Market stats for Buford, GA, August, 2013 indicate that there were 340 properties on the market, an increase of 8 from last month. Overall, there was about an 4.2 month supply of properties (Absorption Rate or A/R). There were 86 sales for August, up from 80 last month and from the 80 sales last Aug12. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is still in Seller’s Market territory.
DSCN0574 (Photo credit: lane.bailey)
In the sub-$200k arena, there were 108 listings, with a 2.4 month supply. This was the largest price segment in this market area, so strength here usually equaled strength across the whole local market area. Sales were up from last month 49 (v 42 last month), and flat compared to last year (49 sales in Aug12). But, the A/R is well under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market. This time of year we are usually seeing an increase is sales… and listings.
Between $200k and $400k, there were 160 listings for sale, and about 5.2 months of supply. The 29 sales recorded were down from the 31 last month and down from the 31 sales last year for August. This had been one of the weaker segments in the county, but had improved dramatically until a few months ago it was fairly balanced, though tilted towards buyers… now it is a little less into Seller’s Market territory.
From $400k to $600k, there were 46 homes on the market. The absorption rate is 9.2 Months. There have been 15 sales in the last 3 months (2 for June, 6 for July and 7 in August). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 6 sales in the Jun-Aug period in 2012. This segment has been bouncing all over the place, though… (as a note, the A/R was 17.25 last month).
In the $600k to $800k arena, there were 10 listings. Absorption Rate is 30 months… but it jumps around a lot. Sales in this range are pretty sporadic, but steady when looking at the long-term. The drop in inventory over the last few months from 14 homes to 9 had made things look less slow… but they are back on the rise. There was 0 sales in August last year and 0 in July this year. There were 0 sales in August this year.
The range from $800k to $1m, there were 4 homes listed. Trends are hardly definable. Listings are down. February was the last recorded sale. There was 0 sales in August. So it now has a 24.0 month Absorption Rate. (the decrease in listings is what dropped the A/R)
Above $1m, there were 12 properties listed. There was sale in the segment in April… of 2009…and then May, 2011… and 2 sales in June, 2011… also 1 in July and September, 2012. There was 1 sale in August. So, we have 18 months of inventory. I hope, but am not expecting, sales to be more consistent.
Buford, GA is a suburb of Atlanta in Gwinnett and Hall Counties. The population is 2000 was 10,668, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Buford is home to Lake Lanier, one of Georgia’s premiere recreational areas, and Lake Lanier Islands. Recently, the City of Buford has revamped their old town. It is also home to Buford (Buford City Schools aren’t a part of Gwinnett County Schools), Mill Creek, Mountain View and Lanier High School (Lanier opened for the 2010-11 school year).
I have a page dedicated to Buford Market Data.