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Buford, GA, Market Report, July 2012

Monday, 07 January 2013 08:00
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This map shows the incorporated and unincorpor...

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Market stats for Buford, GA, July, 2012 indicate that there were 373 properties on the market.  Overall, there was about an 4.1 month supply of properties (Absorption Rate or A/R).  There were 84 sales for July, down from 102 last month but up from the 77 sales last July (2011).  It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at.  It is solidly in Seller’s Market territory.

In the sub-$200k arena, there were 196 listings, with a 3.4 month supply.  This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area.  Sales were down from last month 53 (v 68 last month), and down compared to last year (61 sales in July, 2011).  But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market.

Between $200k and $400k, there were 139 listings for sale, and about 5.2 months of supply.  The 26 sales recorded were down from the 29 from last month but way up from the 14 sales last year for July.  This had been one of the weaker segments in the county, but has improved dramatically and at current A/Rs, it is one of the stronger $200k-$400k segments in the county.

From $400k to $600k, there were 17 homes on the market.  The absorption rate is 3.9 Months.  There have been 13 sales in the last 3 months (7 for May, 2 for June and 4 for July).  When the market is rolling, there should be 6-8 sales a month during this part of the year. Just for comparison, there were 6 sales in the May-Jul period in 2011.  This segment has been bouncing all over the place… but it is VERY strong right now.

In the $600k to $800k arena, there were 8 listings. Absorption Rate is 24 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 8 has made things look less slow… but there were 4 sales in this segment last year… and 3 sales in March, 1 in June and 0 in July.

The range from $800k to $1m, there were 5 homes listed.  Trends are hardly definable. Listings are down.  June recorded the first sales since December, 2012.  There were 0 sales in July.  But it still has a 7.5 month Absorption Rate.

Above $1m, there were 8 properties listed.  There was   sale in the segment in April… of 2009…and then May, 2011… and 2 sales in June, 2011.  But there was also 1 in July.  So, we have 66 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 will open for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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Buford, GA, Market Report, May 2012

Monday, 25 June 2012 08:00
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Market stats for Buford, GA, May, 2012 indicate that there were 388 properties on the market.  Overall, there was about an 4.5 month supply of properties (Absorption Rate or A/R).  There were 86 sales for May, flat from 86 last month and up from the 75 sales last May (2011).  It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at.  It is solidly in Seller’s Market territory.

In the sub-$200k arena, there were 217 listings, with a 3.7 month supply.  This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area.  Sales were down from last month 54 (v 61 last month), but flat compared to last year (54 sales in May, 2011).  But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market.

Between $200k and $400k, there were 130 listings for sale, and about 6.2 months of supply.  The 25 sales recorded were up from the 19 from last month and from the 17 sales last year for May.  This had been one of the weaker segments in the county, but has improved dramatically and at current A/Rs, it is one of the stronger $200k-$400k segments in the county (aside from Suwanee).

From $400k to $600k, there were 20 homes on the market.  The absorption rate is 3.8 Months.  There have been 16 sales in the last 3 months (3 for March, 6 for April and 7 for May).  When the market is rolling, there should be 6-8 sales a month during this part of the year.  Just for comparison, there were 2 sales in the Mar.-May period in 2011.  This segment has been bouncing all over the place… but it is VERY strong right now.

In the $600k to $800k arena, there were 5 listings.  Absorption Rate is 5 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 6 has made things look less slow… but there were 4 sales in this segment last year… and 3 sales in March, but none since.  But the low inventory is what is driving the incredible A/R.

The range from $800k to $1m, there were 5 homes listed. But, with no sales this year or last year (2011), obviously trends are hardly definable. Listings are down, but sales aren’t following through.

Above $1m, there were 11 properties listed. The last sale in the segment was in April… of 2009…and then there was May, 2011… and 2 sales in June, 2011. So, we have 66 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 will open for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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A Perfect Storm for “Move-Up Buyers”?

Wednesday, 30 May 2012 08:00
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Interest rates are at historic lows… leading to incredible affordability.

Picture of the

Picture of the "Gingerbread House" in Essex, Connecticut, USA (Photo credit: Wikipedia)

Entry level inventories are at historic lows… leading to some price strength at base price levels.

Still some weakness at some “move-up” price levels… leading to great deals on homes at those price levels.

For a while now, many of us in the real estate world have been saying two things.  First, until jobs come back and people feel secure, real estate would struggle.  Second, the market wouldn’t come back until “move-up” buyers were in a position to make a move.

I don’t know that the majority of consumers are “comfortable” with their job situation, but when they are, the deals will start to dry up.  Those that get off the fence early will have the best choice of bargains… and inventories are actually dropping.

Move-up buyers had been somewhat locked into their homes with crappy resale values.  They couldn’t afford to move out and be in a position to put anything down on another house.  But now that there is a bit of stability in in the entry level, more of those buyers ARE able to sell and move up the market.

 

If you want to see if you are in a position to trade up, give me a call.  Lane Bailey 678-200-5895.

Buford, GA, Market Report, April 2012

Friday, 25 May 2012 08:00
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Market stats for Buford, GA, April, 2012 indicate that there were 399 properties on the market.  Overall, there was about an 5.1 month supply of properties (Absorption Rate or A/R).  There were 86 sales for April, flat from 86 last month and up from the 73 sales last April (2011).  It isn’t the strongest market in Gwinnett, but it is much better than it has been.

In the sub-$200k arena, there were 227 listings, with a 4.2 month supply.  This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area.  Sales were flat from last month 61, but up compared to last year (51 sales in April, 2011).  But, the A/R is under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market.

Between $200k and $400k, there were 126 listings for sale, and about 6.2 months of supply.  The 19 sales recorded were flat from the 19 from last month and down a bit from the 22 sales last year for April.  This had been one of the weaker segments in the county, but has improved dramatically and at current A/Rs, it is one of the stronger $200k-$400k segments in the county, again, with increasing strength.

From $400k to $600k, there were 24 homes on the market.  The absorption rate is 8.0 Months.  There have been 9 sales in the last 3 months (0 for February, 3 for March and 6 for April).  When the market is rolling, there should be 6-8 sales a month during this part of the year.  September was pretty strong, and but we didn’t have the follow-up the next two months I was looking for… December was back in the right direction, and the drop in listings certainly helps.  January certainly wasn’t the month to call a recovery, nor February.  March showed a little promise.  April was nice.  Just for comparison, there was 1 sale in the Feb.-Apr. period in 2011.

In the $600k to $800k arena, there were 6 listings. Absorption Rate is 4.5 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 6 has made things look less slow… but there were 4 sales in this segment last year… and 3 sales in March.  This is a sign of strength, but the low inventory is what is driving the incredible A/R.

The range from $800k to $1m, there were 7 homes listed.  But, with no sales last year (2011), obviously trends are hardly definable. Listings are down, but sales aren’t following through.

Above $1m, there were 9 properties listed.  The last sale in the segment was in April… of 2009…and then there was May, 2011… and 2 sales in June, 2011.  So, we have 36 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 will open for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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But the News Said…

Wednesday, 23 May 2012 08:00
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English: Change of the Case-Shiller Home Price...

English: Change of the Case-Shiller Home Price Index relative to its peak values in 1989 and 2006. Series starting in 1989 is in blue. Series starting in 2006 is in red. (Photo credit: Wikipedia)

One of the comments I hear the most is “but the news said…”.  There are always stories on the news about the NAR (National Association of REALTORS®) market stats, Case-Shiller or others.  Most of the statistics are based on national numbers.  Case Shiller is a little more local, in that it is based on the local area… if you can call the Atlanta region “local”.

One thing I would note is that the Atlanta region DOES tend to track pretty close to national averages.  But being pretty close isn’t the same as being the same.  And even if it were, there is a huge difference between the Atlanta Metro area and Gwinnett County… much less Suwanee, or the Morningview subdivision.

And that is the problem…

We can’t listen to the news and have a clear picture of what it means for our house or our neighborhood.  It would be the same as looking at the Dow Jones Industrial Average (DJIA) and deciding whether a specific stock was going to go up or down.

But that is exactly what people do… They see a report on the network news and then decide that houses are over-priced, under-priced or whatever.  When the real fact is that some market segments are rocking bargains right now… there is too much inventory and not enough buyers.  Other segments have scarce inventory and homes are selling as fast as they are listed (if they are priced appropriately).  But the national news… or even the local news… can’t be that exact in their reporting.

Unlike a lot of real estate professionals, I don’t begrudge the news for reporting the “big picture” story on the real estate market.  We DO need to know what is happening on a national basis.  But we also need to remember that there are vast differences between neighborhoods, price ranges, ZIP codes, school areas, etc.

The best bet is to talk with a local agent… I have monthly market reports on 7 cities in Gwinnett County, GA.  If this is your area, you can get a much better idea of what is going on around you.  If you really want to know what is happening, let me know and we’ll talk about YOUR house.

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