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Tag Archives: gwinnett

Duluth, GA, Market Report, September 2010

Monday, 01 November 2010 08:17
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Preliminary stats for Duluth, September, 2010 indicated that there were 588 properties on the market. Overall, there is about an 9.9 month supply of properties.  Months of Inventory has been increasing for the last couple of months.  Sales in September were 38, compared to 63 a year earlier.

In the sub-$200k arena, there were 226 listings, with about a 10.6 month supply.  The Absorption Rate had gotten down into the high 4 month realm… and as recent as December, was in the low 5s.  In May, it was at 7.9 months and has been rising since, markedly in the last couple of months.

Between $200k and $400k, there are 165 listings for sale, and about 9.2 months of supply.  Sales decreased from 17 in 2009 to 9 in 2010.  That is a big decrease compared to previous months.  Inventory has been sliding downward, too.

From $400k to $600k, there were 62 homes on the market. The absorption rate was around 6.9 months.  While sales haven’t been super strong, they haven’t been bad for this price segment.  I keep looking back at the 5.65 month absorption rate in December… but this is still among the best performing segments in Gwinnett County.

In the $600k to $800k arena, there were 51 listings, with about 8.1 months of supply.  This is amazingly strong for this price level.  However, sales were 0 for September, 2010 v 4 last year.  But, the three months of Jun-Aug 2010 were 26 v 10 last year.  At this level, that is huge.

The range from $800k to $1m, there were 28 homes listed and approximately 16.8 months of inventory on the market.  Continuously falling inventories and increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February)

Above $1m, there were 56 properties listed. The current absorption rate indicated about 18.7 months of inventory.  A couple of sales at this level could have a large impact on the Absorption Rates…  There were 9 sales in the Jul-Sep period this year, and 11 sales for the same time last year… but inventories have been dropping.

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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There is a new City Hall coming to Lilburn, GA…

Saturday, 30 October 2010 08:38
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It will take two to three years, but Lilburn is slated to get a new City Hall.  There will also be a new Library, and the current City Hall will go to the Police Department… the chambers where the Council meetings are held will be a new courtroom in the Police Department.

The best part is that Gwinnett County is picking up part of the cost, with much of the rest being paid for by SPLOST (Special Purpose Local Option Sales Tax).  According to city officials, maintenance costs will drop after the adoption of the new City Hall.

The new City Hall will be built on 5 acres near Main Street and US29 (Lawrenceville Hwy.).

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Big League Dreams another step closer to Lilburn…

Thursday, 28 October 2010 08:02
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Over on my LilburnDwellings blog a few weeks ago I wrote about Big League Dreams possibly coming to Lilburn, GA.  At that time, the city was thinking about spending $450,000 (refundable, according to the City) for a feasibility study from Big League Dreams regarding building a facility here in Lilburn.

Last week, the City approved the feasibility study based on a market study conducted by BLD.  According to the market study, Gwinnett is ripe for their type of facility.  However, there seem to be some problems that I see in the study… running counter to the goals of the facility.  The most glaring is that the City of Lilburn wants to bring people here to eat in our restaurants and stay in local hotels, but according to the study, the vast majority of users will be from within Gwinnett County.  Another item (that I didn’t see mentioned in the study) is that there aren’t many hotel rooms or a variety of restaurants within the city limits… where it would increase tax revenue.

There is more information here on the Gwinnett Daily Post.

I think that there needs to be a LOT more public input before the city commits to $20,000,000 for one of these facilities.  And I think that there need to be some studies done apart from BLD… they have little risk, they would build the facility, but the city would pay for it, then BLD operates it… and charges the city to do it.  Even if it falls radically short of expectations, BLD can still profit.

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Lawrenceville, GA Market Report, September 2010

Tuesday, 26 October 2010 08:06
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Market stats for Lawrenceville, September, 2010, indicate that there are 16309 properties on the market. Overall, there is about an 9.8 month supply of properties, with sales weakening since June. Sales dropped off dramatically this year compared to last.

In the sub-$200k arena, there are 1273 listings, with about a 8.6 month supply of homes. Sales accelerated through June, but then fell off as the tax credit was slated to end.  While inventories are down from just a couple of years ago, for the recent past, they are still high.

Between $200k and $400k, there are 292 listings for sale, and about 18.3 months of supply.  Sales have slowed dramatically, if unevenly, since June.  And sales were down compared to last year.

From $400k to $600k, there are 27 homes on the market. The absorption rate is around 4½ years.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  There were no sales for July, August or September, and only three in the two preceding months.

In the $600k to $800k arena, there are 12 listings, with about 36 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).

Above $800k there are 5 homes listed and not enough sales data to give an accurate absorption rate.  There hasonly been one sale in this range in the last 24 months, 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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Lilburn, GA Market Report, September 2010

Monday, 25 October 2010 08:46
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Market stats for Lilburn, September, 2010, indicates that there are 443 properties on the market (as of September 30th). Overall, there is about a 9.8 month supply of properties.  Lilburn is actually mid-pack among cities in Gwinnett County.  Absorption Rates had been improving since March, until September.  In fact, in March there was 15.3 months of inventory.

In the sub-$200k arena, there are 273 listings, with about an 7.7 month supply.  This represents most of the sales in the market area, and reflects the same improvement in inventory levels, continuously since March.  And, one other thing to keep in mind is that sales were strong compared to September 2009 (32 v 25).

Between $200k and $400k, there are 146 listings for sale, and about 19 months of supply. This segment has also been getting stronger each month since March, until this month.  There were only 2 sales in September 2010, compared to 11 last year.

From $400k to $600k, there are 20 homes on the market. The absorption rate is around 15 months. There was one more sale in September 2010 (1) v September 2009 (0) as this year, but there were no sales in this segment in May, June or July this year.  Last summer was much stronger overall.  With just a few sales, just one or two can make a huge difference.

Above $600k, there are 4 listings, but too few sales to have any sort of reliable number of months of inventory.  There has been one sale in the last three months, but prior, there had only been a few other sales in 2010 (January, March and August).  One of the listings is above $800k, 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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