Market stats for Suwanee, GA, January, 2013 indicate that there were 332 properties on the market (up from 308 last month). Overall, there was about a 4.7 month supply of properties (up from 3.8 last month). January had 50 sales. Compared to January, 2012 (40), this year was up, but inventory was down compared to 2011 (468). There were 81 sales last month, so this month was down a good bit. There is generally a dip in January, so the drop in sales isn’t really alarming.
In the Under $200k arena, there were 77 listings in Suwanee, GA, with about a 3.3 month supply (compared to 4.4 months supply last year). This January’s sales were 15 (17 last year, 32 last month). It used to be a county leader, though, for now it is moving back to one of the best price/locale segments again. The next level up is coming up fast, though. Sales were likely limited by constricted inventory. Last year at this time, there were 131 listings.
Between $200k and $400k, there were 167 listings for sale (201 last year, 148 last month), and 5.0 months of supply. Sales in January, 2013 were 27 (33 in December), compared with 16 for the same period in 2012. Sales have been consistent for the last few months, but have fallen off somewhat for the last five months. I’d like to see get up to around 40 sales or so 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. Make no mistake, this is still solidly in Seller’s Market territory.
From $400k to $600k, there were 42 homes on the market. The absorption rate was at 4.7 months (3.6 in December). There were 5 sales in January (11 last month)… flat from 5 last year at this time. Looking at the three month average, there were 27 sales this year and 15 for the same period last year. This segment has become dramatically stronger in the last couple of months.
In the $600k to $800k arena, there are 24 listings, with about a 10.3 month supply. Sales at this level are not consistent, but there was 3 sales this month (3 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 7… For the same time last year, the sales were 0. 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. It is fairly strong right now… but still not where it could be.
The range from $800k to $1m, there are 7 homes listed and 10.5 months of inventory on the market. There were only 4 sales at this price level in 2011. There were 7 in 2012. 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 more sales activity. There was 1 sale each in March, July, August, September, October, November and December.
In Suwanee, GA, Above $1m, there are 17 properties listed. The current absorption rate indicated about 15 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. In this segment, we should be seeing reduced inventories… There were 25 homes listed in this segment at this time last year. There were 0 sales in January, but 3 in the Nov-Jan time frame, same as the year before.
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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The last year has been fairy strong… it hasn’t slowed much, if at all. December saw 36 sales, below par compared to the 55 for November, and compared to the 53 for December last year.
In 2011, sales for December were at 264, so 215 sales was a decrease, year over year. Last month’s sales were at 208. Coupled with the decrease in inventory, things are still looking pretty good. Normally the market picks up from January-Feruary 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.
