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Lawrenceville, GA Market Report, May 2011

Thursday, 23 June 2011 08:15
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Market stats for Lawrenceville, May, 2011, indicate that there are 1573 properties on the market. Overall, there is about a 6.5 month supply of properties. In 2010, sales for May were at 215, so 262 sales is a pretty good increase, year over year.  Coupled with the slight decrease in inventory, things are looking up.  Normally at this time of year we should be seeing healthy increases in month to month sales.

For Lawrenceville, GA, Homes Under $200k, there are 1340 listings, with about an 6 month supply of homes.  Sales were way up from May 2010 (246 v 194).  This segment is easily the lion’s share of sales for the area.  Last month this was just a mid-pack price/area segment in Gwinnett County, but this month it is one of the strongest.  The big drop in Absorption Rate (AR) is due to strong sales, coupled with slightly lower inventories.

Between $200k and $400k, there are 198 listings for sale, and about 11.4 months of supply.  Oddly, this was one of the weakest segments in the county.  The 16 sales for May, 2011 were down from the 20 from May last year.  Sales should have been closer to 30 units for May, and I’d like to see over 30 for June.

From $400k to $600k, there are 28 homes on the market. The absorption rate is around 42 months.  However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact.  Case in point is that we went from a 12 month AR to a 42 month AR because of a lack of sales for the last 2 months.  Just 5 months ago there was 87 months of inventory, though…

In the $600k to $800k arena, there are 4 listings, with about 12 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there was only 1 sale in the last three months.  I was looking for 2 sales in May… and there were none.  It has been quite a while since sales were strong here… the only saving grace is low inventory.

Between $800k and $1M, and Above $1M there are 3 homes listed (combined) and not enough sales data to give an accurate absorption rate. There has only been one sale in this range in the last 2 years (Aug, 2010), 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, May 2011

Tuesday, 21 June 2011 08:58
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Market stats for Lilburn, GA, May, 2011, indicates that there were 436 properties on the market (as of May 31st). Overall, there was about an 8.6 month supply of properties and 54 properties that closed (sold) in May.  I had been looking for an increase in sales for May and it came through.  And while April was an increase over last year’s sales (36), it was a decrease from March, 2011 (55 sales).  May, 2011, was up compared to both the previous month and the previous year.  The Absorption Rate notched down significantly.

In the sub-$200k arena, there are 305 listings, with about an 7.9 month supply with 41 sales.  This represents most of the sales in the market area.  Sales rose sharply from last month (32), but were only slightly above last year (40).  The Absorption Rate dropped slightly from 9.6 to 7.9 months of inventory.  This is even an improvement over the tax credit fueled buying of this time last year.

Between $200k and $400k, there are 118 listings for sale, and about 11.4 months of supply.  This segment has been quite weak for months, but has picked up a little strength.  Having 0 sales in December, and only 6 in November didn’t help. Nine sales in January was HUGE. But, February was back down below last year.  March was strong last year, but a little stronger this year (9 v 8 in 2010).  May was a strong follow up to April, which was HUGE… 11 sales compared to just 9 last year.  If June stays strong, this could signal a return to a more balanced segment… and Lilburn has been missing that.  I’ll be looking for around 14 sales for June…

From $400k to $600k, there are just 9 homes on the market. The absorption rate is 5.4 months. There were no sales in this segment from December through February, but there were 2 in March, which really turned the segment around, followed by 1 sale for April.  May posted 2 sales.  It doesn’t seem like much, but this is a segment hasn’t posted that many months with back to back sales…  This is the first time sales have been sales posted three months in a row since 2009.

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 (none between $800k and $1M), 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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The Gwinnett County Market is a Little Weird Right Now…

Thursday, 09 June 2011 08:46
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I have been pulling Gwinnett County Real Estate Market Data, and I’m not done with it yet.  But, I have been seeing a few things.

  • Listings are down markedly from where they would normally be.  This can be either a positive or negative, depending on your outlook.
    • On the Plus Side, fewer listings means that Absorption Rates are better.  There is less inventory to get sold… it tilts the table back toward sellers.  It has been largely tilted toward buyers for quite a while.
    • On the Minus Side, it shows that there is pessimism in the market on the side of sellers.  They aren’t confident about the market.  That lack of confidence has carried over to buyers… sales are also slowing.
  • Sales are down… like I just mentioned.  Even though Absorption Rates make the market look better… the sales just aren’t there.
  • Results are mixed.  There are a few cities that are doing well… and there are a few price segments that are doing quite well.  Others are VERY weak.
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Norcross, GA, Market Report, April 2011

Tuesday, 07 June 2011 08:52
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Market stats for Norcross GA, April, 2011 indicate that there were 384 properties on the market. Overall, there is about a 7.6 month supply of properties. January was a powerhouse…  February continued the trend, although not quite as powerful.  March was a breakout month.  April saw 49 sales, short of the 59 for March and short of the 52 for last April, but with the decrease in listing inventory the Absorption Rate (AR) still built strength.  This is one of the few market areas in Gwinnett to post four strong months in a row.

In the sub-$200k arena, there were 217 listings, with about 5.5 month supply.  Sales are up sharply from a year ago in this segment, which is the main driver of sales in this area (44 v 32).  Last month, the AR was in the range of balanced… it got a little better this month.  This looks like the strongest price/area segment in Gwinnett County, GA.

Between $200k and $400k, there were 130 listings for sale, and about 19.5 months of supply.  As strong as the under $200k segment is… this one is that weak.  The 3 sales were a considerable drop from last month’s 10 sales and last year’s 15 sales.  Of course, this segment has always seemed to lag.

From $400k to $600k, there were 32 homes on the market. The absorption rate is around 8.7 months.  The Absorption Rate has been dropping for 5 months.  This is odd considering the performance of the next segment down, but totally in line with the <$200k segment.  April’s 2 sales are down from 5 the month before, and doesn’t compare favorable to last year’s 4 sales… but the inventory decrease really helped.

In the $600k to $800k arena, there was 1 listing on the market.  Inventories have decreased as sales have increased compared to last year.  The absorption rate is at 3 months of inventory… but with only 4 sales last year and then the sale in March, obviously it is easy to bump one way or the other. The ONLY reason for the strong looking Absorption Rate is that there is only 1 listing.  Only.

The range from $800k to $1m, there was 1 homes listed on the market and no sales… seemingly forever.

Above $1m, there were 3 properties listed.  But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales.  The single sale in January (first since October) has pushed the Absorption Rate down to 18 months of inventory.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,41, 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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Buford, GA, Market Report, April 2011

Thursday, 02 June 2011 08:31
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Market stats for Buford, GA, April, 2011 indicate that there were 605 properties on the market. Overall, there was about an 9.3 month supply of properties.  There were 73 sales for April, up from 63 last month and 65 from last April.  It is an impressive comeback from last month’s poor showing.

In the sub-$200k arena, there were 334 listings, with a 7.2 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 up slightly from last month (51 v 48), but strong compared to last year (38 sales in Apr. 2010).  Framed in the results for the whole market area, the segment is quite strong.

Between $200k and $400k, there were 209 listings for sale, and about  11.6 months of supply.  The 22 sales recorded were well above the 14 from last month.  But, it was well down from the 28 sales last year for April.  It is among the weaker price/area segments in Gwinnett County, GA.  Of course, if there were a big bump next month…

From $400k to $600k, there were 39 homes on the market. The absorption rate is almost 117 Months (ouch).  This shouldn’t be acting like a high-end luxury segment, but it is.  There has been 1 sale in the last 3 months.  When the market is rolling, there should be 5-7 sales a month during this part of the year.  And despite the lower market segments getting better, this one has been weakening for December.

In the $600k to $800k arena, there were 3 listings.  Absorption Rate is 9 months (averaging a sale every three 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 3 homes has made things look less slow… but there have been 4 sales in this segment in the last year… the last was March.

The range from $800k to $1m, there were 7 homes listed. And with only 1 sale in the last year (Feb 10) until last December (2 more), obviously  trends are hardly definable.  At least listings are down by more than compared to a few months ago (9 listings in June).

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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