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Sugar Hill, GA, Market Report, February 2011

Thursday, 31 March 2011 08:39
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Market stats for Sugar Hill, GA , February, 2011 indicate that there are 231 properties on the market. Overall, there is about an 12.6 month supply of properties.  Sales have been fairly steady since July (aside from a bump in December), but inventories were rising, and along with it, the number of months of inventory (that is the wrong way…).  January had an odd drop in inventory this year.  Even more odd is a slight drop for February.

For Sugar Hill homes priced under $200k, there are 170 listings, with under 10 months supply.  There were 14 sales this February and 14 last year for the same time.  And December had a nice bump in sales, at 25 homes (just 8 in 2009).  That really cranks the 3 month numbers to look better than they really may be.

Sugar Hill Listings between $200k and $400k, there are 52 listings for sale, and about 22.3 months of supply.  As recently as May, there was only a 6.75 month supply.  This segment really took a beating.  It had a slight bump in November, but drove off a cliff in December.  There were only 3 sales v 11 the prior year.  January pulled out 3 more sales, which isn’t terrible compared to 5 last year.  February only had 1 sales 3 in Feb 2010, but the decrease in listings was why this segment looks stronger.  That decrease has started to slow and the weakness shows.

For listings in the $400k to $600k range, there are 5 homes on the market. The absorption rate is around 30 months, but with 1 sale 6 months ago, it is tough to calculate accurately.  Obviously, a sale or two could make a BIG difference.  There have only been 3 sales in this segment last year.  In 2009, there were almost twice as many sales in this price range.

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 are only 4 homes listed for sale in that price range.  No sales have been recorded in the last 18 months or so.

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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Wayback Wednesday… Brand New and Foreclosed…

Wednesday, 30 March 2011 08:25
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A couple of years ago, I wrote about a development that was selling brand new bank owned homes.  There seems to be a bit more of that going on now.  I have run across a couple of subdivisions with brand new homes that are being sold by the bank.

One nice thing about a brand new home that is foreclosed is that it shouldn’t have many of the “deferred maintenance” issues that many foreclosed resale homes may have.  On the flip side, many of them will NOT have a builder’s warranty, although some might.  It would depend on if the bank is springing for a good warranty and whether the builder has gone completely out of business (sometimes the foreclose isn’t the result of the builder ceasing operations, but rather a restructuring of debt).  Careful though, some warranties aren’t that great… they might not cover much of the structure (which is why you want a builder’s warranty) for more than a year or two.

Suwanee, GA, Market Report, February 2011

Tuesday, 29 March 2011 08:18
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Market stats for Suwanee, GA, February, 2011 indicate that there are 604 properties on the market. Overall, there is about an 13.5 month supply of properties.  There was less that 8 months of inventory as recently as June.  Even though inventories are down since then, sales are also down.  January was a big move in the wrong direction for the overall Suwanee Market area, but things stayed about the same for February.

In the Under $200k arena, there are 176 listings in Suwanee, GA, with about a 10.6 month supply.  In June, there was a 4.8 month supply.  Inventories have increased, until September, as sales have slowed…   There were 22 sales, compared to only 16 a year earlier.  February definitely was looking better than January.

Between $200k and $400k, there are 284 listings for sale, and 12.7 months of supply.  Sales for February 2011 were 26, compared with 25 for the same period in 2010.  Still weak, but with the decrease in listings, leading to an improvement in the Absorption Rate.  Listings are up slightly for February…

From $400k to $600k, there are 80 homes on the market. The absorption rate is at 24 months.  There were 4 sales this year (Feb)… down from 6 last year.  Even looking at the three month average, there were 10 sales this year and 17 for the same period last year.

In the $600k to $800k arena, there are 24 listings, with about a 18 month supply.  Sales at this level are not consistent.  Looking at one month makes the numbers jump.  For the last three months, sales were 4…  For the sale time last year, the sales were 3.  The segments strengthened, but we can’t call a trend yet… but close.

The range from $800k to $1m, there are 13 homes listed and 3+ years of inventory on the market.  There were only been 4 sales at this price level last year (1 each in January, April, May and December).  This is a tough segment to try to sell in right now.

In Suwanee, GA, Above $1m, there are 27 properties listed. The current absorption rate indicated about 40 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales.  Again, we can thank reduced inventory for making the market look healthier (2 sales in Dec-Feb this year and 2 last year).  But, in this segment, we should be seeing reduced inventories…  There were 40 homes listed in this segment at this time last year.

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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Duluth, GA, Market Report, February 2011

Thursday, 24 March 2011 08:56
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Office building of NCR Corporation in Duluth, ...

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Preliminary stats for Duluth, February, 2011 indicated that there were 574 properties on the market. Overall, there is about an 11 month supply of properties.  Months of Inventory has been increasing for the last couple of months, until last month.  Sales in February were 51, compared to 45 a year earlier.  Usually in February we see an uptick in inventory, which continues through the spring.  Inventory actually dropped this time.  If inventory stays flat or doesn’t move as high as previous trends, this could bode well for properties on the market.

In the Under $200k arena, there were 235 listings in Duluth, GA, with about a 8.7 month supply.  The Absorption Rate had gotten down into the high 4 month realm… and as recent as December, 2009, was in the low 5s.  In May, it was at 7.9 months and has been rising since, until last month.  Sales for February were up this year v last year (27 v 19), and up from January (23).

Between $200k and $400k, there are 148 listings for sale, and about 12 months of supply.  Sales decreased from 11 in 2010 to 7 in 2011.  With sales down for November, up for December and down for January and February, there is no clear trend.  Absorption rates have similarly risen, dropped and then risen again.

From $400k to $600k, there were 57 homes on the market. The absorption rate was around 10.1 months.  This was one of the strongest segments in Gwinnett County.  Of course, this is on the heels of a weak December and reasonably strong January.  Sales were flat this year v last year (4).

In the $600k to $800k arena, there were 50 listings, with about 13.6 months of supply.  Sales were 3 for February… 4 for this month last year.  Month to month sales were down slightly (4 v 3).  If listings stay relatively low, this segment could show a great improvement.

In Duluth, GA, from $800k to $1m, there were 30 homes listed and approximately 11.3 months of inventory on the market.  Falling inventories and increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February).  There were 5 sales in the previous three months.  Last year, there were 4 sales in the same period.  And then there were 5 sales in February.  Over the summer, the Absorption Rate for this segment dropped as low as 14.3 months of inventory.

Above $1m, there were 54 properties listed. The current absorption rate indicated about 54 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 3 sales in the Dec – Feb period this year, and 5 sales for the same time last year… but inventories are lower.

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 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.

I have a page dedicated to Duluth Market Information.

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Lawrenceville, GA Market Report, February 2011

Tuesday, 22 March 2011 08:03
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Gwinnett County Historic Courthouse, Lawrencev...

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Market stats for Lawrenceville, February, 2011, indicate that there are 1718 properties on the market. Overall, there is about an 10.8 month supply of properties. In 2010, sales for February were at 142, so 152 is only a mild increase, year over year.

For Lawrenceville Homes Under $200k, there are 1473 listings, with about a 10.7 month supply of homes. The inventory went up for February, as did the number of months of inventory. Sales were up from February 2010 (141 v 120).

Between $200k and $400k, there are 215 listings for sale, and about 12.7 months of supply.  We had a trifecta of lower month over month sales (10 v 18 last month), lower year over year sales (22 for February, 2010) and a slight increase in listings from last month.

From $400k to $600k, there are 21 homes on the market. The absorption rate is around 15.8 months. However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact. December had the first sale (1) since June, and only three in May and June (combined). Those were the only sales in the segment last year. However, there were two in January and one more for February. That rocked the charts.  It is the first time with three months of sales since mid-2009.

In the $600k to $800k arena, there are 7 listings, with about 10.5 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there were only two sales since November, 2009 (One each, April and July) until last month… there were two sales for January, none for February.

Between $800k and $1M, and Above $1M there are 2 homes listed (combined) and not enough sales data to give an accurate absorption rate. There has only been one sale in this range in the last 2 years (Aug, 2010), according to FMLS.

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.

I have a page dedicated to Lawrenceville Market Data.

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