Market stats for Suwanee, GA, October, 2010 indicate that there are 5601 properties on the market. Overall, there is about an 10.7 month supply of properties. There was less that 8 months of inventory as recently as June. Even though inventories are down since then, sales are also down.
In the sub-$200k arena, there are 159 listings, with about a 8.7 month supply. In June, there was a 4.8 month supply. Inventories have increased, until September, as sales have slowed… although sales for July and August (19 and 15) were exactly the same last year and at 18, there was only one less sale in September v last year. October sales were down from 27 last year to 22 this year.
Between $200k and $400k, there are 298 listings for sale, and 10 months of supply. Sales for September 2010 were 30 compared with 39 for the same period in 2009. Still weak, but much better than last month. For October, sales were down from 53 last year v 31 this year.
From $400k to $600k, there are 79 homes on the market. The absorption rate is at 13.9 months. While 3 sales this year don’t compare favorably with the 7 sales last year, the three month average is reasonably close (17 v 20 in 2009). There are fewer listings, though.
In the $600k to $800k arena, there are 26 listings, with about a 26 month supply. We can look directly to a reduction in inventory for the drop in absorption rate from 45 months in February… sales are still slower than last year, and seem to be decelerating (3 this year from Aug-Oct v 10 last year).
The range from $800k to $1m, there are 13 homes listed and approximately 78 months of inventory on the market. There has only been 3 sales at this price level this year (1 each in January, April and May). Honestly, last year looked a little better, but not much.
Above $1m, there are 26 properties listed. The current absorption rate indicated about 19.5 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. Again, we can thank reduced inventory for making the market look healthier (4 sales in Aug-Oct both this year and last). But, in this segment, we should be seeing reduced inventories…
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.
Sales dropped off dramatically this year compared to last (154 v 223).