been among the weakest of Gwinnett County, GA, cities I track. But, at 3.45 months of inventory, it is fairly strong now. Six months is considered balanced, lower is a seller’s market and higher is a buyer’s market.
BAPS Swaminarayan Mandir Lilburn, Atlanta, America’s costliest Hindu Temple, made completely out of White marble. (Photo credit: Wikipedia)
In the sub-$200k arena, there were 118 listings, with about an 3.0 month supply with 38 sales. This represents most of the sales in the market area. Sales were way down from last month (48), and down from last year (55). While the Absorption Rate isn’t as low as many other areas, sales are strong, and I’m think we are in a comeback for Lilburn.
Between $200k and $400k, there are 69 listings for sale, and about 4.4 months of supply. This segment had been quite weak for months, and had stalled a little, but came back with a vengeance… only to stall a bit again. There were 17 sales compared to 19 last month and 7 last year. Lilburn has never been seen as a luxury market. The decrease in listings had really helped, but they have started to rise again. I’m still not as confident about this portion of the Lilburn market coming back quite yet… It is strengthening, just not as consistently as I’d like… We are barely back in Seller’s Market territory.
From $400k to $600k, there are just 10 homes on the market. The absorption rate is 3.8 months. There was 4 sales in August. Poised for a comeback, but an increase in listings and weak sales don’t give the right ingredients for that to happen. To start with, we can’t have 7 month blank spots in sales (none from Aug11 through Mar12). If we can keep up a sale each month on average, this one will be back. We have a good start… and seeing the A/R drop from 3 YEARS to under 4 months in just two months is pretty nice.
From $600k to $800k, $800k to $1M and Above $1M, there is 2 listings (combined), but too few sales to have any sort of reliable number of months of inventory. The listing between $800k and $1M, and there is no market activity in the last 12 months for any of 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 in 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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The last year has been fairly strong… it hasn’t slowed much, if at all. August saw 44 sales, up from the 38 last month and compared to the 55 for July last year.
In 2012, sales for August were at 308, so 207 sales was a big decrease, year over year. Last month’s sales were at 212. But, coupled with the decrease in inventory, things are still looking reasonably good. Normally the market picks up from January-February through about June-August. This month we are OK, but some are arguing that constrained inventories are still holding back sales or we could be looking even better.
