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Category Archives: real estate

Suwanee, GA, Market Report, October 2010

Saturday, 27 November 2010 08:14
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Finder USA building in Suwanee, GA
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Market stats for Suwanee, GA, October, 2010 indicate that there are 5601 properties on the market. Overall, there is about an 10.7 month supply of properties.  There was less that 8 months of inventory as recently as June.  Even though inventories are down since then, sales are also down.

In the sub-$200k arena, there are 159 listings, with about a 8.7 month supply.  In June, there was a 4.8 month supply.  Inventories have increased, until September, as sales have slowed… although sales for July and August (19 and 15) were exactly the same last year and at 18, there was only one less sale in September v last year.  October sales were down from 27 last year to 22 this year.

Between $200k and $400k, there are 298 listings for sale, and 10 months of supply.  Sales for September 2010 were 30 compared with 39 for the same period in 2009.  Still weak, but much better than last month.  For October, sales were down from 53 last year v 31 this year.

From $400k to $600k, there are 79 homes on the market. The absorption rate is at 13.9 months.  While 3 sales this year don’t compare favorably with the 7 sales last year, the three month average is reasonably close (17 v 20 in 2009).  There are fewer listings, though.

In the $600k to $800k arena, there are 26 listings, with about a 26 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 (3 this year from Aug-Oct v 10 last year).

The range from $800k to $1m, there are 13 homes listed and approximately 78 months of inventory on the market.  There has only been 3 sales at this price level this year (1 each in January, April and May).  Honestly, last year looked a little better, but not much.

Above $1m, there are 26 properties listed. The current absorption rate indicated about 19.5 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 Aug-Oct both this year and last).  But, in this segment, we should be seeing reduced inventories…

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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Flashback Friday… Home for the Holidays…

Friday, 26 November 2010 08:33
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A Christmas market in Clifton Mill, Ohio, Unit...
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Could still happen.  I was writing about it last year, too.

My mortgage guy can usually close loans in about 22 work days… so there is still a little window to find a home and actually close before the end of the holidays.  You could…

  • ring in the new year in your new home…
  • maybe even wake up Christmas morning in the new digs…
  • enjoy the mortgage tax deduction for 2011…
  • send the kids to great Gwinnett County schools…
  • give your favorite toy a new garage…

Of course, for every buyer there is a different motivation… but the same (hoped for) result.

Some buyers shy away from the Holiday season thinking that there are fewer homes on the market, but the truth is that there are also a lot fewer buyers in the market, so this can be deal time.  There will be a few more homes on the market in the Spring, but there will be a LOT more buyers prowling the streets.  And we are looking at the possibility of increasing mortgage rates.  That lowers affordability.

So, this might be the best time to buy a house… since this time last year.

Link

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Wayback Wednesday… Case-Shiller Index

Wednesday, 24 November 2010 08:30
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Graph of the Case-Shiller index values through...
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A couple of years ago I was writing about the Case-Shiller Index and the Atlanta market.

I still am not a huge fan of the index as an “end-all” summation of all things related to real estate value, but it is always fun to look over data like this and see what in might glean.

There is no doubt that we were in a bloodbath a couple of years ago.  Values were dropping like a rock and there was no end in sight.

Hopefully, we’ve seen the end.  Values appear to have stabilized… but I am of the opinion that jobs are the key.  And until the job market recovers, I don’t think we will see a spring-back in housing.  I DO think that we might have found a support level… but unemployment seems to be fairly consistent (crappy, but not getting worse).

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Duluth, GA, Market Report, October 2010

Tuesday, 23 November 2010 08:02
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Office building of NCR Corporation in Duluth, ...
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Preliminary stats for Duluth, October, 2010 indicated that there were 589 properties on the market. Overall, there is about an 10.5 month supply of properties.  Months of Inventory has been increasing for the last couple of months.  Sales in October were 360, compared to 63 a year earlier.  Don’t forget, though, there was a tax credit slated to expire at the end of November last year that was spurring sales.

In the sub-$200k arena, there were 227 listings, with about a 9 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.  Sales for October were actually up this year v last year (35 v 30).

Between $200k and $400k, there are 168 listings for sale, and about 10.5 months of supply.  Sales decreased from 19 in 2009 to 14 in 2010.  Last month was a big decrease compared to previous months.  Inventory had been sliding downward, too, but rose slightly for October.

From $400k to $600k, there were 61 homes on the market. The absorption rate was around 8.3 months.  While sales haven’t been super strong, they haven’t been bad for this price segment, until October.  I keep looking back at the 5.65 month absorption rate in December… but this is still one of the better performing segments in Gwinnett County.

In the $600k to $800k arena, there were 52 listings, with about 13 months of supply.  Sales were 0 for September, 2010 v 4 last year and 6 in October 2010 v just 1 last year..  For the three months of Aug – Oct 2010 were 12 v 8 last year.  At this level, that is significant.

The range from $800k to $1m, there were 26 homes listed and approximately 19.5 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).  However, for the last couple of months the absorption rate has been on the rise again.

Above $1m, there were 55 properties listed. The current absorption rate indicated about 23.6 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 7 sales in the Aug – Oct period this year, and 6 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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Lawrenceville, GA Market Report, October 2010

Monday, 22 November 2010 08:03
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Gwinnett County Historic Courthouse, Lawrencev...
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Market stats for Lawrenceville, October, 2010, indicate that there are 1623 properties on the market. Overall, there is about an 9.8 month supply of properties, with sales weakening since June. Sales dropped off dramatically this year compared to last (154 v 223).

In the sub-$200k arena, there are 1299 listings, with about a 8.8 month supply of homes. Sales accelerated through June, but then fell off as the tax credit was slated to end.  While inventories are down from just a couple of years ago, for the recent past, they are still high.  Sales for this year v last year are at 138 v 187.

Between $200k and $400k, there are 281 listings for sale, and about 186.2 months of supply.  Sales have slowed dramatically, if unevenly, since June.  And sales were down compared to last year (16 v 35).

From $400k to $600k, there are 25 homes on the market. The absorption rate is a bit over 4 years.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There were no sales for July, August, September or October, and only three in the two preceding months.

In the $600k to $800k arena, there are 13 listings, with about 78 months of supply.  As with the next lower priced segment, a couple of sales makes a big difference and there were only two sales since November, 2009 (One each, April and July).

Above $800k there are 5 homes listed and not enough sales data to give an accurate absorption rate.  There hasonly been one sale in this range in the last 24 months, 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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