Market stats for Suwanee, GA, December, 2010 indicate that there are 548 properties on the market. Overall, there is about an 10.8 month supply of properties. There was less that 8 months of inventory as recently as June. Even though inventories are down since then, sales are also down.
In the Under $200k arena, there are 165 listings in Suwanee, GA, with about a 9.9 month supply. In June, there was a 4.8 month supply. Inventories have increased, until September, as sales have slowed… This is one of the rare segments that actually bumped in November, rather than December.
Between $200k and $400k, there are 249 listings for sale, and 9 months of supply. Sales for December 2010 were 25 compared with 22 for the same period in 2009. Still weak, but with the decrease in listings, leading to an improvement in the Absorption Rate. For October, sales were down from 53 last year v 31 this year. November continued the (poor) trend with 27 sales v 41 last year.
From $400k to $600k, there are 71 homes on the market. The absorption rate is at 19.4 months. There were 4 sales this year… dwarfed by the 7 last year. Even looking at the three month average, there were 11 sales this year and 24 for the same period last year.
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 7.
The range from $800k to $1m, there are 13 homes listed and approximately 3+ years of inventory on the market. There has only been 4 sales at this price level this year (1 each in January, April, May and December). Honestly, last year looked a little better, but not much.
In Suwanee, GA, Above $1m, there are 24 properties listed. The current absorption rate indicated about 18 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 (4 sales in Oct-Dec this year and 2 last year). But, in this segment, we should be seeing reduced inventories… There were 37 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.
November was a thrashing… 30 v 47 in 2009. December was better, but still only 35 sales for Dec 2010 compared to 41 the year prior.
