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Tag Archives: market report

Suwanee, GA, Market Report, August 2010

Thursday, 07 October 2010 08:09
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DSCN0579
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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.

Market stats for Suwanee, GA, August, 2010 indicate that there are 636 properties on the market. Overall, there is about an 9 month supply of properties.  There was less that 8 months of inventory as recently as June, but sales are slowing even faster than inventory is shrinking.

In the sub-$200k arena, there are 151 listings, with about a 7.3 month supply.  In June, there was a 4.8 month supply.  Inventories have increased as sales have slowed… although sales for July and August (19 and 15) were exactly the same last year.

Between $200k and $400k, there are 346 listings for sale, and 10.08 months of supply.  Sales for August 2010 were 28 compared with 48 for the same period in 2009.  Enough said.

From $400k to $600k, there are 79 homes on the market. The absorption rate is at 7.4 months.  While 9 sales this year compares favorable with the 4 sales last year, the three month average is exactly the same.  There are fewer listings, though.

In the $600k to $800k arena, there are 24 listings, with about a 6 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.

The range from $800k to $1m, there are 23 homes listed and approximately 23 months of inventory on the market.  There has only been 3 sales at this price level this year.  Honestly, last year looked a little better, but not much.

Above $1m, there are 35 properties listed. The current absorption rate indicated about 21 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.  But, in this segment, we should be seeing reduced inventories…


I have a page dedicated to Suwanee Market Data.

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Duluth, GA, Market Report, August 2010

Thursday, 30 September 2010 10:33
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Office building of NCR Corporation in Duluth, ...
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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.

Preliminary stats for Duluth, August, 2010 indicated that there were 639 properties on the market. Overall, there is about an 9.2 month supply of properties, with a marked deceleration in Absorption Rate compared to last month.  However, sales in August were 71, compared to 63 a year earlier.

In the sub-$200k arena, there were 242 listings, with about a 9.8 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.

Between $200k and $400k, there are 173 listings for sale, and about 8 months of supply.  Sales increased from 16 in 2009 to 25 in 2010.  Inventory has been sliding downward, too.

From $400k to $600k, there were 69 homes on the market. The absorption rate was around 8.3 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…

In the $600k to $800k arena, there were 60 listings, with about 6.9 months of supply.  This is amazingly strong for this price level.  Sales were 6 for August, 2010 v 3 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 34 homes listed and approximately 11.3 months of inventory on the market.  Reduced inventories and increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February)

Above $1m, there were 61 properties listed. The current absorption rate indicated about 20.3 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 Jun-Aug period this year, and 16 sales for the same time last year… but inventories have been dropping.

I have a page dedicated to Duluth Market Information.

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Lawrenceville, GA Market Report – August, 2010

Wednesday, 29 September 2010 08:48
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Gwinnett County Historic Courthouse, Lawrencev...
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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.

Market stats for Lawrenceville, August, 2010, indicate that there are 1639 properties on the market. Overall, there is about an 8.9 month supply of properties, with sales remaining weak since June. Sales dropped off dramatically this year compared to last.

In the sub-$200k arena, there are 1279 listings, with about a 7.9 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 311 listings for sale, and about 14.6 months of supply.  Sales have slowed dramatically since June.  Actually, they were up compared to July, but July was abysmal.  And sales were down compared to last year.

From $400k to $600k, there are 33 homes on the market. The absorption rate is around 4 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 or August, 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.

Above $800k there are 4 homes listed and not enough sales data to give an accurate absorption rate.  There hasonly been one sale in this range in the last 23 months, according to FMLS.

I have a page dedicated to Lawrenceville Market Data.

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Lilburn, GA Market Report, August 2010

Tuesday, 28 September 2010 08:50
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Lilburn National Night Out

via Lane Bailey

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.

Market stats for Lilburn, August, 2010, indicates that there are 481 properties on the market (as of August 31st). Overall, there is about a 9.6 month supply of properties.  Lilburn is actually one of the better performing cities in Gwinnett County.  Absorption Rates have been improving since March.  In fact, in March the re was 15.3 months of inventory.

In the sub-$200k arena, there are 292 listings, with about an 7.8 month supply.  This represents most of the sales in the market area, and reflects the same improvement in inventory levels since March.  And, one other thing to keep in mind is that sales were VERY strong compared to August 2009 (38 v 25).

Between $200k and $400k, there are 162 listings for sale, and about 14.3 months of supply. This segment has also been getting stronger each month since March.  However, there were only 9 sales in August 2010, compared to 13 last year.

From $400k to $600k, there are 22 homes on the market. The absorption rate is around 22 months.  There were exactly the same number of sales in August 2009 (3) as this year, but there were no sales in this segment in May, June or July.  Last summer was much stronger.  With just a few sales, just a sale or two can make a huge difference.

Above $600k, there are 5 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 and March).  Two of the listings are above $800k, and there is no market activity in the last 12 months for that range…

I have a page dedicated to Lilburn Market Data.

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Wayback Wednesday… Recovery?

Wednesday, 01 September 2010 08:58
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Recovery Truck
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Recovery… In it or do we need to go to it?  That was my question two years ago this week… and it is STILL a valid question.  And two years ago, I don’t think there were many people (including me) that were expecting the housing slump to last this long.

But here we are, not knowing if a bottom to the market has been established or if there is more blood that needs to run in the streets.

At least now, more of us in the real estate community have figured out that stimulus and incentives aren’t the answer… JOBS are the answer.  There are too many potential buyers out there that are worried about the security of their jobs.  Demand can’t rise until buyers don’t feel threatened.

And that means that the Supply side of Supply/Demand will be out of whack… even thought the supplies have be mostly dropping for well over a year (compared to the previous year).  And even though supply has been coming down, there have been reports of a wave of foreclosures just out of sight over the horizon (those reports have been with us for well over a year, too).

On the flip side, there are some pretty good deals.  Mortgage rates are ROCKING… I heard a report today that rates hadn’t been this low in 60 years.  If you ARE in a position to buy, it might be the best time in a generation.  If not, I understand…

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