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Lawrenceville, GA Market Report, July 2013

Monday, 02 September 2013 14:09

Written by Lane Bailey

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Market stats for Lawrenceville, GA, July, 2013, indicate that there were 644 properties on the market, down 13 from last month. Overall, there was about a 3.1 month supply of properties. In 2012, sales for July were at 276, so 212 sales was a big decrease, year over year. Last month’s sales were at 211. But, coupled with the decrease in inventory, things are still looking reasonably good. Normally the market picks up from January-February through about June-August. This month we are OK, but some are arguing that constrained inventories are still holding back sales or we could be looking even better.

English: Gwinnett County Historic Courthouse, Lawrenceville GA (Photo credit: Wikipedia)

For Lawrenceville, GA, Homes Under $200k, there are 443 listings, with about a 2.6 month supply of homes. Sales were down from July, 2012 (165 v 262), although sales may very well be off because of constrained inventories. Last year in this segment, there were almost 800 listings v under 450 now. This segment is easily the lion’s share of sales for the area. With the 2.61 month A/R, it is solidly in Seller’s Market territory. The low Absorption Rate (AR) is due to very strong sales, coupled with dramatically lower listing inventories. Month over month sales were down from 169 last month.

Between $200k and $400k, there are 170 listings for sale, and about 4.6 months of supply. Oddly, this had one of the mid-pack segments in the county, now it’s on the weak side. The 42 sales for July, 2013 was over the 39 from last month, and destroyed the 12 sales last year. We are barely into Buyer’s Market territory here… again. Month to month there is a lot of volatility, but over the longer term, it is WAY better than it had been.

From $400k to $600k, there are 21 homes on the market. The absorption rate is around 7 months. However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact. There were 4 sales for July, the Absorption Rate has dropped from 78 months June11, through good, but sporadic sales. This is acting like a luxury market and the A/R is jumping all over the place… with just a few sales (A/R was 25.5 three months ago). While the long term trend was looking a little better, now it is still pretty choppy.

In the $600k to $800k arena, there are 6 listings, with about 9 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there was 1 sales in July. There were only 6 sales at this level in all of 2011. There were 4 sales in 2012. May booked the only previous sale so far in 2013.

Between $800k and $1M, and Above $1M there are 4 homes listed (combined) and not enough sales data to give an accurate absorption rate. Until this month, there had only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS. But, there was 1 sale in July 12. It was over $1M, if that makes a difference…

English: A view of the Aurora Theatre from Pike Street in Lawrenceville Georgia. (Photo credit: Wikipedia)

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.

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I have a page dedicated to Lawrenceville Market Data.

I’m Always Up For a Good Surprise.. (lanebailey.com)
Gwinnett County Public Schools Making Changes… (lanebailey.com)

Buford, GA, Market Report, July 2013

Monday, 26 August 2013 09:33

Written by Lane Bailey

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Market stats for Buford, GA, July, 2013 indicate that there were 332 properties on the market, an decrease of 7 from last month. Overall, there was about an 4.1 month supply of properties (Absorption Rate or A/R). There were 80 sales for July, up from 76 last month and down from the 84 sales last July12. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is still in Seller’s Market territory.

DSCN0574 (Photo credit: lane.bailey)

In the sub-$200k arena, there were 117 listings, with a 2.6 month supply. This was the largest price segment in this market area, so strength here usually equaled strength across the whole local market area. Sales were flat from last month 42 (v 42 last month), and well down compared to last year (53 sales in Jul12). But, the A/R is well under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market. This time of year we are usually seeing an increase is sales… and listings.

Between $200k and $400k, there were 145 listings for sale, and about 4.4 months of supply. The 31 sales recorded were down from the 32 last month and up from the 26 sales last year for July. This had been one of the weaker segments in the county, but had improved dramatically until a few months ago it was fairly balanced, though tilted towards buyers… now it is further into Seller’s Market territory.

From $400k to $600k, there were 46 homes on the market. The absorption rate is 17.3 Months. There have been 8 sales in the last 3 months (0 for May, 2 for June and 6 for July). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 13 sales in the May-Jul period in 2012. This segment has been bouncing all over the place, though…

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 had made things look less slow… but they are back on the rise. There was 0 sales in July last year and 0 in June this year. There were 0 sales in July this year.

The range from $800k to $1m, there were 3 homes listed. Trends are hardly definable. Listings are down. February was the last recorded sale. There was 0 sales in July. So it now has a 18.0 month Absorption Rate. (the decrease in listings is what dropped the A/R)

Above $1m, there were 12 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 and September, 2012. There was 1 sale in July. So, we have 36 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 opened for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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Sugar Hill, GA, Market Report, July 2013

Friday, 23 August 2013 22:13

Written by Lane Bailey

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This map shows the incorporated and unincorpor...

Image via Wikipedia

Market stats for Sugar Hill, GA , July, 2013 indicates that there were 101 homes on the market, up 10 from last month. Overall, there is about an 2.7 month supply (2.7 last month). There were 38 sales, compared to 36 last month and 31 last July. Of course, then there were 139 listings on the market.

For Sugar Hill homes priced under $200k, there were 47 listings, with about 2.4 months supply. There were 19 sales this July, below last year for the same time (23). There were 18 sales last month. Inventories have been fluid, rising and falling. This time of year we often see a slight increase in listings… but we are very low. In fact, sales may be stifled by lack of inventory. Things have been a little choppy, though… up one month, down the next, then back up.

Sugar Hill Listings between $200k and $400k, there are 45 listings for sale, and about 2.7 months of supply. Last July there was a 4.6 month supply. There were 8 sales then, this year there were 18. Last month had 18 sales. This month was gang-busters. We are back in Seller’s Market territory here. Of note, from May, 2012, to June, 2012, the Absorption Rate dropped from 10.5 months of inventory to 5.4. It had spent almost a year above 10… and now has spent over a year below 10.

For listings in the $400k to $600k range, there were 5 homes on the market. The absorption rate was around 5 months, but with 1 sale this month, it is tough to calculate accurately. Obviously, a sale or two could make a BIG difference. I’ve finally started to see some consistency here. Hopefully we’ll have a little more action during the rest of the active selling season.

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 5 homes listed for sale in these price ranges. 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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Suwanee, GA, Market Report, July, 2013

Monday, 19 August 2013 09:31

Written by Lane Bailey

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Market stats for Suwanee, GA, July, 2013 indicate that there were 340 properties on the market (down from 357 last month). Overall, there was about a 2.8 month supply of properties (down from 3.3 last month). July had 124 sales. Compared to July, 2012 (99), this year was WAY up, but inventory was down compared to 2012 (439). There were 119 sales last month, so this month was up ever so slightly. The machine has really cranked up over the last three months.

In the Under $200k arena, there were 54 listings in Suwanee, GA, with about a 2.4 month supply (compared to 3.5 months supply last year). This July’s sales were 26 (34 last year, 21 last month). It used to be a county leader, though, for now it is moving back to one of the best price/locale segments again. The next level up is coming up fast, though. Last year at this time, there were 129 listings. Sales are being killed by last year’s, but the way the inventory has dropped, there is a pretty good chance that the low inventory is constricting sales.

Between $200k and $400k, there were 174 listings for sale (191 last year, 190 last month), and 2.4 months of supply. Sales in July, 2013 were 78 (73 in June), compared with 48 for the same period in 2012. Sales have rocked for the last few months. I’d like to see it stay up past 50 sales or so for the next couple of months. This shouldn’t be a “peaky” market/price segment. Unlike most of the county, this is the largest price segment in the area, and its direction plays a major part in how the area looks. Make no mistake, this is still basically in Seller’s Market territory. This is one of a very few areas where the $200k-$400k segment is ahead of the under $200k segment.

From $400k to $600k, there were 60 homes on the market. The absorption rate was at 3.5 months (4.1 in June). There were 17 sales in July (17 last month)… up from 10 last year at this time. Looking at the three month average, there were 51 sales this year and 30 for the same period last year. This segment had become dramatically stronger in the last couple of months.

In the $600k to $800k arena, there are 24 listings, with about a 4.0 month supply. Sales at this level are not consistent, but there were 3 sales this month (7 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 18… For the same time last year, the sales were 15. With the huge decrease in listings over the last couple of months, I was looking for this to become one of the strongest $600k-$800k area in the county. It is fairly strong right now… we’ll have to see if it holds.

The range from $800k to $1m, there are 10 homes listed and 60 months of inventory on the market. There were only 4 sales at this price level in 2011. There were 7 in 2012. This is a tough segment to try to sell in right now, but if inventory stays low, it won’t be quite as rough. But there still needs to be some more sales activity. There was 1 sale in March.

In Suwanee, GA, Above $1m, there are 17 properties listed. The current absorption rate indicated about 17 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. In this segment, we should be seeing reduced inventories… There were 26 homes listed in this segment at this time last year. There was 1 sale in June.

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.

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Lilburn, GA Market Report, June, 2013

Monday, 12 August 2013 08:45

Written by Lane Bailey

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Market stats for Lilburn, GA, June, 2013, indicate that there were 202 properties on the market, up 8 from last month. Overall, there was about an 3.9 month supply of properties and 43 properties that closed (sold) in June. It was a huge decrease from last year’s sales (77) and from May’s (61 sales). The Absorption Rate notched down slightly. Lilburn had been among the weakest of Gwinnett County, GA, cities I track. But, at 3.94 months of inventory, it is 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 121 listings, with about an 3.0 month supply with 32 sales. This represents most of the sales in the market area. Sales were down from last month (51), and down from last year (65). 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.

Between $200k and $400k, there are 68 listings for sale, and about 6.4 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. There were 11 sales compared to 9 last month and 11 last year. Lilburn has never been seen as a luxury market. The decrease in listings had really helped, but they have started to rise again. 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… We are barely back in Buyer’s Market territory.

From $400k to $600k, there are just 12 homes on the market. The absorption rate is 36 months. There was 0 sales in June. 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 Mar12). If we can keep up a sale each month on average, this one will be back. We’re a LONG way from that now.

From $600k to $800k, $800k to $1M and Above $1M, there is 1 listing (combined), but too few sales to have any sort of reliable number of months of inventory. The listing between $800k and $1M, and there is no market activity in the last 12 months for any of 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.