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Preliminary stats for Duluth, January, 2012 indicated that there were 449 properties on the market. Overall, there is about an 9.8 month supply of properties. Sales in January were 30, slightly down from 40 a year earlier. But, sales were way down compared to the prior month (57). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last four months.
In the Under $200k arena, there were 180 listings in Duluth, GA, with about a 7.1 month supply. The Absorption Rate for October, was 3.55. Sales in January were down this year v last year (13 v 23), and way down compared to last month (35). The Absorption Rate (A/R) is a bit better than most of the county… but it has decelerated again this month.
Between $200k and $400k, there are 131 listings for sale, and about 12.3 months of supply. Absorption rates have similarly risen, dropped and then risen again, but have been moving mostly the wrong way (up) since August. Sales were up compared to January, 2011 (10 v 7) but down compared to last month (14). Duluth is a market that favors luxury, but this segment is not doing that well… although it is one of the few to beat last year.
From $400k to $600k, there were 46 homes on the market. The Absorption Rate was around 8.1 months. January brought in 4 sales. There were 6 last year and 5 last month. As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is much weaker here. Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still kind of weak, but it’s better than last month… and one of a very few to have posted a better A/R than in the previous month.
In the $600k to $800k arena, there were 33 listings, with about 9.9 months of supply. Sales were 3 for January… 4 for January last year. Month to month sales were actually up (3 v 2). Last month was ok, 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 rest of the County at this price level.
In Duluth, GA, from $800k to $1m, there were 23 homes listed and approximately 69 months of inventory on the market. The 0 sales recorded for January was flat with last year’s 0 and from the 0 from last month. Sales haven’t been moving much for the last couple of months, but 1 sale for the last3 months has killed the 3 month average A/R. It isn’t as weak as that suggests… at least I hope it isn’t.
Above $1m, there were 36 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 2 sales in the Nov-Jan period this year, and 3 for the same time last year. Fall was weak last year, but we should be posting four sales a month here instead of the 0 we got.
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.
- Duluth, GA, Market Report, December 2011 (lanebailey.com)
- Duluth, GA, Market Report, November 2011 (lanebailey.com)
- Duluth, GA, Market Report, October 2011 (lanebailey.com)
- Duluth, GA, Market Report, September 2011 (lanebailey.com)
- Duluth, GA, Market Report, August 2011 (lanebailey.com)
- Duluth, GA, Market Report, June 2011 (lanebailey.com)
- Duluth, GA, Market Report, May 2011 (lanebailey.com)
- Duluth, GA, Market Report, April 2011 (lanebailey.com)
- Duluth, GA, Market Report, March 2011 (lanebailey.com)
- Duluth, GA, Market Report, February 2011 (lanebailey.com)
- Duluth, GA, Market Report, January 2011 (lanebailey.com)
- Flashback Friday… Duluth, O, Duluth… (lanebailey.com)
- Is $1,000,000 Burning a Hole in Your Pocket? (lanebailey.com)
