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Lilburn, GA Market Report, September 2012

Monday, 04 February 2013 14:00
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Market stats for Lilburn, GA, September, 2012, indicate that there were 252 properties on the market, down 20 from last month.  Overall, there was about an 3.7 month supply of properties and 58 properties that closed (sold) in September.  It was a huge increase from last year’s sales (44) but a decrease from August (64 sales).  The Absorption Rate notched down very slightly.  Lilburn had been among the weakest of Gwinnett County, GA, cities I track.  But, at 3.71 months of inventory, it is downright strong now.  Six months is considered balanced, lower is a seller’s market and higher is a buyer’s market.

In the sub-$200k arena, there were 176 listings, with about an 3.3 month supply with 45 sales.  This represents most of the sales in the market area.  Sales decreased a bit from last month (55), and were also up from last year (35).  While the Absorption Rate isn’t as low as many other areas, sales are strong, and I’m think we are in a comeback for Lilburn.  At 3.3 months of inventory, with a few months of similar stats, we’re there.

Between $200k and $400k, there are 67 listings for sale, and about 5.2 months of supply.  This segment had been quite weak for months, and had stalled a little, but came back with a vengeance… only to stall a bit again. But it would be hard to follow up July.  There were 12 sales compared to 7 last month and 9 last year. Lilburn has never been seen as a luxury market. The decrease in listings has really helped. I’m still not as confident about this portion of the Lilburn market coming back quite yet… It is strengthening, just not as consistently as I’d like.  July month was quite strong. April was strong…

From $400k to $600k, there are just 5 homes on the market.  The absorption rate is 3.75 months.  There was 1 sale in September.  Poised for a comeback, but an increase in listings and weak sales don’t give the right ingredients for that to happen.  To start with, we can’t have 7 month blank spots in sales (none from Aug11 through Feb12).  If we can keep up a sale each month on average, this one will be back.  Right now, low listings numbers give the appearance of strong activity.

From $600k to $800k, $800k to $1M and Above $1M, there are 4 listings (combined), but too few sales to have any sort of reliable number of months of inventory. March posted the first sale since August, 2010. It was in the $600-$800k range. One of the listings is above $1M and one between $800k and $1M, and there is no market activity in the last 12 months for those ranges…

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 in 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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lilburn Market Data.

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Norcross, GA, Market Report, September 2012

Friday, 01 February 2013 13:00
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Market stats for Norcross GA, September, 2012 indicate that there were 172 properties on the market, down 24 from last month.  Overall, there is about a 3.2 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all.  September saw 53 sales, on par compared to the 55 for August, but well under the 48 for September last year.

In the sub-$200k arena, there were 93 listings, with about 2.3 month supply.  Sales are up from last month and down from a year ago in this segment, which is the main driver of sales in this area (43 v 36 in Sep11 & 41 Aug12).  For the last ten months, the AR has been tilted in favor of sellers.  This still looks like one of the strongest price/area segment in Gwinnett County, GA.  At well under a 3 month A/R, this is VERY strong for sellers.

Between $200k and $400k, there were 61 listings for sale, and about 4.6 months of supply.  This segment had been weakening for the last few months.  But, the 10 sales was flat with last year’s 10 sales, but was a little under last month’s 14 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.  I’m still waiting for this segment to stop bouncing around so much.

From $400k to $600k, there were 15 homes on the market.  The Absorption Rate is around 22.5 months.  The AR had been fairly steady for months, then shot WAY up in January.  September’s 0 sales were flat from the 0 last month and down from last year’s 2 sales.  This had actually been a pretty good area for homes in this price range to sell…  The good news is that it only takes a few sales to put it back in a balanced range long term.

In the $600k to $800k arena, there was 1 listings on the market. The Absorption Rate is at 3.0 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, obviously it is easy to bump one way or the other. One reason for the strong looking Absorption Rate last month was that there were so few listings. February had 1 sale. The was 1 sale for July12, 0 for Aug12 and 0 for Sep11.

The range from $800k to $1m, there was 1 home listed on the market and 0 sales in September. There were no sales last year. Unfortunately there isn’t enough data for a good A/R number.

Above $1m, there was 1 property listed. But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales. There is simply not enough activity for an A/R figure. The last sale was January 2011.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,410 but that only included the area inside the city limits, and it has seen tremendous growth since that census. The City of Norcross revamped their old town a long time ago, and it has served as a model for other towns in the area. It is also home to Meadow Creek and Norcross High Schools. One of the things that Norcross is known for locally is the beautiful older homes in the downtown area. They have maintained their historic flair quite successfully.

I have a page dedicated to Norcross Market Data.

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Duluth, GA, Market Report, September 2012

Thursday, 31 January 2013 13:00
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Market stats for Duluth, September, 2012 indicated that there were 341 properties on the market, down 27 from last month. Overall, there was about a 4.1 month supply of properties. Sales in September were 89, way up from 66 a year earlier. Sales were also up compared to the prior month (69). 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 123 listings in Duluth, GA, with about a 2.7 month supply. The Absorption Rate for last September, was 4.3. Sales in September were slightly up this year v last year (47 v 46), also up compared to last month (41). The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 105 listings for sale, and about 5.4 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were up compared to September, 2011 (17 v 12) and compared to last month (14). Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected… but it might be constrained somewhat due to low inventories. It is still a slight Seller’s Market.

From $400k to $600k, there were 34 homes on the market. The Absorption Rate was around 3.5 months. September brought in 8 sales. There were 2 last year and 11 last month. Unlike many of the market areas, Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, especially at this price level. Usually we see the A/R soften as we move up in price, but that isn’t happening here.

In the $600k to $800k arena, there were 30 listings, with about 6.4 months of supply. Sales were 9 for September… 3 for last year. And month to month sales were way up (2 v 9). Last month was weak, 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 much of the rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 17 homes listed and approximately 10.2 months of inventory on the market. The 5 sales for September rocked but there were 0 in August and 0 last year. Sales haven’t been moving much for the last couple of months, but 5 sales for the last 3 months slightly better than the same 3 months from last year (4 sales). And eight months ago the A/R was 69 months.

Above $1m, there were 37 properties listed. The current absorption rate indicated about 18.5 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 6 sales in the Jul-Sep period this year, and 9 for the same time last year. We should be posting four sales a month here regularly… and we fell short last month but almost hit it this month with 3 sales. Last month there was 1 sale and last year there were 3 for September.

 

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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Buford, GA, Market Report, September 2012

Tuesday, 29 January 2013 11:00
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Market stats for Buford, GA, September, 2012 indicate that there were 336 properties on the market, a reduction of 28. Overall, there was about an 4.4 month supply of properties (Absorption Rate or A/R). There were 67 sales for September, down from 80 last month but up from the 79 sales last Sep11. 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 159 listings, with a 3.2 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 47 (v 49 last month), and down compared to last year (55 sales in Sep11). 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 136 listings for sale, and about 5.8 months of supply. The 14 sales recorded were way down from the 31 last month and from the 18 sales last year for September. This had been one of the weaker segments in the county, but had improved dramatically and at current A/Rs, it is fairly balanced.

From $400k to $600k, there were 20 homes on the market. The absorption rate is 7.5 Months. There have been 8 sales in the last 3 months (4 for July, 0 for August and 4 for September). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 9 sales in the July-Sep 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 9 listings. Absorption Rate is 27+ 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 9 has made things look less slow… but there were 7 sales in this segment last year including 3 sales in March, 1 in June and 0 in September.

The range from $800k to $1m, there were 3 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2012. There was 1 sale in September. But it still has a 9.0 month Absorption Rate.

Above $1m, there were 9 properties listed. There was sale in the segment in April… of 2009…and then May, 2011… and 2 sales in June, 2011… also 1 in July. There was 1 sales in September. So, we have 13.5 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, September 2012

Monday, 28 January 2013 11:00
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Market stats for Sugar Hill, GA , September, 2012 indicates that there were 128 homes on the market. A decline of 16 from last month. Overall, there is about an 4.6 month supply (4.7 last month). There were 31 sales, compared to 22 last month and 27 last September. Of course, then there were 199 listings on the market.

For Sugar Hill homes priced under $200k, there were 87 listings, with about 4.1 months supply. There were 24 sales this September, slightly under last year for the same time (25). There were 16 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 34 listings for sale, and about 5.1 months of supply. Last September there was an 33 month supply. Then there were 2 sales, this year there were 7. Last month had 5 sales. That makes four of the last six months look reasonably strong.

For listings in the $400k to $600k range, there were 4 homes on the market. The absorption rate was around 12 months, but with 0 sales this month (and May and August single sales being the only ones since last 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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