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Sugar Hill, GA, Market Report, November 2012

Tuesday, 19 February 2013 11:00
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Market stats for Sugar Hill, GA , November, 2012 indicates that there were 124 homes on the market. An increase of 2 from last month. Overall, there is about an 3.9 month supply (4.1 last month). There were 28 sales, compared to 36 last month and 34 last November. Of course, then there were 173 listings on the market.

For Sugar Hill homes priced under $200k, there were 77 listings, with about 3.1 months supply. There were 22 sales this November, below last year for the same time (29). There were 28 sales last month. Inventories have been fluid, rising and falling. This time of year we often see a slight decrease in listings… but we are already very low. In fact, sales may be stifled by lack of inventory.

Sugar Hill Listings between $200k and $400k, there are 41 listings for sale, and about 6.5 months of supply. Last November there was a 31.5 month supply. There were 2 sales then, this year there were 5. Last month had 7 sales. That makes three of the last five months look reasonably strong.

For listings in the $400k to $600k range, there were 4 homes on the market. The absorption rate was around 6.0 months, but with 1 sale this month (and May, August and October single sales being the only others since last November), it is tough to calculate accurately. Obviously, a sale or two could make a BIG difference. I still hope to see some consistent activity in this segment.

In the $600k to $800k, $800k to $1m and Above $1m (combined), the sales are too inconsistent to have a solid read on, but there were only 2 homes listed for sale in that price range. No sales have been recorded in the last 2+ years.

Sugar Hill, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 11,399, but that only included the area inside the city limits. The name comes from a bag of Sugar that spilled on a hill while in transit between Cumming and the railroad in Buford. And while it is actually a big market, it is in the shadows of Lawrenceville, Duluth and Suwanee… which all are nearby. That also makes it a great location, as it is close to everything that Gwinnett County, GA has to offer.

I have a page dedicated to Sugar Hill Market Data.

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Suwanee, GA, Market Report, November 2012

Monday, 18 February 2013 15:00
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Market stats for Suwanee, GA, November, 2012 indicate that there were 332 properties on the market (down from 350 last month). Overall, there was about a 4.2 month supply of properties (virtually unchanged from last month). November had 79 sales. Compared to November, 2011 (53), this year rocked, but inventory was down compared to 2011 (502). There were 82 sales last month, so this month was down a little bit, but nothing like August.

In the Under $200k arena, there were 86 listings in Suwanee, GA, with about a 2.9 month supply (compared to 5 months supply last year). This November’s sales were 24 (26 last year, 33 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 may have been limited by constricted inventory.

Between $200k and $400k, there were 154 listings for sale (235 last year, 157 last month), and 4.1 months of supply. Sales in November, 2012 were 40 (36 in SOctober), compared with 23 for the same period in 2011. Sales have been consistent for the last few months, but have fallen off somewhat for the last three months. I’d like to see it stay 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.

From $400k to $600k, there were 46 homes on the market. The absorption rate was at 5.6 months (6.4 in October). There were 11 sales in November (8 last month)… way up from 4 last year at this time. Looking at the three month average, there were 25 sales this year and 17 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 23 listings, with about a 13.8 month supply. Sales at this level are not consistent, but there was 1 this month (3 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 5… For the same time last year, the sales were 4. 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 not where it could be.

The range from $800k to $1m, there are 6 homes listed and 6.0 months of inventory on the market. There were only 4 sales at this price level last year (1 in April, 2 in July and 1 in August). 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 and 1 sale in November.

In Suwanee, GA, Above $1m, there are 17 properties listed. The current absorption rate indicated about 12.8 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (2 for April, last previously recorded). In this segment, we should be seeing reduced inventories… There were 25 homes listed in this segment at this time last year. There were 2 sales in August and October and 2 sales in November.

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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Lilburn, GA Market Report, October 2012

Thursday, 14 February 2013 14:00
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Market stats for Lilburn, GA, October, 2012, indicate that there were 248 properties on the market, down 4 from last month.  Overall, there was about an 4.3 month supply of properties and 52 properties that closed (sold) in October.  It was a decrease from last year’s sales (60) and a decrease from September (58 sales).  The Absorption Rate notched down very slightly.  Lilburn had been among the weakest of Gwinnett County, GA, cities I track. But, at 4.28 months of inventory, it is reasonably strong now. Six months is considered balanced, lower is a seller’s market and higher is a buyer’s market.

In the sub-$200k arena, there were 170 listings, with about an 3.5 month supply with 44 sales.  This represents most of the sales in the market area.  Sales decreased a bit from last month (45), but well down from last year (53).  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.  At 3.5 months of inventory, with a few months of similar stats, we’re there.

Between $200k and $400k, there are 69 listings for sale, and about 8.0 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.  But it would be hard to follow up July. There were 7 sales compared to 12 last month and 7 last year.  Lilburn has never been seen as a luxury market.  The decrease in listings has really helped. 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. July month was quite strong. April was strong…

From $400k to $600k, there are just 5 homes on the market.  The absorption rate is 3.75 months.  There was 1 sale in October.  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 Feb12).  If we can keep up a sale each month on average, this one will be back.  Right now, low listings numbers give the appearance of strong activity.

From $600k to $800k, $800k to $1M and Above $1M, there are 4 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 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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I have a page dedicated to Lilburn Market Data.

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Norcross, GA, Market Report, October 2012

Wednesday, 13 February 2013 12:00
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Market stats for Norcross GA, October, 2012 indicate that there were 169 properties on the market, down 3 from last month.  Overall, there is about a 3.1 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all.  October saw 43 sales, on par compared to the 53 for September, but well under the 58 for October last year.

In the sub-$200k arena, there were 99 listings, with about 2.6 month supply.  Sales are down from last month and down from a year ago in this segment, which is the main driver of sales in this area (30 v 46 in Oct11 & 43 Sep12).  For the last eleven months, the AR has been tilted in favor of sellers.  This still looks like one of the strongest price/area segment in Gwinnett County, GA. At well under a 3 month A/R, this is VERY strong for sellers.

Between $200k and $400k, there were 54 listings for sale, and about 4.6 months of supply.  This segment had been weakening for the last few months.  But, the 11 sales was up from last year’s 9 sales, and was a little over last month’s 10 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010. I’m still waiting for this segment to stop bouncing around so much.

From $400k to $600k, there were 14 homes on the market.  The Absorption Rate is around 42 months.  The AR had been fairly steady for months, then shot WAY up in January.  October’s 1 sale was up from the 0 last month and down from last year’s 3 sales. This had actually been a pretty good area for homes in this price range to sell… The good news is that it only takes a few sales to put it back in a balanced range long term.  In June we were at just 5.1 months of inventory.

In the $600k to $800k arena, there was 1 listings on the market. The Absorption Rate is at 3.0 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, obviously it is easy to bump one way or the other. One reason for the strong looking Absorption Rate last month was that there were so few listings. February had 1 sale. The was 1 sale for Oct12, 0 for Sep12 and 0 for Oct11.

The range from $800k to $1m, there was 0 home listed on the market and 0 sales in October. There were no sales last year. Unfortunately there isn’t enough data for a good A/R number.

Above $1m, there was 1 property listed. But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales. There is simply not enough activity for an A/R figure. The last sale was January 2011.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,410 but that only included the area inside the city limits, and it has seen tremendous growth since that census. The City of Norcross revamped their old town a long time ago, and it has served as a model for other towns in the area. It is also home to Meadow Creek and Norcross High Schools. One of the things that Norcross is known for locally is the beautiful older homes in the downtown area. They have maintained their historic flair quite successfully.

I have a page dedicated to Norcross Market Data.

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Duluth, GA, Market Report, October 2012

Tuesday, 12 February 2013 13:00
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Market stats for Duluth, October, 2012 indicated that there were 323 properties on the market, down 18 from last month.  Overall, there was about a 4.1 month supply of properties.  Sales in October were 81, way up from 62 a year earlier.  Sales were down compared to the prior month (89).  Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months.  Good, but not pack leading at the moment.

In the Under $200k arena, there were 108 listings in Duluth, GA, with about a 2.4 month supply.  The Absorption Rate for last October, was 3.6.  Sales in October were slightly up this year v last year (49 v 44), also up compared to last month (47).  The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 99 listings for sale, and about 5.6 months of supply.  Absorption rates have similarly risen, dropped and then risen again.  Sales were up compared to October, 2011 (22 v 12) and compared to last month (17).  Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected… but it might be constrained somewhat due to low inventories.  It is still a slight Seller’s Market.

From $400k to $600k, there were 35 homes on the market.  The Absorption Rate was around 5.0 months.  October brought in 2 sales.  There were 3 last year and 8 last month.  Unlike many of the market areas, Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, especially at this price level.  Usually we see the A/R soften as we move up in price, but that isn’t happening here.

In the $600k to $800k arena, there were 29 listings, with about 5.8 months of supply.  Sales were 4 for October… 3 for last year. And month to month sales were way down (4 v 9).  Last month was good, but I would like to see three consecutive months with strong sales, and haven’t seen that for a while.  Since Duluth does favor luxury sales, it looks better than the much of the rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 18 homes listed and approximately 9.0 months of inventory on the market.  The 1 sale for October rocked the 0 last year, but was blown out by the 5 last month.  Sales haven’t been moving much for the last couple of months, but 6 sales for the last 3 months killed the same 3 months from last year (1 sales). And nine months ago the A/R was 69 months.

Above $1m, there were 34 properties listed. The current absorption rate indicated about 14.6 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 for the same time last year.  We should be posting four sales a month here regularly… and we fell short last month but almost hit it this month with 3 sales.  Last month there were 3 sales and last year there were 0 for October.

 

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 former 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.

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I have a page dedicated to Duluth Market Information.

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