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Tag Archives: real estate

Suwanee, GA, Market Report, September 2012

This map shows the incorporated and unincorpor...

Market stats for Suwanee, GA, September, 2012 indicate that there were 384 properties on the market (down from 406 last month).  Overall, there was about a 4.0 month supply of properties (virtually unchanged from last month).  September had 78 sales.  Compared to September, 2011 (79), this year flat, but inventory was down compared to 2011 (579).  There were 111 sales last month, so this month was down substantially.

In the Under $200k arena, there were 107 listings in Suwanee, GA, with about a 3.1 month supply (compared to 5.8 month supply last year).  This August’s sales were 32 (28 last year, 37 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.  Sales may have been limited by constricted inventory.

Between $200k and $400k, there were 168 listings for sale (274 last year, 192 last month), and 3.4 months of supply.  Sales in August, 2012 were 38 (61 in August), compared with 32 for the same period in 2011.  Sales have been consistent and strong for the last few months, but fell off somewhat this month.  I’d like to see it stay around 40-50 sales or more 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.

From $400k to $600k, there were 56 homes on the market.  The absorption rate was at 6.7 months (6.5 in August).  There were 6 sales in September (9 in August)… up from 5 last September. Looking at the three month average, there were 25 sales this year and 31 for the same period last year. This segment had gotten dramatically stronger in the last couple of months, but slacked a little the last two months.

In the $600k to $800k arena, there are 24 listings, with about a 9.0 month supply.  Sales at this level are not consistent, but there was 1 this month (1 last month).  Looking at one month makes the numbers jump around.  For the last three months, sales were 8…  For the same time last year, the sales were 11.  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…

The range from $800k to $1m, there are 7 homes listed and 7.0 months of inventory on the market. There were only 4 sales at this price level last year (1 in April, 2 in July and 1 in August). 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 this year, 1 sale in July and August and 1 sale in September.

In Suwanee, GA, Above $1m, there are 22 properties listed.  The current absorption rate indicated about 33 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (2 for April, last previously recorded).  In this segment, we should be seeing reduced inventories…  There were 28 homes listed in this segment at this time last year.  There were 2 sales in August.

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.

Atlanta Metro Zillow Home Value Index

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Foreclosure Settlement Coming…

 

Mortgage Loan Fraud Assessment based upon Susp...

Mortgage Loan Fraud Assessment based upon Suspicious Activity Report Analysis (Photo credit: Wikipedia)

It has been a long time in the making, and whether you agree with it or disagree, it has happened.

 

The 5 largest mortgage servicers, 49 states and the federal government have reached a $25B settlement in their lawsuit.  Details aren’t very detailed… but:

  • $17B in loan mods and principle reduction for distressed borrowers
  • $3B for underwater homeowners that are still current on their mortgages
  • $1.5B for borrowers that lost homes to foreclosure between 1/1/08 and 12/31/11… there is an assumption that those foreclosures contained some impropriety
  • $the other $3.5B isn’t specified, but I would guess that the states are getting that money for “consumer protection” and “Foreclosure prevention” programs

In the case of foreclosed borrowers, checks are supposed to be coming out at the end of the 1st quarter or beginning of the 2nd quarter this year…

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Lilburn, GA Market Report, August 2012

This map shows the incorporated and unincorpor...

This map shows the incorporated and unincorporated areas in Gwinnett County, Georgia, highlighting Lilburn in red. It was created with a custom script with US Census Bureau data and modified with Inkscape. (Photo credit: Wikipedia)

Market stats for Lilburn, GA, August, 2012, indicate that there were 272 properties on the market. Overall, there was about an 3.7 month supply of properties and 64 properties that closed (sold) in August. It was a huge increase from last year’s sales (48) but a decrease from July(82 sales). The Absorption Rate notched down slightly. Lilburn had been among the weakest of Gwinnett County, GA, cities I track. But, at 3.66 months of inventory, it is downright 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 193 listings, with about an 3.2 month supply with 55 sales. This represents most of the sales in the market area. Sales decreased a bit from last month (61), and were also up from last year (37). 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. At 3.2 months of inventory, with a few months of similar stats, we’re there.

Between $200k and $400k, there are 70 listings for sale, and about 5.5 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.  But it would be hard to follow up last month. There were 7 sales compared to 20 last month and 11 last year. Lilburn has never been seen as a luxury market. The decrease in listings has really helped. 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. Last month was quite strong. April was strong…

From $400k to $600k, there are just 5 homes on the market. The absorption rate is 3.75 months. There were 2 sales in August. Poised for a comeback, but the 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 Feb12). If we can keep up a sale each month on average, this one will be back.  Right now, low listings numbers give the appearance of strong activity.

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 and one between $800k and $1M, and there is no market activity in the last 12 months for 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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lilburn Market Data.

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Norcross, GA, Market Report, August 2012

This map shows the incorporated and unincorpor...

Image via Wikipedia

Market stats for Norcross GA, August, 2012 indicate that there were 196 properties on the market. Overall, there is about a 3.3 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all. August saw 55 sales, on par compared to the 54 for July, but well under the 69 for August last year.

In the sub-$200k arena, there were 108 listings, with about 2.7 month supply. Sales are up from last month and down from a year ago in this segment, which is the main driver of sales in this area (41 v 53 in Aug11 & 35 July12). For the last nine months, the AR has been tilted in favor of sellers. This still looks like one of the strongest price/area segment in Gwinnett County, GA. At just under a 3 month A/R, this is VERY strong for sellers.

Between $200k and $400k, there were 70 listings for sale, and about 4.2 months of supply. This segment had been weakening for the last few months. But, the 14 sales was slightly above last year’s 12 sales, but was a little under last month’s 16 sales. Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010. I’m still waiting for this segment to stop bouncing around so much.

From $400k to $600k, there were 14 homes on the market. The Absorption Rate is around 6.0 months. The AR had been fairly steady for months, then shot WAY up in January. August’s 0 sales were down from the 2 last month and from last year’s 4 sales. This had actually been a pretty good area for homes in this price range to sell… The good news is that it only takes a few sales to put it back in a balanced range long term.

In the $600k to $800k arena, there were 2 listings on the market. The Absorption Rate is at 6.0 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, obviously it is easy to bump one way or the other. One reason for the strong looking Absorption Rate last month was that there were so few listings. February had 1 sale. The was 1 sale for July12, 1 for July12 and 0 for Aug11.

The range from $800k to $1m, there was 1 home listed on the market and 0 sales in August. There were no sales last year. Unfortunately there isn’t enough data for a good A/R number.

Above $1m, there was 1 property listed. But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales. There is simply not enough activity for an A/R figure. The last sale was January 2011.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,410 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.

Atlanta Metro Zillow Home Value Index

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Duluth, GA, Market Report, August 2012

This map shows the incorporated and unincorpor...

Image via Wikipedia

Market stats for Duluth, August, 2012 indicated that there were 368 properties on the market. Overall, there was about an 4.3 month supply of properties. Sales in August were 69, way down from 86 a year earlier. Sales were also down compared to the prior month (93). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months. Good, but not pack leading at the moment.

In the Under $200k arena, there were 127 listings in Duluth, GA, with about a 2.7 month supply. The Absorption Rate for last August, was 5.1. Sales in August were down this year v last year (41 v 51), also down compared to last month (51). The Absorption Rate (A/R) is quite a bit better than most of the county…

Between $200k and $400k, there are 113 listings for sale, and about 5.5 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were down compared to August, 2011 (14 v 21) and compared to last month (27). Duluth is a market that favors luxury, but this segment is not doing as well as I would have expected… but it might be constrained somewhat due to low inventories.  It is still a slight Seller’s Market.

From $400k to $600k, there were 36 homes on the market. The Absorption Rate was around 3.2 months. August brought in 11 sales. There were 5 last year and 10 last month. Unlike much of the market areas, Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, especially at this price level.  Usually we see the A/R soften as we move up in price, but that isn’t happening here.

In the $600k to $800k arena, there were 37 listings, with about 11.1 months of supply. Sales were 2 for August… 5 for last year. And month to month sales were down (2 v 3). Last month was OK, but I would like to see three consecutive months with strong sales, and haven’t seen that for a while. Since Duluth does favor luxury sales, it looks better than the much of the rest of the County at this price level.

In Duluth, GA, from $800k to $1m, there were 16 homes listed and approximately 8.0 months of inventory on the market. The 6 sales recorded for June rocked but there were 0 in August compared to last year’s 1. Sales haven’t been moving much for the last couple of months, but 6 sales for the last 3 months slightly better than the same 3 months from last year (5 sales). And seven months ago the A/R was 69 months.

Above $1m, there were 39 properties listed. The current absorption rate indicated about 29.3 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 4 sales in the Jun-Aug period this year, and 9 for the same time last year. We should be posting four sales a month here regularly… and we fell short this month with just 1 sale. Last month there was 1 sale and last year there were 3 for August.

Duluth, GA is a suburb of Atlanta, in the heart of Gwinnett County. It actually straddles the county line and has unincorporated portions in South Forsyth County. The population of Duluth is estimated as about 26,000 people as of 2008, but this doesn’t include unincorporated areas outside the city limits, but with a Duluth mailing address. It is also home to Sugarloaf Country Club, a PGA stop until recently. Forbes Magazine rated Duluth 26th in their nationwide survey of the best places to move, and it is one of the wealthiest parts of Georgia. It is also home to the Arena at Gwinnett Center (Home of the ECHL Gwinnett Gladiators) and the former Atlanta Thrashers practice facility (the Duluth Ice Forum). There is a LONG list of celebrities and athletes that call Duluth home, largely because of the country clubs and proximity to Atlanta.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Duluth Market Information.

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