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Preliminary stats for Duluth, March, 2011 indicated that there were 607 properties on the market. Overall, there is about an 11.7 month supply of properties. Sales in March were 65, compared to 59 a year earlier. Usually in February we see an uptick in inventory, which continues through the spring. Inventory actually dropped this time, but started picking up for March.
In the Under $200k arena, there were 255 listings in Duluth, GA, with about a 9.6 month supply. The Absorption Rate as recent as December, 2009, was in the low 5s. Sales for March were up this year v last year (30 v 28), and up from February (27). If the sales can start picking up faster than the inventory (and sales ARE picking up), this segment could do really well.
Between $200k and $400k, there are 155 listings for sale, and about 11.9 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were up dramatically compared to March, 2010 (21 v 11). Again, if sales can keep the trend, things will look pretty good. Inventory is moving around a lot.
From $400k to $600k, there were 58 homes on the market. The absorption rate was around 11.6 months. Sales might not seem that strong, with only 5 units, especially compared to 8 last year, but I think the problem is with the inventory. I’ll keep looking for an increase in sales. Maybe April will show it.
In the $600k to $800k arena, there were 54 listings, with about 14.7 months of supply. Sales were 4 for March… 9 for March last year. Month to month sales were up slightly (4 v 3). If listings stay relatively low, this segment could show a great improvement, but they are creeping up.
In Duluth, GA, from $800k to $1m, there were 29 homes listed and approximately 10.9 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). Last March there were 44 homes on the market and only 2 sales compared to the 29 homes and 3 sales this year. The Absorption Rate actually looks better than it has in the last 18 months.
Above $1m, there were 56 properties listed. The current absorption rate indicated about 56 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 Jan – Mar period this year, and 4 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.
- Duluth, GA, Market Report, February 2011 (lanebailey.com)
- Duluth, GA, Market Report, January 2011 (lanebailey.com)
- Duluth, GA, Market Report, December 2010 (lanebailey.com)
- Duluth, GA, Market Report, November 2010 (lanebailey.com)
- Duluth, GA, Market Report, October 2010 (lanebailey.com)
- Flashback Friday… Duluth, O, Duluth… (lanebailey.com)
- Is $1,000,000 Burning a Hole in Your Pocket? (lanebailey.com)
