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Duluth, GA, Market Report, July 2012

Wednesday, 09 January 2013 08:00
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Market stats for Duluth, July, 2012 indicated that there were 382 properties on the market.  Overall, there was about an 4.1 month supply of properties.  Sales in July were 93, WAY up from 77 a year earlier.  Sales were down, though, compared to the prior month (98).  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 134 listings in Duluth, GA, with about a 2.6 month supply.  The Absorption Rate for last June, was 6.5.  Sales in July were way up this year v last year (51 v 33), but pretty flat compared to last month (52).  The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 113 listings for sale, and about 5.0 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but they are moving the right way now.  Sales were up compared to July, 2011 (27 v 24) and compared to last month (21).  Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected…

From $400k to $600k, there were 39 homes on the market.  The Absorption Rate was around 3.8 months.  July brought in 10 sales.  There were 8 last year and 13 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is a bit weaker here.  But this could be the great turning point for this segment.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA.

In the $600k to $800k arena, there were 42 listings, with about 12.6 months of supply.  Sales were 3 for July… 6 for last year.  And month to month sales were down (3 v 5).  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 16 homes listed and approximately 4.0 months of inventory on the market.  The 6 sales recorded for June rocked but there were 0 in July compared to last year’s 3.  Sales haven’t been moving much for the last couple of months, but 12 sales for the last 3 months bumped the same 3 months from last year (6 sales).  And six months ago the A/R was 69 months.

Above $1m, there were 38 properties listed. The current absorption rate indicated about 14.3 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 8 sales in the May-Jul period this year, and 7 for the same time last year. We should be posting four sales a month here regularly… and we fell short this month with just 2 sales. Last month there was 1 sale and last year there were 3 for July.

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, July 2012

Tuesday, 08 January 2013 08:00
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Market stats for Lawrenceville, GA, July, 2012, indicate that there were 953 properties on the market.  Overall, there was about a 3.5 month supply of properties. In 2011, sales for July were at 255, so 276 sales was a good increase, year over year.  Last month’s sales were at 272.  Coupled with the decrease in inventory, things are looking pretty good.  Normally the market picks up from January through about June-August.  This month we are rocking, in fact, 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 793 listings, with about a 3.2 month supply of homes.  Sales were up from July, 2011 (262 v 235), although sales may very well be off because of constrained inventories.  Last year in this segment, there were over 1200 listings v under 800 now.  This segment is easily the lion’s share of sales for the area.  With the 3.19 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 248 in June.

Between $200k and $400k, there are 135 listings for sale, and about 6.1 months of supply.  Oddly, this had one of the weaker segments in the county, now it’s mid-pack.  The 12 sales for July, 2012 were slightly down from the 14 from last year.  They were well below from the 23 sales last month.  But, we are close to Balanced Market territory here.

From $400k to $600k, there are 17 homes on the market (big drop from the 22 last month).  The absorption rate is around 26 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There was 1 sale for July, 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 7.1 eight 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 4 listings, with about 12 months of supply.  As with the next lower priced segment, a couple of sales makes a big difference and there were 0 sales in July.  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 4 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.  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, July 2012

Monday, 07 January 2013 08:00
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Market stats for Buford, GA, July, 2012 indicate that there were 373 properties on the market.  Overall, there was about an 4.1 month supply of properties (Absorption Rate or A/R).  There were 84 sales for July, down from 102 last month but up from the 77 sales last July (2011).  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 196 listings, with a 3.4 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 down from last month 53 (v 68 last month), and down compared to last year (61 sales in July, 2011).  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 139 listings for sale, and about 5.2 months of supply.  The 26 sales recorded were down from the 29 from last month but way up from the 14 sales last year for July.  This had been one of the weaker segments in the county, but has improved dramatically and at current A/Rs, it is one of the stronger $200k-$400k segments in the county.

From $400k to $600k, there were 17 homes on the market.  The absorption rate is 3.9 Months.  There have been 13 sales in the last 3 months (7 for May, 2 for June and 4 for July).  When the market is rolling, there should be 6-8 sales a month during this part of the year. Just for comparison, there were 6 sales in the May-Jul 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 24 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 4 sales in this segment last year… and 3 sales in March, 1 in June and 0 in July.

The range from $800k to $1m, there were 5 homes listed.  Trends are hardly definable. Listings are down.  June recorded the first sales since December, 2012.  There were 0 sales in July.  But it still has a 7.5 month Absorption Rate.

Above $1m, there were 8 properties listed.  There was   sale in the segment in April… of 2009…and then May, 2011… and 2 sales in June, 2011.  But there was also 1 in July.  So, we have 66 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, July 2012

Friday, 04 January 2013 08:00
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Market stats for Sugar Hill, GA , July, 2012 indicates that there were 139 homes on the market.  Overall, there is about an 3.8 month supply.  There were 31 sales, compared to 39 last month and 45 last July.  Of course, last July, there were 211 listings on the market.

For Sugar Hill homes priced under $200k, there were 101 listings, with about 3.5 months supply.  There were 23 sales this July, well under last year for the same time (36).  There were 30 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 32 listings for sale, and about 4.6 months of supply.  Last June there was an 18 month supply.  There were 8 sales, this year there were 8.  Last month had 9 sales.  That makes three of the last four month look pretty strong.

For listings in the $400k to $600k range, there were 3 homes on the market. The absorption rate was around 9 months, but with 0 sales this month (and May’s 1 sale being the only one since 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 3 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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Suwanee, GA, Market Report, July 2012

Thursday, 03 January 2013 08:00
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Market stats for Suwanee, GA, July, 2012 indicate that there were 439 properties on the market (down from 455 last month).  Overall, there was about a 4.5 month supply of properties (down from 5.1 last month).  July had 99 sales.  Compared to July, 2011 (97), this year was OK, but inventory was down compared to 2011 (612).  There were 93 sales last month.

In the Under $200k arena, there were 129 listings in Suwanee, GA, with about a 3.5 month supply (I don’t have the numbers from last year).  This July’s sales were down, at 34 (31 last year, 36 last month).  While it used to be a county leader, though, for now it is mid pack with the other locales in the county.  The next level up is coming up fast, though.  Sales may have been limited by constricted inventory.

Between $200k and $400k, there were 191 listings for sale (? last year, 217 last month), and 4.3 months of supply. Sales in July, 2012 were 48 (42 in June), compared with 48 for the same period in 2011. Sales have been consistent and strong for the last few months. I’d like to see it stay around 40-50 sales for the next couple of months. This shouldn’t be a “peaky” market/price segment. Unlike most of the county, this is the largest price segment in the area, and its direction plays a major part in how the area looks.

From $400k to $600k, there were 66 homes on the market.  The absorption rate was at 6.6 months (6.6 in June).  There were 10 sales in July (9 in June)… down from 11 last July.  Looking at the three month average, there were 30 sales this year and 24 for the same period last year.  This segment had gotten dramatically stronger in the last couple of months.

In the $600k to $800k arena, there are 21 listings, with about a 4.2 month supply.  Sales at this level are not consistent, but there were 6 this month (6 last month).  Looking at one month makes the numbers jump around.  For the last three months, sales were 15… For the same time last year, the sales were 10.  With the huge decrease in listings over the last couple of months, I was looking for this to become one of the strongest $600k-$800k area in the county.  It is pretty strong right now… with a low absorption rate.

The range from $800k to $1m, there are 6 homes listed and 18 months of inventory on the market. There were only 4 sales at this price level last year (1 in April, 2 in July and 1 in August). This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough. But there still needs to be some more sales activity. There was 1 sale in March this year and 1 sale in July.

In Suwanee, GA, Above $1m, there are 26 properties listed. The current absorption rate indicated about 39 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (2 for April, last recorded). In this segment, we should be seeing reduced inventories… There were 27 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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