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Tag Archives: buyers

Buford, GA, Market Report, November 2012

Wednesday, 20 February 2013 13:00
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This map shows the incorporated and unincorpor...Market stats for Buford, GA, November, 2012 indicate that there were 322 properties on the market, a reduction of 14. Overall, there was about an 4.6 month supply of properties (Absorption Rate or A/R). There were 69 sales for November, down from 76 last month but well up from the 44 sales last Nov11. 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 147 listings, with a 2.5 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 50 (v 58 last month), and well up compared to last year (30 sales in Nov11). 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 134 listings for sale, and about 8.6 months of supply. The 19 sales recorded were up from the 14 last month and from the 11 sales last year for November. This had been one of the weaker segments in the county, but had improved dramatically until this month it was fairly balanced, though slightly tilted towards buyers… now it is back in Buyer’s Market territory.

From $400k to $600k, there were 23 homes on the market. The absorption rate is 9.9 Months. There have been 7 sales in the last 3 months (4 for September, 3 for October and 0 for November). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 12 sales in the Sep-Nov period in 2011. This segment has been bouncing all over the place… but it is reasonable right now.

In the $600k to $800k arena, there were 7 listings. Absorption Rate is (again) 36+ 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 7 has made things look less slow… but there were 7 sales in this segment last year including 3 sales in March, 1 in June and 0 in November.

The range from $800k to $1m, there were 3 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2012. There was 1 sale in November. But it still has a 9.0 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… also 1 in July and September. There was 1 sale in October, but 0 sales in November. So, we have 12 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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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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HUGE Change Coming to FHA Loans…

Friday, 15 February 2013 07:00
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On June 3rd, 2013, there will be a HUGE change to FHA loans.  The Mortgage Insurance Premium (MIP) will become permanent for those that put less than 10% down.  This will cost borrowers tens of thousands of dollars over the life of the loan.

Let’s say that you buy a home valued at $225,000.  If you put 5% down, that would be $11,250.  In addition to that, you’d pay an upfront fee of about 1.75% of the loan amount.  The monthly MIP would be around $200/mo.  Traditionally, as the loan balanced passed below 78% of the purchase price, the MIP would be removed from the loan payment.  Depending on the down payment, this would happen around 5-10 years into the 30 year loan.  By the time it’s all said and done, you might spend an extra $50,000 or more on MIP with the change.  ($50k is based on 20 years at $200/mo.)

For files open PRIOR to June 3rd, they should be eligible for MIP expiration.  If you are looking at a house, and about ready to pull the trigger, delaying could cost you upwards of $50k…

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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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