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Buford, GA, Market Report, March 2011

Tuesday, 03 May 2011 08:19
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This map shows the incorporated and unincorpor...

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Market stats for Buford, GA, March, 2011 indicate that there were 610 properties on the market. Overall, there was about an 12.2 month supply of properties.  March was down substantially, 63 v 84 sales in 2009.  February was exactly the opposite, 60 v 38 sales in 2009.  January was slightly below last year (25 v 28 for 2009).

In the sub-$200k arena, there were 354 listings, with a 9.9 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 (48 v 41), but pretty flat compared to last year (50 sales in Mar. 2010).

Between $200k and $400k, there were 194 listings for sale, and about  15.3 months of supply.  Last year, March took off compared to February (19 then 32 sales), but this year it was slightly down (18 then 14 sales).  Obviously, March sales were WAY down compared to last year.

From $400k to $600k, there were 31 homes on the market. The absorption rate is almost 18.6 Months.  This shouldn’t be acting like a high-end luxury segment, but it is.  There have been 5 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.  And despite the lower market segments getting better, this one weakened for February.

In the $600k to $800k arena, there were 2 listings.  Absorption Rate is 6 months (averaging a sale every few 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 2 homes has made things look less slow… but there have been 3 sales in this segment last year… the last was this past November.

The range from $800k to $1m, there were 6 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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Photo Friday… Almost Time to Get Muddy…

Friday, 29 April 2011 08:39
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DSCN2611

Image by lane.bailey via Flickr

Mud4BloodIt is coming…  Mud4Blood8 will be held on May 28th, 2011 at the Hooters in Kennesaw, GA.

Each year, the GBR4WD club hosts this event, which brings together auto and 4wd enthusiasts from all over the Atlanta area.  The reason for the gathering is a blood collection for LifeSouth.

But that isn’t the only thing going on… there is a GIANT car and truck show with everything from big 4x4s to low-riders.  There are customs and restos.  There are also vendor booths for all types of auto enthusiast needs… and food.  Last, but certainly not least, there is a HUGE raffle with food and parts.  Did I mention that it’s HUGE?  And the only way to get a ticket for the raffle is to make a blood donation attempt.

Come out all day, or just squeeze over for a few minutes to donate a pint, get a juice pouch and some Nutter Butters.

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Sugar Hill, GA, Market Report, March 2011

Thursday, 28 April 2011 08:45
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Market stats for Sugar Hill, GA , March, 2011 indicate that there are 250 properties on the market. Overall, there is about an 12.9 month supply of properties.  Sales have been fairly steady since July (aside from a bump in December), but inventories were rising, and along with it, the number of months of inventory (that is the wrong way…).  January had an odd drop in inventory this year.  Even more odd is a slight drop for February.  March started moving back up again… and I was really looking forward to a better Absorption Rate.

For Sugar Hill homes priced under $200k, there are 182 listings, with under 13.3 months supply.  There were 15 sales this March and 16 last year for the same time.  Inventories have been rising steadily.  Sales have been flat or slightly down.  We really need to see a bump next month… at least we hope to see the bump.

Sugar Hill Listings between $200k and $400k, there are 59 listings for sale, and about 14.8 months of supply.  Last May there was only a 6.75 month supply.  This segment really took a beating.  Sales have been up and down over the last few months, but February was bad… 1 sale.  This March, there were 8 sales, v 11 last year.

For listings in the $400k to $600k range, there are 6 homes on the market. The absorption rate is around 30 months, but with 1 sale 7 months ago, it is tough to calculate accurately.  Obviously, a sale or two could make a BIG difference.  There were only 3 sales in this segment last year.  In 2009, there were almost twice as many sales in this price range.  I hope to see some activity in this segment in April and May.

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 are only 3 homes listed for sale in that price range.  No sales have been recorded in the last 18 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… Property Tax Valuations…

Wednesday, 27 April 2011 08:42
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International Money Pile in Cash and Coins

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It’s that time again.  Last week we got our tax valuation reassessed.  For us, it wasn’t a bad thing and honestly, it hasn’t been for the folks I have talked with.  Let me qualify that… for the amount of tax we pay, it wasn’t a bad thing.

Two years ago, Gwinnett County re-assessed our home.  The jacked us up by about 12%, even though there was NO justification in the comps.  They got away with it because it wasn’t worth the fight for us to carry on.  We disputed it a couple of levels, but eventually dropped it.

Oddly, this was almost exactly two months after the State of Georgia passed a law requiring the counties to consider foreclosures and short sales in the valuation process.  I think it might have been their “last hurrah” before having the valuations that were based in reality.

As mentioned, we got our valuation last week.  And it went down… way down.  in fact, it dropped by more than twice as much as it went up… we were down over 25%.  Good news for the house payment.  Bad news for the value of our house.  Bad news for Gwinnett county… the budget is not going to be happy with all of these lower valuations.

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Suwanee, GA, Market Report, March 2011

Tuesday, 26 April 2011 08:00
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Market stats for Suwanee, GA, March, 2011 indicate that there are 621 properties on the market. Overall, there is about an 13.2 month supply of properties.  There was less that 8 months of inventory as recently as June.  While February sales were up dramatically from last year, March sales were down.  inventory was flat compared to 2010.  The strong February sales are the main reason that the Absorption Rate is down.

In the Under $200k arena, there are 164 listings in Suwanee, GA, with about a 8.9 month supply.  In June, there was a 4.8 month supply.  Inventories have increased, until September, as sales have slowed…   For March, there were 19 sales, compared to 20 a year earlier.  February looked better than January, but March wasn’t so hot.

Between $200k and $400k, there are 299 listings for sale, and 12.8 months of supply.  Sales in March 2011 were 28, compared with 34 for the same period in 2010.  Weak, and even with the decrease in listings, the Absorption Rate got a bit worse.  Listings were down for March from 311 last year.

From $400k to $600k, there are 94 homes on the market. The absorption rate is at 25.6 months.  There were 5 sales this year (Feb)… down from 10 last year.  Even looking at the three month average, there were 11 sales this year and 20 for the same period last year.  The only good part is that listings are down slightly.

In the $600k to $800k arena, there are 26 listings, with about a 26 month supply.  Sales at this level are not consistent.  Looking at one month makes the numbers jump.  For the last three months, sales were 3…  For the sale time last year, the sales were 6.  The segment weakened , but we can’t call a trend yet… last month it was looking stronger.

The range from $800k to $1m, there are 12 homes listed and 3+ years of inventory on the market.  There were only been 4 sales at this price level last year (1 each in January, April, May and December).  This is a tough segment to try to sell in right now.

In Suwanee, GA, Above $1m, there are 26 properties listed. The current absorption rate indicated about 78 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 (1 sales in Jan-Mar this year and 4 last year).  But, in this segment, we should be seeing reduced inventories…  There were 40 homes listed in this segment at this time last year.

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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