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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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Duluth Market Information.

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Lawrenceville, GA Market Report, October 2012

Monday, 11 February 2013 12:00
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Market stats for Lawrenceville, GA, October, 2012, indicate that there were 794 properties on the market, down 42 from last month.  Overall, there was about a 3.0 month supply of properties. In 2011, sales for October were at 263, so 247 sales was a decrease, year over year.  Last month’s sales were at 234.  Coupled with the decrease in inventory, things are still looking pretty good. Normally the market picks up from January through about June-August. This month we are OK, but some are arguing that constrained inventories are still holding back sales or we would be looking even better.

For Lawrenceville, GA, Homes Under $200k, there are 637 listings, with about a 2.7 month supply of homes.  Sales were down from October, 2011 (226 v 247), although sales may very well be off because of constrained inventories.  Last year in this segment, there were over 1100 listings v just over 600 now.  This segment is easily the lion’s share of sales for the area.  With the 2.66 month A/R, it is solidly in Seller’s Market territory.  The low Absorption Rate (AR) is due to very strong sales, coupled with dramatically lower listing inventories.  Month over month sales were up from 218 in September.

Between $200k and $400k, there are 135 listings for sale, and about 6.8 months of supply.  Oddly, this had one of the mid-pack segments in the county, now it’s on the weak side.  The 18 sales for October, 2012 edged the 15 from last year, but and passed the 13 sales last month.  But, we were close to Balanced Market territory here, but have slipped back to Buyer’s Market territory.

From $400k to $600k, there are 14 homes on the market.  The absorption rate is around 4.7 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There were 2 sales for October, the Absorption Rate has dropped from 78 months last June, through good, but sporadic sales.  This is acting like a luxury market and the A/R is jumping all over the place… with just a few sales (A/R was 33 four months ago).  While the long term trend was looking a little better, now it is still pretty choppy.

In the $600k to $800k arena, there are 5 listings, with about 15 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there was 1 sale in October. There were only 6 sales at this level in all of 2011, 2 of them were last January. There was 1 sale in January 2012 and 1 in May.

Between $800k and $1M, and Above $1M there are 3 homes listed (combined) and not enough sales data to give an accurate absorption rate. Until this month, there had only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS. But, there was 1 sale in July, but none in August. It was over $1M, if that makes a difference…

Lawrenceville is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 22,937 people in Lawrenceville, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County (2008 estimates from the Census Bureau peg population around 29,000). It was incorporated in 1821. Lawrenceville is home to Central Gwinnett High School, and also has students that the Mountain View and Archer clusters. It is also home to Gwinnett Technical College and Georgia Gwinnett College. Another recent addition to Lawrenceville is that it is home to the Gwinnett Braves, playing at the Gwinnett Stadium on GA20 between I-85 and GA316. Possibly the most famous resident of Lawrenceville was Oliver Hardy. As a small boy he lived in Lawrenceville with his parents for a short time. Lawrenceville was also home to Junior Samples. Some of its other residents included Jeff Francouer, Brian McCann and Jennifer Ferrin.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lawrenceville Market Data.

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Buford, GA, Market Report, October 2012

Friday, 08 February 2013 11:00
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Market stats for Buford, GA, October, 2012 indicate that there were 336 properties on the market, a reduction of 28.  Overall, there was about an 4.5 month supply of properties (Absorption Rate or A/R).  There were 76 sales for October, up from 67 last month but slightly down from the 77 sales last Oct11.  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 162 listings, with a 3.2 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 up from last month 58 (v 47 last month), and compared to last year (51 sales in Oct11).  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 135 listings for sale, and about 6.9 months of supply.  The 14 sales recorded were flat from the 14 last month and from the 18 sales last year for October.  This had been one of the weaker segments in the county, but had improved dramatically and at current A/Rs, it is fairly balanced, though slightly tilted towards buyers..

From $400k to $600k, there were 18 homes on the market.  The absorption rate is 7.7 Months.  There have been 7 sales in the last 3 months (0 for August, 4 for September and 3 for October).  When the market is rolling, there should be 5-7 sales a month during this part of the year.  Just for comparison, there were 11 sales in the Aug-Oct 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 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 8 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 October.

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 were 0 sale in October.  But it still has a 9.0 month Absorption Rate.

Above $1m, there were 10 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.  So, we have 15 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, October 2012

Thursday, 07 February 2013 11:00
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Market stats for Sugar Hill, GA , October, 2012 indicates that there were 122 homes on the market.  A decline of 6 from last month.  Overall, there is about an 4.1 month supply (4.6 last month).  There were 36 sales, compared to 31 last month and 18 last October.  Of course, then there were 169 listings on the market.

For Sugar Hill homes priced under $200k, there were 81 listings, with about 3.6 months supply.  There were 28 sales this October, well above last year for the same time (18).  There were 24 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 36 listings for sale, and about 5.7 months of supply.  Last October there was an 33 month supply.  there were 0 sales, this year there were 7.  Last month had 7 sales.  That makes four of the last five months look reasonably strong.

For listings in the $400k to $600k range, there were 2 homes on the market. The absorption rate was around 4.5 months, but with 1 sale this month (and May and August 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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