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Category Archives: real estate

Suwanee, GA, Market Report, June 2011

Friday, 29 July 2011 08:00
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Market stats for Suwanee, GA, June, 2011 indicate that there are 629 properties on the market (down from 640 last month). Overall, there is about an 8.4 month supply of properties (down from 8.9 last month).  May sales were up (88), but June reversed the trend with just 63 sales.  Compared to 2010 (88), that was very weak.   Inventory was down slightly compared to 2010 (652).

In the Under $200k arena, there are 183 listings in Suwanee, GA, with about a 5.6 month supply (184 and 6.5, respectively last month).  Last June, there was a 4.8 month supply.  This June’s sales were OK, at 33 (29 last month).  April was VERY strong (37) and last June there were 28.  This is definitely the strongest price segment in Duluth, but not that strong compared to some other areas of the county.

Between $200k and $400k, there are 300 listings for sale (310 last month), and 9.3 months of supply (May was 9.0).  Sales in June, 2011 were 22 (45 in May), compared with 46 for the same period in 2010.  Pretty weak, but even with the decrease in listings, the Absorption Rate (AR) got worse, reversing its trend of the last few months.  So far this year, only February and May posted better sales than 2010.  This segment was MUCH stronger last month.

From $400k to $600k, there are 78 homes on the market (87 last month). The absorption rate is at 14.6 months (14.5 in May).  There were 3 sales in June (10 in May)… down from 11 last June.  Even looking at the three month average, there were 16 sales this year and 28 for the same period last year.  The only good part is that listings are down slightly, and would normally be flat of slightly rising at this time of the year.

In the $600k to $800k arena, there are 30 listings (25 last month), with about a 12.9 month supply (15.0 in May).  Sales at this level are not consistent, but there were 3 this month (2 last month).  Looking at one month makes the numbers jump.  For the last three months, sales were 7…  For the same time last year, the sales were 12.  The segment is weak, but we can’t call a trend… three months ago it was looking stronger and it looks a little stronger again… at least stronger than it was.

The range from $800k to $1m, there are 11 homes listed and 33 months 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 27 properties listed. The current absorption rate indicated about 13.5 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 (4 sales in Mar-May this year and 6 last year).  But, in this segment, we should be seeing reduced inventories…  There were 33 homes listed in this segment at this time last year. There were 2 sales for June.

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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Wayback Wednesday… Dirty Little Secrets…

Wednesday, 27 July 2011 08:00
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There are a couple of Dirty Little Secrets in Real Estate.  I wrote about one of them a few years ago this week.  Those people that want you to sell your home “FSBO” through them for a flat fee have one of those secrets.  They don’t care if your home sells.  They get paid whether your home sells or not…  In fact, I’ve been to presentations where some of these companies were talking about their business model.  It was mentioned that if the house DOESN’T sell, they have a chance to double down on the revenue.

But that isn’t the only secret.

Another one is that your real estate agent is only guessing at the “market value” of your home.  And the same holds true for appraisers, adjusters and anyone else that is pegging a “value” to a home.  There is only one way to determine an accurate type of value for a home, and that is replacement value.  But that isn’t market value.  See, the problem is that market value is determined by a buyer and a seller agreeing on the price of a house.  And it is valid at the closing table… for THAT buyer and THAT seller.  The second that title changes hands, that value starts becoming vaporous again.  Some of us are pretty good at guessing what the market value MIGHT be, but it is a guess.

I don’t want that to sound self-serving.  If you really want, I’ll sell your house for a flat fee.  We can agree on everything right up front… what is going to be done, when it will be done, what is or isn’t included…  You’ll even get a healthy discount for going that way.

I don’t mind being open about this industry.  Dirty laundry HAS to be aired in order to get clean.  This isn’t GIANT dirty laundry, but I think it is something that needs to be disclosed.

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Duluth, GA, Market Report, June 2011

Tuesday, 26 July 2011 08:28
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Preliminary stats for Duluth, June, 2011 indicated that there were 593 properties on the market. Overall, there is about an 8.9month supply of properties.  Sales in June were 60, compared to 68 a year earlier.  Sales were down compared to both the prior year and the prior month.  Duluth is trailing Gwinnett County as a whole.In the Under $200k arena, there were 249 listings in Duluth, GA, with about a 6.5 month supply.  The Absorption Rate as recent as December, 2009, was in the low 5s.  Sales for June were up sharply this year v last year (41 v 23), but only slightly up compared to May, 2011 (37).  This segment could do really well, but sales need to strengthen a little more…

Between $200k and $400k, there are 152 listings for sale, and about 9.5 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but have been moving the right way (down) since February.  Sales were way down compared to June, 2010 (13 v 20).  Duluth is a market that favors luxury, and this segment is weak…

From $400k to $600k, there were 52 homes on the market. The absorption rate was around 13.4 months.  Two months ago I wrote “Sales might not seem that strong, with only 5 units, especially compared to 8 last year, but I think the problem is with the inventory.  I’ll keep looking for an increase in sales.  Maybe April will show it.”  April did NOT show it.  Sales DIVED to just 1 unit.  May and June, on the other hand, brought in 2 sales each.  There were 10 last year.

In the $600k to $800k arena, there were 59 listings, with about 13.4 months of supply.  Sales were 0 for June… 7 for June last year.  Month to month sales dived (0 v 3).  I was hoping for somewhere around 12-15 sales for June to show me this segment was coming back… but sales didn’t nudge off the empty mark.

In Duluth, GA, from $800k to $1m, there were 28 homes listed and approximately 14 months of inventory on the market.  The 1 sale recorded for June was dwarfed by last year’s 4 and dropped 2 from last month.  Sales haven’t been moving the right way for the last couple of months.

Above $1m, there were 47 properties listed. The current absorption rate indicated about 17.6 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 8 sales in the Apr-Jun period this year, and 12 sales for the same time last year…  The whole summer was weak last year, but we should be posting half a dozen sales a month here.

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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Lawrenceville, GA Market Report, June 2011

Thursday, 21 July 2011 08:00
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Gwinnett County Historic Courthouse, Lawrencev...

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Market stats for Lawrenceville, June, 2011, indicate that there were 1548 properties on the market. Overall, there was about a 6.05 month supply of properties. In 2010, sales for June were at 222, so 276 sales was a pretty good increase, year over year.  Coupled with the slight decrease in inventory, things are looking up.  Normally at this time of year we should be seeing healthy increases in month to month sales.

For Lawrenceville, GA, Homes Under $200k, there are 1309 listings, with about an 5.5 month supply of homes.  Sales were way up from June 2010 (254 v 192).  This segment is easily the lion’s share of sales for the area.  Last month this was one of the strongest price/area segments in Gwinnett County.  This month it is strong, but not AS strong.  The big drop in Absorption Rate (AR) is due to strong sales, coupled with slightly lower inventories.

Between $200k and $400k, there are 205 listings for sale, and about 10.8 months of supply.  Oddly, this was one of the weakest segments in the county, again.  The 21 sales for June, 2011 were down from the 28 from June last year.  Sales should have been closer to 30 (if not 40) units for June, and I’d like to see over 30 for July.

From $400k to $600k, there are 26 homes on the market. The absorption rate is around 78 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  Case in point is that we went from a 12 month AR to a 78 month AR because of a lack of sales for the last 3 months (there was 1 sale in June).  Just 6 months ago there was 87 months of inventory, though…

In the $600k to $800k arena, there are 5 listings, with about 10 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there was only 1 sale in the last four months.  I was hoping for 2 sales in June… and there were none.  It has been quite a while since sales were strong here… the only saving grace is low inventory.

Between $800k and $1M, and Above $1M there are 3 homes 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 2 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.

I have a page dedicated to Lawrenceville Market Data.

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Lilburn, GA Market Report, June 2011

Tuesday, 19 July 2011 08:36
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Market stats for Lilburn, GA, June, 2011, indicates that there were 454 properties on the market (as of June 30th). Overall, there was about an 8.5 month supply of properties and 63 properties that closed (sold) in June.  I had been looking for another increase in sales for June and it came through.  And it was an increase over last year’s sales (51) and May, 2011 (54 sales).  The Absorption Rate notched down slightly.  Unfortunately, Lilburn is among the weakest of Gwinnett County, GA, cities I track.

In the sub-$200k arena, there were 309 listings, with about an 7.7 month supply with 48 sales.  This represents most of the sales in the market area.  Sales rose slightly from last month (41), but were more above last year (38).  The Absorption Rate dropped only slightly from 7.9 to 7.7 months of inventory.  This is even a slight improvement over the tax credit fueled buying of this time last year.  If the pace maintains for the next two months, it could mean that Lilburn, GA, is on the verge of a turn.

Between $200k and $400k, there are 132 listings for sale, and about 11.o months of supply.  This segment has been quite weak for months, but has picked up a little strength.  May was a strong follow up to April, which was HUGE… 11 sales compared to just 9 last year.  June pulled down 14 sales, slightly above last year’s 13 homes sold.  If July stays strong (14-15 sales), this could signal a return to a more balanced segment… and Lilburn has been missing that.  (last month I said…) I’ll be looking for around 14 sales for June…  ;^ )

From $400k to $600k, there are just 8 homes on the market. The absorption rate is 6.0 months. There were no sales in this segment from December through February, but there were 2 in March, which really turned the segment around, followed by 1 sale for April.  May posted 2 sales, and there was 1 sale in June.  It doesn’t seem like much, but this is a segment hasn’t posted that many months with back to back sales…  This is the first time sales have been sales posted four months in a row since 2009.

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.

I have a page dedicated to Lilburn Market Data.

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