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Lilburn, GA Market Report, October 2010

Saturday, 20 November 2010 08:49
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Lilburn, GA, October 7, 2009 -- The Gwinnett C...
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Market stats for Lilburn, October, 2010, indicates that there are 444 properties on the market (as of October 31st). Overall, there is about a 10.7 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 278 listings, with about an 8.2 month supply.  This represents most of the sales in the market area, and reflects the same improvement in inventory levels, continuously since March, until October.  And, one other thing to keep in mind is that sales were strong compared to October 2009 (32 v 26).

Between $200k and $400k, there are 139 listings for sale, and about 24.5 months of supply. This segment has also been getting stronger each month since March, until last month.  There were only 2 sales in September 2010, compared to 11 last year and 6 in October v 18 in 2009.

From $400k to $600k, there are 21 homes on the market. The absorption rate is around 15.8 months. There  were no sales in this segment in May, June, July or October this year.  There were only 4 sales in August and September(combined).  Last summer was much stronger overall.  With just a few sales, just one or two can make a huge difference.

Above $600k, there are 6 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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Gwinnett County Market Preview

Tuesday, 16 November 2010 08:30
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Age pyramid for Gwinnett County, Georgia, Unit...
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I have been running Gwinnett County Market stats for the last couple of hours.  And the results are interesting, if not pretty…

For the county-wide numbers, I don’t have the most accurate numbers until a full month has passed.  That means that I have numbers for October, but they accurate numbers I have are for September.  The October numbers will likely change about a week into December.

I will have a full report with the segments broken out for Thursday.  But here are a couple of highlights…

  • Sales were down 22% for September… as much as 29% for October (year over year).
  • Pending sales (contracts, usually closed about 30-45 days later) were down 24% for Sept. and as much as 27% for Oct (year over year).
  • Listings were up 3.3% for September (bad news for sellers) and look to be down 3.3% for October (year over year).
  • Under $200k is slightly picking up steam… everything else is slowing… (absorption rates for October).
  • But sales are still actually down, year over year, for under $200k in Oct… but listings are down even more.
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Buford, GA, Market Report, September 2010

Tuesday, 09 November 2010 08:34
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This map shows the incorporated and unincorpor...
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Market stats for Buford, GA, September, 2010 indicate that there were 612 properties on the market. Overall, there was about an 14.3 month supply of properties.  Sales were down radically in July (19 v 71 for 2009), but August was back in the realm (57 v 61 for 2009).  September was slightly below last year (52 v 60 for 2009).  But the magic has been a little underwhelming since June.

In the sub-$200k arena, there were 316 listings, with a 11.9 month supply.  Sales for July were down by 70%.  There was actually one extra sale for August, but two less in September.  May was the best absorption rate of the year, and it has been going downhill ever since.

Between $200k and $400k, there were 233 listings for sale, and about  17.1 months of supply.  Again, July was the dog, with sales down by 75%.  August and September were also slightly down.  This is one of the weakest segments in the county (excluding the very high end of the market…).

From $400k to $600k, there were 39 homes on the market. The absorption rate is around 19.5 months.  This shouldn’t be acting like a high-end luxury segment, but it is.  There have been 6 sales in the last 3 months.  When the market is rolling, there should be 5-7 sales a month during this part of the year.

In the $600k to $800k arena, there were 8 listings.  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 to11 homes have made things look less slow… but there have been 2 sales in this segment since November… but one was in September.

The range from $800k to $1m, there were 3 homes listed. And with only 2 sales in the last year (Nov. 09 and Feb 10), obviously  trends are hardly definable.  At least listings are down by 50% compared to last month.

Above $1m, there were 13 properties listed.  The last sale in the segment was in April… of 2009… still…

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 2010

Thursday, 04 November 2010 08:25
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This map shows the incorporated and unincorpor...
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Market stats for Sugar Hill, GA , September, 2010 indicate that there are 226 properties on the market. Overall, there is about an 10.4 month supply of properties, with sales dropping precipitously since June (31 in June, 15 in August and 17 in September).  Meanwhile, inventories are up.

In the sub-$200k arena, there are 151 listings, with under 13.7 months supply.  Sales are also about ¾ of the level last year over the last three months.  Sales appear to be decelerating.

Between $200k and $400k, there are 65 listings for sale, and about 11.5 months of supply.  As recently as May, there was only a 6.75 month supply.  September was better than August, but still pretty weak overall.

From $400k to $600k, there are 6 homes on the market. The absorption rate is around 18 months, but with 1 sale in the last 4 months, it is tough to calculate accurately.  Obviously, a sale or two could make a BIG difference.  There have only been 3 sales in this segment this year.

Above $600k, the sales are too inconsistent to have a solid read on, but there are only 4 homes listed for sale in that price range.  No sales have been recorded in the last 17 months or so.

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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Wayback Wednesday… Median Price Comparison… Ouch!

Wednesday, 03 November 2010 08:12
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Midtown and Downtown Atlanta as seen from Vini...
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A couple of years ago I was looking at median house prices in the Atlanta area, via a map that the NAR (National Association of REALTORS®).  My friend Jay Thompson unearthed it… I think before the NAR was quite ready to release it.

The map is a fun little interactive tool, but the information is the real story here.  A couple of years ago, I noted that the Median Home Price in the Atlanta area was $158,300 for the 2nd Quarter of 2008, down 9.8% from the 1st Quarter of that year.

For the 2nd Quarter of 2010, we are sitting at $122,700… up 1.1% from last year.

If you were wondering how values have fared over the last couple of years, this was a pretty telling indicator… and it wasn’t good.  I honestly didn’t expect that the Atlanta market would go down by this much.  I expected a 10-15% decrease in values, but not something closer to 20% as we have seen.

Here is the link back to the original post… with the map.

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