Tag Archives: real estate

Buford, GA, Market Report, June 2011

Friday, 05 August 2011 08:00

Written by Lane Bailey

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Image by lane.bailey via Flickr

Market stats for Buford, GA, June, 2011 indicate that there were 603 properties on the market (584 last month). Overall, there was about an 7.4 month supply of properties (8.3 last month). There were 97 sales for April, up slightly from 75 last month and 83 from last June (2010).

In the sub-$200k arena, there were 312 listings (313 last month), with a 5.4 month supply (6.1 for May). This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area. Sales were up from last month (67 v 54), and quite strong compared to last year (48 sales in June, 2010). Framed in the results for the whole market area, the segment is quite strong.

Between $200k and $400k, there were 224 listings for sale (213 for May), and about 10.5 months of supply (12.1 last month). The 25 sales recorded were significantly above the 17 from last month, but well down from the 32 sales last year for June. It is a mid-pack price/area segment in Gwinnett County, GA. Of course, if there were another big bump next month…

From $400k to $600k, there were 41 homes on the market (36 last month). The absorption rate is almost 24.6 Months (54 last month). This shouldn’t be acting like a high-end luxury segment, but it is. There has been 5 sales in the last 3 months (3 sales for June, 2 for May). When the market is rolling, there should be 5-7 sales a month during this part of the year. And despite the lower market segments getting better, this one has been weak.

In the $600k to $800k arena, there were 5 listings (4 listings in May). Absorption Rate is 15 months (6 months measured last month)… 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 4 homes has made things look less slow… but there have been 5 sales in this segment in the last year… the last was last month.

The range from $800k to $1m, there were 11 homes listed (up 4 from May). And with only 1 sale in the last year (Feb 10) until last December (2 more), obviously trends are hardly definable. At least listings are down by more than compared to a few months ago (9 listings in June).

Above $1m, there were 10 properties listed (down 1 from May). The last sale in the segment was in April… of 2009…and then there was May… and 2 sales in June. FINALLY, new sales!

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.

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

Sugar Hill, GA, Market Report, June 2011

Monday, 01 August 2011 08:00

Written by Lane Bailey

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Image by lane.bailey via Flickr

Market stats for Sugar Hill, GA , June, 2011, indicate that there are 217 properties on the market (238 in May). Overall, there is about an 8.5 month supply of properties (9.9 last month). There were 38 sales, compared to 45 last month and 31 last June. The Absorption Rate (AR) dropped, but that is largely due to a weak month dropping off… and a reasonably strong month of sales for June. Unless we drive off a cliff, next months AR should look fairly good, too.

For Sugar Hill homes priced under $200k, there are 148 listings (164 for May), with under 5.1 month supply (6.9 last month). There were 32 sales this June, 23 last year for the same time. Inventories have been rising fluid, rising and falling (down 3 months in a row, though). Normally, this time of year we see inventories ramping up.

Sugar Hill Listings between $200k and $400k, there are 60 listings for sale (64 last month), and about 18 months of supply (12.8 in May). This segment really took a beating. Last June there were 8 sales, this year there were 3. Last month had 4. This is one of the weakest segments in the county.

For listings in the $400k to $600k range, there are 6 homes on the market (same as last month). The absorption rate is 6 months (72 months in May). Obviously, a sale or two could make a BIG difference. There were only 3 sales in this segment last year. In 2009, there were almost twice as many sales in this price range. There were 3 sales in June… as many as all of last year. Any more sales and this will be the best in years at this level. Still not great, though.

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 are only 3 homes listed for sale in that price range (there were 4 last month). 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.

Sugar Hill, GA, Market Report, May 2011 (lanebailey.com)
Sugar Hill, GA, Market Report, April 2011 (lanebailey.com)
Sugar Hill, GA, Market Report, March 2011 (lanebailey.com)
Sugar Hill, GA, Market Report, February 2011 (lanebailey.com)
Sugar Hill, GA, Market Report, January 2011 (lanebailey.com)
Sugar Hill, GA, Market Report, December 2010 (lanebailey.com)
Sugar Hill, GA, Market Report, November 2010 (lanebailey.com)
Sugar Hill, GA, Market Report, October 2010 (lanebailey.com)

Cha cha cha Changes…

Sunday, 31 July 2011 08:00

Written by Lane Bailey

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Turn the beat around… Changes.

No, I’m not stopping this blog, but it will re-gain its real estate and garage focus. For the last 4 years, I have been churning this blog out almost every day. But around a third of my posts have been about cars. (I really like cars…).

But this is supposed to be a real estate blog. I have a lot of ideas to make it a better real estate blog. But the cars I going to get parked in a new garage.

CoolCaroftheDay.com

That will be the place where I write about cars. This will be the place where I write about real estate, the real estate market and garages.

I have some great garage posts and posts about things that sellers can do to give their homes better curb appeal. I also will be bringing in occasional guest writers to talk about specific things like mortgages, home inspection or other disciplines related to buying or selling real estate.

At the same time, while I get the new site launched and rolling, this one will drop down to 3-4 updates each week, rather than the 5-6 updates a week of the last few months.

I hope you remain a reader, and I also hope you join me over at Cool Car of the Day.

Wayback Wednesday… Dirty Little Secrets…

Wednesday, 27 July 2011 08:00

Written by Lane Bailey

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A tablet with the phrase "For sale by own...

Image via Wikipedia

There are a couple of Dirty Little Secrets in Real Estate. I wrote about one of them a few years ago this week. Those people that want you to sell your home “FSBO” through them for a flat fee have one of those secrets. They don’t care if your home sells. They get paid whether your home sells or not… In fact, I’ve been to presentations where some of these companies were talking about their business model. It was mentioned that if the house DOESN’T sell, they have a chance to double down on the revenue.

But that isn’t the only secret.

Another one is that your real estate agent is only guessing at the “market value” of your home. And the same holds true for appraisers, adjusters and anyone else that is pegging a “value” to a home. There is only one way to determine an accurate type of value for a home, and that is replacement value. But that isn’t market value. See, the problem is that market value is determined by a buyer and a seller agreeing on the price of a house. And it is valid at the closing table… for THAT buyer and THAT seller. The second that title changes hands, that value starts becoming vaporous again. Some of us are pretty good at guessing what the market value MIGHT be, but it is a guess.

I don’t want that to sound self-serving. If you really want, I’ll sell your house for a flat fee. We can agree on everything right up front… what is going to be done, when it will be done, what is or isn’t included… You’ll even get a healthy discount for going that way.

I don’t mind being open about this industry. Dirty laundry HAS to be aired in order to get clean. This isn’t GIANT dirty laundry, but I think it is something that needs to be disclosed.

Duluth, GA, Market Report, June 2011

Tuesday, 26 July 2011 08:28

Written by Lane Bailey

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Office building of NCR Corporation in Duluth, ...

Image via Wikipedia

Preliminary stats for Duluth, June, 2011 indicated that there were 593 properties on the market. Overall, there is about an 8.9month supply of properties. Sales in June were 60, compared to 68 a year earlier. Sales were down compared to both the prior year and the prior month. Duluth is trailing Gwinnett County as a whole.In the Under $200k arena, there were 249 listings in Duluth, GA, with about a 6.5 month supply. The Absorption Rate as recent as December, 2009, was in the low 5s. Sales for June were up sharply this year v last year (41 v 23), but only slightly up compared to May, 2011 (37). This segment could do really well, but sales need to strengthen a little more…

Between $200k and $400k, there are 152 listings for sale, and about 9.5 months of supply. Absorption rates have similarly risen, dropped and then risen again, but have been moving the right way (down) since February. Sales were way down compared to June, 2010 (13 v 20). Duluth is a market that favors luxury, and this segment is weak…

From $400k to $600k, there were 52 homes on the market. The absorption rate was around 13.4 months. Two months ago I wrote “Sales might not seem that strong, with only 5 units, especially compared to 8 last year, but I think the problem is with the inventory. I’ll keep looking for an increase in sales. Maybe April will show it.” April did NOT show it. Sales DIVED to just 1 unit. May and June, on the other hand, brought in 2 sales each. There were 10 last year.

In the $600k to $800k arena, there were 59 listings, with about 13.4 months of supply. Sales were 0 for June… 7 for June last year. Month to month sales dived (0 v 3). I was hoping for somewhere around 12-15 sales for June to show me this segment was coming back… but sales didn’t nudge off the empty mark.

In Duluth, GA, from $800k to $1m, there were 28 homes listed and approximately 14 months of inventory on the market. The 1 sale recorded for June was dwarfed by last year’s 4 and dropped 2 from last month. Sales haven’t been moving the right way for the last couple of months.

Above $1m, there were 47 properties listed. The current absorption rate indicated about 17.6 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates… There were 8 sales in the Apr-Jun period this year, and 12 sales for the same time last year… The whole summer was weak last year, but we should be posting half a dozen 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 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.

I have a page dedicated to Duluth Market Information.

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)

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Buford, GA, Market Report, June 2011

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Sugar Hill, GA, Market Report, June 2011

Cha cha cha Changes…

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Wayback Wednesday… Dirty Little Secrets…

Duluth, GA, Market Report, June 2011

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