Tag Archives: real estate

Suwanee, GA, Market Report, December 2011

Monday, 16 January 2012 08:00

Written by Lane Bailey

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This map shows the incorporated and unincorpor...

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Market stats for Suwanee, GA, December, 2011 indicate that there are 468 properties on the market (down from 502 last month). Overall, there is about an 6.7 month supply of properties (down from 7.0 last month). December had 74 sales. Compared to 2010 (46), this year was a stronger. Inventory was down compared to 2010 (548). The last five months have been very strong, but that comes on a very weak June and just average sales for a couple of prior months. December was much stronger than last year, and from November (53 sales). Obviously, I like seeing continued strength here.

In the Under $200k arena, there are 152 listings in Suwanee, GA, with about a 4.0 month supply (161 and 5.0, respectively last year). This December’s sales were solid, at 46 (just 13 last year). This is definitely the strongest price segment in Suwanee. I was looking for a solid follow-up to October’s 42 sales, but we didn’t get it in November. Hopefully we’ll see a similar number of sales for January…

Between $200k and $400k, there are 209 listings for sale (249 last year), and 8.4 months of supply. Sales in December, 2011 were 21 (31 in November), compared with 25 for the same period in 2010. Sales have been bouncing between very strong and average for the last few months. I’d like to see some consistency around 35-40 sales 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. Could be getting better… but not this month.

From $400k to $600k, there are 59 homes on the market. The absorption rate is at 9.8 months (10.1 in November). There were 6 sales in December (4 in November)… up by 2 compared to last December. Looking at the three month average, there were 18 sales this year and 11 for the same period last year. This segment had gotten dramatically stronger in the last couple of months, but like the next lower price segment, dropped off heavily this month. We should be looking at close to 10 sales for January… I was hoping (but not expecting) 10 for December.

In the $600k to $800k arena, there are 17 listings, with about a 51 month supply (12.8 last month). Sales at this level are not consistent, but there were 0 this month (0 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 1… For the same time last year, the sales were 3. 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. But until I see 2-3 sales a month on average, I can’t call this one strong.

The range from $800k to $1m, there are 5 homes listed and 15 months of inventory on the market. There were only 4 sales at this price level this 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 sales activity.

In Suwanee, GA, Above $1m, there are 26 properties listed. The current absorption rate indicated about 39 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (only 1 sale for October, 0 for November and 1 for December). In this segment, we should be seeing reduced inventories… There were 24 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.

Suwanee, GA, Market Report, November 2011 (lanebailey.com)
Suwanee, GA, Market Report, October 2011 (lanebailey.com)
Suwanee, GA, Market Report, September 2011 (lanebailey.com)
Suwanee, GA, Market Report, August 2011 (lanebailey.com)
Suwanee, GA, Market Report, June 2011 (lanebailey.com)
Suwanee, GA, Market Report, May 2011 (lanebailey.com)
Suwanee, GA, Market Report, April 2011 (lanebailey.com)
Suwanee, GA, Market Report, March 2011 (lanebailey.com)
Suwanee, GA, Market Report, February 2011 (lanebailey.com)
Suwanee, GA, Market Report, January 2011 (lanebailey.com)
Suwanee, GA, Market Report, December 2010 (lanebailey.com)
Suwanee, GA, Market Report, November 2010 (lanebailey.com)
Suwanee, GA, Market Report, October 2010 (gwinnettgarageguy.com)
Suwanee, GA, Market Report, September 2010 (lanebailey.com)

Atlanta Metro Zillow Home Value Index

Atlanta Metro Home Values – Interactive chart

Norcross, GA, Market Report, November 2011

Friday, 13 January 2012 08:00

Written by Lane Bailey

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Image via Wikipedia

Market stats for Norcross GA, November, 2011 indicate that there were 268 properties on the market. Overall, there is about a 5.1 month supply of properties. This year has been very strong so far… although April and May weren’t that strong (April was below last year)… it hasn’t slowed much. November saw 52 sales, above the 30 for November, 2010, but below the 58 for October. This is one of the few market areas in Gwinnett to post six strong months in a row.

In the sub-$200k arena, there were 157 listings, with about 3.7 month supply. Sales are down from last month but up from a year ago in this segment, which is the main driver of sales in this area (45 v 46 in Oct11 & 28 Nov10). For the last seven 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.

Between $200k and $400k, there were 80 listings for sale, and about 10.4 months of supply. This segment isn’t as weak as it had been over the last several months, and is continuing to build strength. The 4 sales were solidly up compared to last year’s 1 sale, but down from last month’s 9 sales. Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.

From $400k to $600k, there were 24 homes on the market. The Absorption Rate is around 10.3 months. The AR had been dropping for months, then shot WAY up in June. It has been working down slowly since. November’s 2 sales is down from 3 the month before but up from last year’s 1 sale… and the inventory decrease didn’t hurt too much, either.

In the $600k to $800k arena, there were 3 listings on the market. Inventories had increased compared to last year. The Absorption Rate is at 9 months of inventory… but with only 4 sales last year and then the sale in March and another each in May and June, and 1 sale in November, 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.

The range from $800k to $1m, there was 1 home listed on the market and no sales… seemingly forever.

Above $1m, there were 4 properties listed. But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales. The volatile Absorption Rate is at 48 months of inventory.

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.

Norcross, GA, Market Report, October 2011 (lanebailey.com)
Norcross, GA, Market Report, September 2011 (lanebailey.com)
Norcross, GA, Market Report, August 2011 (lanebailey.com)
Norcross, GA, Market Report, June 2011 (lanebailey.com)
Norcross, GA, Market Report, May 2011 (lanebailey.com)
Norcross, GA, Market Report, April 2011 (lanebailey.com)
Norcross, GA, Market Report, March 2011 (lanebailey.com)
Norcross, GA, Market Report, February 2011 (lanebailey.com)
Norcross, GA, Market Report, January 2011 (lanebailey.com)
Norcross, GA, Market Report, December 2010 (lanebailey.com)
Norcross, GA, Market Report, November 2010 (lanebailey.com)
Norcross, GA, Market Report, October 2010 (lanebailey.com)
Norcross, GA, Market Report, September 2010 (lanebailey.com)

Atlanta Metro Zillow Home Value Index

Atlanta Metro Home Values – Interactive chart

Duluth, GA, Market Report, November 2011

Monday, 09 January 2012 08:00

Written by Lane Bailey

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Image via Wikipedia

Preliminary stats for Duluth, November, 2011 indicated that there were 439 properties on the market. Overall, there is about an 7.4 month supply of properties. Sales in November were 51, slightly down from 54 a year earlier. But, sales were slightly down compared to the prior month (62). Duluth had been slightly leading Gwinnett County as a whole, but not so much in October and November.

In the Under $200k arena, there were 168 listings in Duluth, GA, with about a 4.3 month supply. The Absorption Rate two years ago, December, 2009, was in the low 5s. Sales for November were up sharply this year v last year (28 v 25), but down compared to last month (44). The Absorption Rate (A/R) is rocking most of the county… but sales have decelerated again this month, ever so slightly.

Between $200k and $400k, there are 121 listings for sale, and about 11.3 months of supply. Absorption rates have similarly risen, dropped and then risen again, but have been moving the wrong way (up) since August. Sales were WAY down compared to November, 2010 (8v 15) and compared to last month (12). Duluth is a market that favors luxury, but this segment is not doing well…

From $400k to $600k, there were 50 homes on the market. The absorption rate was around 11.5 months. November brought in 8 sales. There were 8 last year and 3 last month. As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is much weaker here. Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still pretty weak, but it’s better than last month,

In the $600k to $800k arena, there were 40 listings, with about 10.9 months of supply. Sales were 5 for November… 3 for November last year. Month to month sales were better (5 v 3). After August’s performance (5 sales), I had been holding out some hope last month, but had to wait until this month to see the result I wanted. Since Duluth does favor luxury sales, it looks better than the rest of the County.

In Duluth, GA, from $800k to $1m, there were 23 homes listed and approximately 69 months of inventory on the market. The 1 sale recorded for November was beaten by last year’s 2 but flat the 0 from last month. Sales haven’t been moving much for the last couple of months, but 1 sale for the last3 months has killed the 3 month average A/R. It isn’t as weak as that suggests… at least I hope it isn’t.

Above $1m, there were 37 properties listed. The current absorption rate indicated about 28 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 Sept-Nov period this year, and 5 for the same time last year. Fall was weak last year, but we should be posting four sales a month here.

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

Atlanta Metro Home Values – Interactive chart

I have a page dedicated to Duluth Market Information.

Duluth, GA, Market Report, October 2011 (lanebailey.com)
Duluth, GA, Market Report, September 2011 (lanebailey.com)
Duluth, GA, Market Report, August 2011 (lanebailey.com)
Duluth, GA, Market Report, June 2011 (lanebailey.com)
Duluth, GA, Market Report, May 2011 (lanebailey.com)
Duluth, GA, Market Report, April 2011 (lanebailey.com)
Duluth, GA, Market Report, March 2011 (lanebailey.com)
Duluth, GA, Market Report, February 2011 (lanebailey.com)
Duluth, GA, Market Report, January 2011 (lanebailey.com)
Duluth, GA, Market Report, December 2010 (lanebailey.com)
Duluth, GA, Market Report, November 2010 (lanebailey.com)
Duluth, GA, Market Report, October 2010 (lanebailey.com)
Flashback Friday… Duluth, O, Duluth… (lanebailey.com)
Is $1,000,000 Burning a Hole in Your Pocket? (lanebailey.com)

Lawrenceville, GA Market Report, November 2011

Friday, 06 January 2012 08:00

Written by Lane Bailey

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Image via Wikipedia

Market stats for Lawrenceville, GA, November, 2011, indicate that there were 1288 properties on the market. Overall, there was about a 5.2 month supply of properties. In 2010, sales for November were at 153, so 233 sales was a rocking increase, year over year. Coupled with the decrease in inventory, things are looking great. Normally they start weakening in September, but we are rolling right along… not quite as much as last month… but rolling, none the less.

For Lawrenceville, GA, Homes Under $200k, there are 1089 listings, with about a 4.7 month supply of homes. Sales were way up from November 2010 (216 v 139). This segment is easily the lion’s share of sales for the area. With the 4.73 month A/R, it is solidly in Seller’s Market territory. The big drop in Absorption Rate (AR) is due to strong sales, coupled with slightly lower inventories. In September I was hoping that October would be a follow up… and it VERY much is what I was looking for… November reinforced that.

Between $200k and $400k, there are 174 listings for sale, and about 13.4 months of supply. Oddly, this was one of the weaker segments in the county, again. With as strong as the segment down was, this one was weak, again. The 13 sales for October, 2011 were down from the 14 from last year. Sales should have been closer to 25 units for November. We are still solidly in Buyer’s Market territory here.

From $400k to $600k, there are 19 homes on the market. The absorption rate is around 7.1 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 November, the Absorption Rate has dropped from 78 months in June, through good, but sporadic sales. There were 0 sales in November, 2010. 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 16.5 last month). While the long term trend is looking better, it is still pretty choppy.

In the $600k to $800k arena, there are 6 listings, with about 18 months of supply, again. As with the next lower priced segment, a couple of sales makes a big difference and there was only 1 sale in the last three months.

Between $800k and $1M, and Above $1M there are 0 homes listed (combined) and not enough sales data to give an accurate absorption rate. There has only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS.

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.

Atlanta Metro Zillow Home Value Index

Atlanta Metro Home Values – Interactive chart

I have a page dedicated to Lawrenceville Market Data.

Lawrenceville, GA Market Report, October 2011 (lanebailey.com)
Lawrenceville, GA Market Report, September 2011 (lanebailey.com)
Lawrenceville, GA Market Report, August 2011 (lanebailey.com)
Lawrenceville, GA Market Report, June 2011 (lanebailey.com)
Lawrenceville, GA Market Report, May 2011 (lanebailey.com)
Lawrenceville, GA Market Report, April 2011 (lanebailey.com)
Lawrenceville, GA Market Report, March 2011 (lanebailey.com)
Lawrenceville, GA Market Report, February 2011 (lanebailey.com)
Lawrenceville, GA Market Report, January 2011 (lanebailey.com)
Lawrenceville, GA Market Report, December 2010 (lanebailey.com)
Lawrenceville, GA Market Report, November 2010 (lanebailey.com)
Lawrenceville, GA Market Report, October 2010 (lanebailey.com)
I’m Always Up For a Good Surprise.. (lanebailey.com)
Gwinnett County Public Schools Making Changes… (lanebailey.com)

Wayback Wednesday… How Were My Prognostications?

Wednesday, 04 January 2012 08:00

Written by Lane Bailey

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Last year I wrote one of those “wonderful” annual prognostication posts with my guesses on what we would be looking at during the same time next year… and that would be now.

Image by dougtone via Flickr

Here is a link to the old post. I’ll have the quick version below, but if you want to see the context, knock yourself out…

I predict that next year there will STILL be people talking about the coming giant wave of Shadow Inventory. Well, I have to say that I hit that one. Inventories are dropping, but the general buzz in the biz is that there is a huge wave of “Shadow Inventory” just around the bend. Of course, it has been there (just around the corner) for a few years now…
Interest Rates ARE going to rise. They did… a little… but they are down. I was wrong.
… there will be another wave of government intervention… I hoped I would be wrong on this one, and I was.
The entry level market (under $200k) is well on the way to recovery… and that will continue. I hit that one right. The entry level market is pretty much rocking in Gwinnett County.
And I don’t think we will see a meaningful recovery in prices for the Luxury Market (above $600k). Talk about a hurting market segment… Unfortunately, I hit that one on the head.
The “Near Luxury” segment (from $200k-$600k) will be mixed. That one is pretty close. There are some markets that we are seeing a meaningful recovery for this price level… and other, not so much. A few are just waffling.
I don’t see Unemployment going under 9% during 2011. How do I rate this one? Officially, I am wrong. However, most of the improvement hasn’t been from job creation, but rather from people giving up. The December numbers are supposed to be released later today…

I went 4 for 7… maybe 5 for 7, depending on how you want to score the last one.

Wayback Wednesday… How ’bout Those Housing Starts (lanebailey.com)
Wayback Wednesday… Median Home Prices (lanebailey.com)
Wayback Wednesday… From the Meltdown. (lanebailey.com)

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Tag Archives: real estate

Suwanee, GA, Market Report, December 2011

Atlanta Metro Zillow Home Value Index

Norcross, GA, Market Report, November 2011

Atlanta Metro Zillow Home Value Index

Duluth, GA, Market Report, November 2011

Atlanta Metro Zillow Home Value Index

Lawrenceville, GA Market Report, November 2011

Atlanta Metro Zillow Home Value Index

Wayback Wednesday… How Were My Prognostications?

I went 4 for 7… maybe 5 for 7, depending on how you want to score the last one.

Browse Listings

What's YOUR Home Worth?

Custom Listings

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Tag Archives: real estate

Suwanee, GA, Market Report, December 2011

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Norcross, GA, Market Report, November 2011

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Duluth, GA, Market Report, November 2011

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Lawrenceville, GA Market Report, November 2011

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Wayback Wednesday… How Were My Prognostications?

I went 4 for 7… maybe 5 for 7, depending on how you want to score the last one.

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