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Market stats for Buford, GA, May, 2011 indicate that there were 584 properties on the market. Overall, there was about an 8.3 month supply of properties. There were 75 sales for April, up slightly from 73 last month and 73 from last May (2010). It is an impressive comeback from March’s poor showing.
In the sub-$200k arena, there were 313 listings, with a 6.1 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 up slightly from last month (54 v 51), but strong compared to last year (47 sales in May 2010). Framed in the results for the whole market area, the segment is quite strong.
Between $200k and $400k, there were 213 listings for sale, and about 12.1 months of supply. The 17 sales recorded were significantly below the 22 from last month., as well as down from the 23 sales last year for May. It is among the weaker price/area segments in Gwinnett County, GA. Of course, if there were a big bump next month…
From $400k to $600k, there were 36 homes on the market. The absorption rate is almost 54 Months. This shouldn’t be acting like a high-end luxury segment, but it is. There has been 2 sale in the last 3 months (both in May). When the market is rolling, there should be 5-7 sales a month during this part of the year. And despite the lower market segments getting better, this one has been weakening.
In the $600k to $800k arena, there were 4 listings. Absorption Rate is 6 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 4 homes has made things look less slow… but there have been 5 sales in this segment in the last year… the last was this month.
The range from $800k to $1m, there were 7 homes listed. And with only 1 sale in the last year (Feb 10) until last December (2 more), obviously trends are hardly definable. At least listings are down by more than compared to a few months ago (9 listings in June).
Above $1m, there were 11 properties listed. The last sale in the segment was in April… of 2009…and then there was May… FINALLY, a new sale.
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.
- Buford, GA, Market Report, April 2011 (lanebailey.com)
- Buford, GA, Market Report, March 2011 (lanebailey.com)
- Buford, GA, Market Report, February 2011 (lanebailey.com)
- Buford, GA, Market Report, January 2011 (lanebailey.com)
- Buford, GA, Market Report, December 2010 (lanebailey.com)
- Buford, GA, Market Report, November 2010 (lanebailey.com)
- Buford, GA, Market Report, October 2010 (lanebailey.com)
- Buford, GA, Market Report, September 2010 (lanebailey.com)
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