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Lilburn, GA Market Report, March 2011

Thursday, 14 April 2011 08:15
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This map shows the incorporated and unincorpor...

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Market stats for Lilburn, March, 2011, indicates that there were 437 properties on the market (as of March 31st). Overall, there was about an 11.3 month supply of properties and 55 properties that closed (sold) in March.  I had been looking for an increase in sales for March and it came through.  In March, 2010, there were 34 sales.  This year was a major increase.

In the sub-$200k arena, there are 293 listings, with about an 9.7 month supply. This represents most of the sales in the market area.  March 2011 sales blew March 2010 out of the water (22 v 19).  Again, I was looking for an increase in sales.  The decrease in inventory (from last month, not last year) was a nice bonus.

Between $200k and $400k, there are 127 listings for sale, and about 17.3 months of supply. This segment has been quite weak for months. Having 0 sales in December, and only 6 in November didn’t help. Nine sales in January was HUGE. But, February was back down below last year.  March was strong last year, but a little stronger this year (9 v 8 in 2010).  It was a bit of a surprise in this segment.

From $400k to $600k, there are 13 homes on the market. The absorption rate is 19.5 months. There were no sales in this segment from December through February, but there were 2 in March, which really turned the segment around.  With just a few sales, just one or two can make a huge difference.

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 (none between $800k and $1M), and there is no market activity in the last 12 months for that range…

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 that 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.

I have a page dedicated to Lilburn Market Data.

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Photo Friday… What are YOUR Garage Needs?

Friday, 08 April 2011 08:14
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Truck IN garageNot everyone needs (or wants) a 6 car or 10 car garage.  Some folks are just fine with a two car garage… but they might have some specific needs for that space… and maybe those needs weren’t thought of by the builder or architect.

One of the yardsticks I use to measure is a truck.  My truck.  It is about 24’6″ long.  And there are VERY FEW garages that my truck fit in.  Many are tall enough (6’8″ to the clearance lights) and most have the width covered… at least if they have a double door… but few have the depth.

This particular floor plan does allow my dually to pull all of the way inside and close the door.  It is 526 square feet.  A normal 2 car garage is between 380 and 440 square feet.  Most are around 420… 20′ wide x 21′ deep seems to be quite popular.

One of the things that I try to do is keep an eye out for the homes that are unusual… those with garages that might be a little better for enthusiasts.  I also try to find the garages that have a little extra cool factor.

If you have a need that might be a little different than “average”, give me a call or send me an email and let’s see what we can find for you.

 

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Norcross, GA, Market Report, February 2011

Thursday, 07 April 2011 22:17
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Georgia state route marker. Signs use FHWA typ...

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Market stats for Norcross GA, January, 2011 indicate that there were 382 properties on the market. Overall, there is about a 9.6 month supply of properties. January was a powerhouse… unlike most of the areas in Gwinnett, with 41 sales v just 29 last January.  February continued the trend, although not quite as powerful.  There were 43 sales in Norcross this year v 36 last February.

In the sub-$200k arena, there were 231 listings, with about 7.8 month supply.  Sales are up from a year ago in this segment, which is the main driver of sales in this area (32 v 23).  So, the segment is still looking pretty strong for January and February, despite the weakness of sales in November and December.

Between $200k and $400k, there were 108 listings for sale, and about 17.1 months of supply.  Sales have been down and slowing for the last few months, but lower inventory levels have really made things look better.  If it is all because of a hold on foreclosures from late last year, then we will see bloodshed again, otherwise, we could be seeing a recovery.

From $400k to $600k, there were 37 homes on the market. The absorption rate is around 11.1 months. Much of the perception of strong Absorption Rates is from shrinking inventories.  But, for the record, sales for January were at 3 for both 2011 and 0 for 2010 and February had an increase from 2 to 4 sales for this year.

In the $600k to $800k arena, there were 3 listings on the market.  Inventories have decreased as sales have increased compared to last year.  The absorption rate (12 month average) is at 9 months of inventory… but with only 4 sales last year, obviously it is easy to bump one way or the other. The ONLY reason for the strong looking Absorption Rate is that there are only 3 listings.  Only.

The range from $800k to $1m, there were no homes listed on the market and no sales… seemingly forever.

Above $1m, there were 3 properties listed.  But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales.  The single sale in January (first since October) has pushed the Absorption Rate down to just 9 months of inventory.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,41, 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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Buford, GA, Market Report, February 2011

Tuesday, 05 April 2011 08:56
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DSCN0582

Image by lane.bailey via Flickr

Market stats for Buford, GA, February, 2011 indicate that there were 600 properties on the market. Overall, there was about an 12.2 month supply of properties.  February was up substantially, 60 v 38 sales in 2009.  January was slightly below last year (25 v 28 for 2009).  There were 83 sales in June and an Absorption Rate under 8.5 months.

In the sub-$200k arena, there were 352 listings, with a 10.6 month supply.  Again, this is the largest price segment in this area, so strength here usually equals weakness across the market area.  Sales were up substantially from last month (41 v 18), but pretty flat compared to last year (16 sales in Feb. 2010).  Much of the county has been slowing slightly over the last month, but this is a strong outpost in that bleak land.

Between $200k and $400k, there were 196 listings for sale, and about  14.7 months of supply.  As with many other local price segments, February was well above January (18 v 6 homes sold).  February of last year (19 sales) had a similar bump… hopefully it holds out for a while this time.

From $400k to $600k, there were 31 homes on the market. The absorption rate is almost 18.6 Months.  This shouldn’t be acting like a high-end luxury segment, but it is.  There have been 5 sales in the last 3 months.  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 weakened for February.

In the $600k to $800k arena, there were 2 listings.  Absorption Rate is 6 months (averaging a sale every few 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 2 homes has made things look less slow… but there have been 3 sales in this segment last year… the last was this past November.

The range from $800k to $1m, there were 6 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 13 properties listed.  The last sale in the segment was in April… of 2009… still…

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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No Subdivisions! Ok, Maybe…

Monday, 04 April 2011 08:15
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DSCN2840

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Because I work with a lot of folks that have need for a large garage… and an accompanying car collecting habit… I am often asked to find homes that are “not in a subdivision”.  But there is a huge issue here in the Atlanta area…  There aren’t very many homes that are not in a subdivision.

In fact, there are a lot of folks that don’t even know that THEY live in a subdivision, but right there on the deed (and the tax record) is the name of a subdivision.  And when real estate agents list the property, they generally review at least one of those documents… and they list the name of the subdivision.

The result is that fewer than 10% of homes for sale here in Gwinnett County, GA, are really not in ANY subdivision. But that isn’t that big of a problem for my buyers needing a little more freedom than many subdivisions offer.  Because what they REALLY want is…

A house in a neighborhood with an inactive or loose HOA (Home Owners Association).

The problem that almost always is described to me is that they don’t want to have to deal with HOA rules regarding extra outbuildings (like a second garage and/or shed in the yard).  They might want to be able to park a race trailer at the house.  Or a boat, camper or even a work vehicle.

Some of the local HOA rules I have seen even disallow a home owner from parking a 1 ton truck (like my F-350) in the neighborhood overnight.  I have seen requirements for building a shed (a garage would be a daunting project in these neighborhoods because of the paperwork requirements), fence or even painting the house.

The point is that there are a LOT of homes in subdivisions that are just fine for enthusiasts.  Often, these are older neighborhoods, but not always.  The best path is to find a house you like and then investigate the HOA to see what rules they might have.  I see a LOT of neighborhoods that have homes with second garages, campers, boats and even F-350s.

There is a hope…

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