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Lawrenceville, GA Market Report, August 2012

Friday, 18 January 2013 08:00
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Market stats for Lawrenceville, GA, August, 2012, indicate that there were 901 properties on the market. Overall, there was about a 3.2 month supply of properties. In 2011, sales for August were at 269, so 308 sales was a good increase, year over year. Last month’s sales were at 276. Coupled with the decrease in inventory, things are looking pretty good. Normally the market picks up from January through about June-August. This month we are rocking, in fact, some are arguing that constrained inventories are still holding back sales or we would be looking even better.

For Lawrenceville, GA, Homes Under $200k, there are 736 listings, with about a 2.8 month supply of homes. Sales were up from August, 2011 (275 v 250), although sales may very well be off because of constrained inventories. Last year in this segment, there were over 1200 listings v just over 700 now. This segment is easily the lion’s share of sales for the area. With the 2.81 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 up from 262 in June.

Between $200k and $400k, there are 142 listings for sale, and about 6.7 months of supply. Oddly, this had one of the weaker segments in the county, now it’s mid-pack. The 29 sales for August, 2012 beat down the 19 from last year. as well as well above the 12 sales last month. But, we are close to Balanced Market territory here.

From $400k to $600k, there are 15 homes on the market (big drop from the 22 last month). The absorption rate is around 7.5 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 August, the Absorption Rate has dropped from 78 months last June, 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 33 two 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 5 listings, with about 15 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there were 0 sales in August. There were only 6 sales at this level in all of 2011, 2 of them were last January. There was 1 sale in January 2012 and 1 in May.

Between $800k and $1M, and Above $1M there are 3 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, but none in August. It was over $1M, if that makes a difference…

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.

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Buford, GA, Market Report, August 2012

Thursday, 17 January 2013 08:00
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Market stats for Buford, GA, August, 2012 indicate that there were 364 properties on the market. Overall, there was about an 4.1 month supply of properties (Absorption Rate or A/R). There were 80 sales for August, down from 84 last month but up from the 75 sales last August (2011). It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is solidly in Seller’s Market territory.

In the sub-$200k arena, there were 181 listings, with a 3.2 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 down from last month 49 (v 53 last month), and down compared to last year (56 sales in August, 2011). But, the A/R is WAY under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market.

Between $200k and $400k, there were 143 listings for sale, and about 5.8 months of supply. The 31 sales recorded were up from the 26 last month but way up from the 17 sales last year for August. This had been one of the weaker segments in the county, but has improved dramatically and at current A/Rs, it is one of the stronger $200k-$400k segments in the county.

From $400k to $600k, there were 19 homes on the market. The absorption rate is 9.5 Months. There have been 6 sales in the last 3 months (2 for June, 4 for July and 0 for August). When the market is rolling, there should be 6-8 sales a month during this part of the year. Just for comparison, there were 6 sales in the Jun-Aug period in 2011. This segment has been bouncing all over the place… but it is VERY strong right now.

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 8 has made things look less slow… but there were 7 sales in this segment last year including 3 sales in March, 1 in June and 0 in August.

The range from $800k to $1m, there were 4 homes listed. Trends are hardly definable. Listings are down. June recorded the first sales since December, 2012. There were 0 sales in August. But it still has a 4.0 month Absorption Rate.

Above $1m, there were 8 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. There were 0 sales in August. So, we have 66 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 will open for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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Sugar Hill, GA, Market Report, August 2012

Wednesday, 16 January 2013 08:00
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Market stats for Sugar Hill, GA , August, 2012 indicates that there were 144 homes on the market. Overall, there is about an 4.7 month supply. There were 22 sales, compared to 31 last month and 33 last August. Of course, then there were 202 listings on the market.

For Sugar Hill homes priced under $200k, there were 103 listings, with about 4.5 months supply. There were 16 sales this August, well under last year for the same time (31). There were 23 sales last month. Inventories have been fluid, rising and falling. This time of year we often see a slight decrease in listings… but we are already very low. In fact, sales may be stifled by lack of inventory.

Sugar Hill Listings between $200k and $400k, there are 35 listings for sale, and about 4.8 months of supply. Last August there was an 11 month supply. Then there were 2 sales, this year there were 5. Last month had 8 sales. That makes five of the last six months look reasonably strong.

For listings in the $400k to $600k range, there were 3 homes on the market. The absorption rate was around 9 months, but with 1 sales this month (and May’s 1 sale being the only ones since last November), it is tough to calculate accurately. Obviously, a sale or two could make a BIG difference. I still hope to see some consistent activity in this segment.

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 only 3 homes listed for sale in that price range. 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, August 2012

Tuesday, 15 January 2013 08:00
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Market stats for Suwanee, GA, August, 2012 indicate that there were 406 properties on the market (down from 439 last month). Overall, there was about a 4.0 month supply of properties (down from 4.5 last month). August had 111 sales. Compared to August, 2011 (83), this year rocked, but inventory was down compared to 2011 (593). There were 99 sales last month, so this month was substantially better.

In the Under $200k arena, there were 100 listings in Suwanee, GA, with about a 2.8 month supply (compared to 5.7 month supply last year). This August’s sales were 37 (33 last year, 34 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 192 listings for sale (292 last year, 191 last month), and 3.8 months of supply. Sales in August, 2012 were 61 (48 in July), compared with 32 for the same period in 2011. Sales have been consistent and strong for the last few months, but rocketed 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 61 homes on the market. The absorption rate was at 6.5 months (6.6 in July). There were 9 sales in August (10 in July)… down from 15 last August. Looking at the three month average, there were 28 sales this year and 29 for the same period last year. This segment had gotten dramatically stronger in the last couple of months, but slacked a little this month.

In the $600k to $800k arena, there are 21 listings, with about a 4.9 month supply. Sales at this level are not consistent, but there was 1 this month (6 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 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 pretty strong right now… with a low absorption rate.

The range from $800k to $1m, there are 8 homes listed and 12 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 1 sale in August.

In Suwanee, GA, Above $1m, there are 24 properties listed. The current absorption rate indicated about 36 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 recorded). In this segment, we should be seeing reduced inventories… There were 27 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.

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Lilburn, GA Market Report, July 2012

Friday, 11 January 2013 08:00
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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, July, 2012, indicate that there were 298 properties on the market (as of July 31st).  Overall, there was about an 3.9 month supply of properties and 82 properties that closed (sold) in July.  It was a huge increase from last year’s sales (56) and a slight increase from June (77 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 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 211 listings, with about an 3.4 month supply with 61 sales.  This represents most of the sales in the market area.  Sales decreased a bit from last month (65), and were also up from last year (48).  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 3.4 months of inventory, with a few months of similar stats, we’re there.

Between $200k and $400k, there are 78 listings for sale, and about 6.0 months of supply.  This segment had been quite weak for months, and had stalled a little, but came back with a vengeance.  There were 20 sales compared to 11 last month and 6 last year.  Lilburn has never been seen as a luxury market, but this number is pretty good.  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.  This month was quite strong. The month before was strong…

From $400k to $600k, there are just 5 homes on the market.  The absorption rate is 5 months.  There was 1 sale in July.  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.

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 that 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.

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I have a page dedicated to Lilburn Market Data.

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