Tag Archives: real estate

Buford, GA, Market Report, April 2011

Thursday, 02 June 2011 08:31

Written by Lane Bailey

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Image by lane.bailey via Flickr

Market stats for Buford, GA, April, 2011 indicate that there were 605 properties on the market. Overall, there was about an 9.3 month supply of properties. There were 73 sales for April, up from 63 last month and 65 from last April. It is an impressive comeback from last month’s poor showing.

In the sub-$200k arena, there were 334 listings, with a 7.2 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 up slightly from last month (51 v 48), but strong compared to last year (38 sales in Apr. 2010). Framed in the results for the whole market area, the segment is quite strong.

Between $200k and $400k, there were 209 listings for sale, and about 11.6 months of supply. The 22 sales recorded were well above the 14 from last month. But, it was well down from the 28 sales last year for April. It is among the weaker price/area segments in Gwinnett County, GA. Of course, if there were a big bump next month…

From $400k to $600k, there were 39 homes on the market. The absorption rate is almost 117 Months (ouch). This shouldn’t be acting like a high-end luxury segment, but it is. There has been 1 sale in the last 3 months. 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 weakening for December.

In the $600k to $800k arena, there were 3 listings. Absorption Rate is 9 months (averaging a sale every three 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 3 homes has made things look less slow… but there have been 4 sales in this segment in the last year… the last was March.

The range from $800k to $1m, there were 7 homes listed. 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 13 properties listed. The last sale in the segment was in April… of 2009… still…

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, 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, April 2011

Tuesday, 31 May 2011 08:11

Written by Lane Bailey

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Image by lane.bailey via Flickr

Market stats for Sugar Hill, GA , April, 2011 indicate that there are 236 properties on the market. Overall, there is about an 12.2 month supply of properties. There were 20 sales, compared to 23 last month and 24 last April. The Absorption Rate (AR) dropped, but that is largely due to the reduction in active listings and the fact that a month with 15 sales dropped off.

For Sugar Hill homes priced under $200k, there are 164 listings, with under 10.7 months supply. There were 17 sales this April the same number last year for the same time. Last month there were 15 sales. Inventories have been rising steadily, until dropping this month. Normally, this time of year we see inventories ramping up. Sales have been flat or slightly down.

Sugar Hill Listings between $200k and $400k, there are 62 listings for sale, and about 15.5 months of supply. Last May there was only a 6.75 month supply. This segment really took a beating. It is also one of the few price/area segments that had an increase in listings and an increase in the Absorption Rate (AR). Last April there were 7 sales, this year there were 3. Last month had 8.

For listings in the $400k to $600k range, there are 7 homes on the market. The absorption rate is around 28 months, but with 1 sale 8 months ago, it is tough to calculate accurately. 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. I hope to see some activity in this segment in May.

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. 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, 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)

Another Way to Increase Existing Home Values…

Monday, 30 May 2011 08:39

Written by Lane Bailey

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Image by chasingfun via Flickr

I am a fan of the FairTax. I don’t think that income taxes are right… at ANY level. When taxing production, the government is laying claim to a portion of the life of the taxpayer… and I don’t feel that ANYONE has the right to lay claim to a portion of the life of another. By taxing consumption, there is no direct taxation on the production of a person, but rather on what they take up.

But that is another post…

But, as I was thinking the other day, I had a thought… Implementation of the FairTax might be a natural solution for homeowners that are underwater on their homes. The FairTax would eliminate all payroll and income taxes, replacing them with a single retail level sales tax. That tax would make up 23% of the cost of new retail goods and services. In effect, new construction homes would be subject to the tax, but existing homes would not.

While the savings for builders (and their subcontractors) would likely drive down new construction prices by some portion, there would likely be a period at the beginning where existing home prices would bump up. In effect, sellers would be able to raise their prices since the competition from new homes would be limited. In the long run, prices for new homes would return to pre-FairTax levels (or slightly higher), but there would be a window allowing some sellers to get out from under their homes.

There is also the matter of economic growth. There are a fair number of studies that point to increasing economic growth (spelled J-O-B-S) going hand in hand with the FairTax. Increasing employment would also increase housing demand… increasing prices. Again, that would help those that are just hanging on by letting them get out without resorting to short sales and foreclosures.

Herman Cain Rebuts Misleading Ad Against FairTax (peregrine5700.wordpress.com)
A Very Simple Explanation of The Fairtax (paualready.wordpress.com)
Is the Fair Tax Herman Cain’s Ace in the Hole? (economix.blogs.nytimes.com)

Suwanee, GA, Market Report, April 2011

Thursday, 26 May 2011 08:16

Written by Lane Bailey

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Image by lane.bailey via Flickr

Market stats for Suwanee, GA, April, 2011 indicate that there are 624 properties on the market. Overall, there is about an 10.3 month supply of properties. March sales were down (53), but April reversed the trend, although with 75 sales, it was close to flat compared to 2010 (74). inventory was flat compared to 2010. This is one of the few markets where the inventory increased.

In the Under $200k arena, there are 178 listings in Suwanee, GA, with about a 6.9 month supply. In June, there was a 4.8 month supply. April sales were quite strong, at 37. Last month there were barely half (19) as many sales and last April there were 24. This might be the strongest current segment in Gwinnett County.

Between $200k and $400k, there are 295 listings for sale, and 10.5 months of supply. Sales in April 2011 were 30, compared with 37 for the same period in 2010. Weak, but with the decrease in listings, the Absorption Rate AR)got a bit better. So far this year, only February has posted better sales that 2010, and that was just barely.

From $400k to $600k, there are 90 homes on the market. The absorption rate is at 22.5 months. There were 3 sales this year (April)… down from 6 last year. Even looking at the three month average, there were 12 sales this year and 22 for the same period last year. The only good part is that listings are down slightly, and would normally be rising at this time of the year.

In the $600k to $800k arena, there are 29 listings, with about a 29 month supply. Sales at this level are not consistent, but there were 2 this month. Looking at one month makes the numbers jump. For the last three months, sales were 3… For the sale time last year, the sales were 10. The segment weakened , but we can’t call a trend yet… two months ago it was looking stronger.

The range from $800k to $1m, there are 10 homes listed and 2½ years of inventory on the market. There were only been 4 sales at this price level last year (1 each in January, April, May and December) and one for April this year. This is a tough segment to try to sell in right now.

In Suwanee, GA, Above $1m, there are 22 properties listed. The current absorption rate indicated about 22 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. Again, we can thank reduced inventory for making the market look healthier (3 sales in Feb-Apr this year and 5 last year). But, in this segment, we should be seeing reduced inventories… There were 40 homes listed in this segment at this time last year. There were 2 sales for April.

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, 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)

Duluth, GA, Market Report, April 2011

Tuesday, 24 May 2011 08:12

Written by Lane Bailey

0 Comments

Image by lane.bailey via Flickr

Preliminary stats for Duluth, April, 2011 indicated that there were 583 properties on the market. Overall, there is about an 9.4 month supply of properties. Sales in April were 70, compared to 65 a year earlier. Oddly, this is one of the few markets to report a momth to month sales increase for April. Coupled with the decrease in inventory, that gives Duluth a strong showing for the Absorption Rate (AR).

In the Under $200k arena, there were 234 listings in Duluth, GA, with about a 7.5 month supply. The Absorption Rate as recent as December, 2009, was in the low 5s. Sales for April were up sharply this year v last year (37 v 27), and up from March (30). This segment could do really well if the current trends hold… and we have seen them holding for a couple of months (although March was the weakest since Nov, 2010).

Between $200k and $400k, there are 163 listings for sale, and about 10 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were flat compared to April, 2010 (17). This was one of the very few segments to have inventory rise from March.

From $400k to $600k, there were 54 homes on the market. The absorption rate was around 16.2 months. Last month 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. There were 7 last year.

In the $600k to $800k arena, there were 52 listings, with about 10.4 months of supply. Sales were 8 for April… 6 for April last year. Month to month sales doubled (8 v 4). If listings stay relatively low, this segment could continue to improve. I am looking for somewhere around 10-12 sales for May to show me this segment is coming back.

In Duluth, GA, from $800k to $1m, there were 31 homes listed and approximately 8.5 months of inventory on the market. The 3 sales recorded for April tied last year and last month. The AR actually looks better than it has in the last 18 months. I would really like to see sales increase, though. Inventory will likely go up soon.

Above $1m, there were 49 properties listed. The current absorption rate indicated about 21 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates… There were 7 sales in the Feb-Apr period this year, and 9 sales for the same time last year… but inventories are much lower, leading to a better looking AR.

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, 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, April 2011

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Another Way to Increase Existing Home Values…

Suwanee, GA, Market Report, April 2011

Duluth, GA, Market Report, April 2011

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