Market stats for Suwanee, GA, May, 2013 indicate that there were 350 properties on the market (down from 353 last month). Overall, there was about a 3.8 month supply of properties (down from 4.8 last month). May had 118 sales. Compared to May, 2012 (99), this year was WAY up, but inventory was down compared to 2012 (439). There were 92 sales last month, so this month rocked last. The machine has really cranked up over the last couple of months.
In the Under $200k arena, there were 47 listings in Suwanee, GA, with about a 2.3 month supply (compared to 2.6 months supply last year). This May’s sales were 21 (42 last year, 24 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 118 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 194 listings for sale (220 last year, 184 last month), and 3.6 months of supply. Sales in May, 2013 were 71 (54 in April), compared with 43 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.
From $400k to $600k, there were 56 homes on the market. The absorption rate was at 4.9 months (8.5 in April). There were 17 sales in May (11 last month)… up from 11 last year at this time. Looking at the three month average, there were 34 sales this year and 31 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 26 listings, with about a 6.0 month supply. Sales at this level are not consistent, but there were 8 sales this month (2 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 13… For the same time last year, the sales were 6. 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 30 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 25 homes listed in this segment at this time last year. There was 1 sale in May, but 3 in the Mar-May time frame, 4 the year before.
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.