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Lawrenceville, GA Market Report, February 2011

Tuesday, 22 March 2011 08:03
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Gwinnett County Historic Courthouse, Lawrencev...

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Market stats for Lawrenceville, February, 2011, indicate that there are 1718 properties on the market. Overall, there is about an 10.8 month supply of properties. In 2010, sales for February were at 142, so 152 is only a mild increase, year over year.

For Lawrenceville Homes Under $200k, there are 1473 listings, with about a 10.7 month supply of homes. The inventory went up for February, as did the number of months of inventory. Sales were up from February 2010 (141 v 120).

Between $200k and $400k, there are 215 listings for sale, and about 12.7 months of supply.  We had a trifecta of lower month over month sales (10 v 18 last month), lower year over year sales (22 for February, 2010) and a slight increase in listings from last month.

From $400k to $600k, there are 21 homes on the market. The absorption rate is around 15.8 months. However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact. December had the first sale (1) since June, and only three in May and June (combined). Those were the only sales in the segment last year. However, there were two in January and one more for February. That rocked the charts.  It is the first time with three months of sales since mid-2009.

In the $600k to $800k arena, there are 7 listings, with about 10.5 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there were only two sales since November, 2009 (One each, April and July) until last month… there were two sales for January, none for February.

Between $800k and $1M, and Above $1M there are 2 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 2 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.

I have a page dedicated to Lawrenceville Market Data.

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Lilburn, GA Market Report, February 2011

Monday, 21 March 2011 08:33
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DSCN3582

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Market stats for Lilburn, February, 2011, indicates that there are 440 properties on the market (as of February 28th). Overall, there is about a 14.3 month supply of properties. Lilburn is actually back of the pack among cities in Gwinnett County. The Absorption Rates had been getting worse since August, but December clocked an improvement from November. January was back to the downward slide.  Hopefully we’ll see sales pick up for March to match the increases in inventory.

In the sub-$200k arena, there are 305 listings, with about an 11.6 month supply. This represents most of the sales in the market area.  Sales were slightly higher than February 2010 (22 v 19). The Absorption Rate is slightly worse than last year, though (11.5 months of inventory in January, 2010).  I really would have liked to have seen an increase in sales for February.

Between $200k and $400k, there are 119 listings for sale, and about 27.5 months of supply. This segment has been quite weak for months. Having 0 sales in December, and only 6 in November didn’t help. Nine sales in January was HUGE. But, February was back down below last year.

From $400k to $600k, there are 12 homes on the market. The absorption rate is over 42 months. There were no sales in this segment in the last three months.  With just a few sales, just one or two can make a huge difference.  Any improvement is due solely to the reduction in listings.

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. There has been one sale in the last five months, but prior, there had only been a few other sales in 2010 (January, March and August). One of the listings is above $1M (none between $800k and $1M), and there is no market activity in the last 12 months for that range…

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.

I have a page dedicated to Lilburn Market Data.

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Norcross, GA, Market Report, January 2011

Thursday, 17 March 2011 08:04
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This map shows the incorporated and unincorpor...

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Market stats for Norcross GA, November, 2010 indicate that there were 384 properties on the market. Overall, there is about a 10.9 month supply of properties. November was a thrashing… 30 v 47 in 2009.  December was better, but still only 35 sales for Dec 2010 compared to 41 the year prior.  January was a powerhouse… unlike most of the areas in Gwinnett, with 41 sales v just 29 last January.

In the sub-$200k arena, there were 238 listings, with about 8.4 month supply.  Sales are up a good bit from a year ago in this segment, which is the main driver of sales in this area (25 v 19).  So, the segment is still looking pretty strong, despite the weakness of sales in October, November and even December.

Between $200k and $400k, there were 108 listings for sale, and about 25 months of supply.  Sales have been down and slowing for the last few months.  November was a really bad month (1 v 11), December was down, 7 v 10 sales and January was down, 5 sales in 2011 v 10 in 2010.

From $400k to $600k, there were 33 homes on the market. The absorption rate is around 14.1 months. Much of the perception of strong Absorption Rates is from shrinking inventories.  But, for the record, Sales for January were at 3 for both 2011 and 0 for 2010.

In the $600k to $800k arena, there were 2 listings on the market.  Inventories have decreased as sales have increased compared to last year.  The absorption rate (6 month average) is at 12 months of inventory… but with only 4 sales last year, obviously it is easy to bump one way or the other. The ONLY reason for the strong looking Absorption Rate is that there are only 2 listings. 

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

Above $1m, there were 3 properties listed.  But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales.  The single sale in January (first since October) has pushed the Absorption Rate down to just 6 months of inventory.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,41, 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.

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Buford, GA, Market Report, January 2011

Tuesday, 15 March 2011 08:41
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DSCN0602

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Market stats for Buford, GA, January, 2011 indicate that there were 601 properties on the market. Overall, there was about an 13.8 month supply of properties.  December was slightly above last year (62 v 52 for 2009).  But it was also a pretty substantial bump from November (44 sales).  January was down slightly from a year earlier (25 v 28 sales).  There were 83 sales in June and an Absorption Rate under 8.5 months.

In the sub-$200k arena, there were 346 listings, with a 11.8 month supply.  Again, this is the largest price segment in this area, so weakness here equals weakness across the market area.  Sales were down substantially from last month (18 v 41), but pretty flat compared to last year (19 sales in Jan. 2010).  Let’s see what February does.

Between $200k and $400k, there were 202 listings for sale, and about  17.3 months of supply.  As with many other segments, January was well below December.  With just 6 sales this year, it was below December’s 16 as well as last January’s 9.  Inventory dropped for February, let’s see if sales can get better.

From $400k to $600k, there were 29 homes on the market. The absorption rate is almost 17.4 Months.  This shouldn’t be acting like a high-end luxury segment, but it is.  There have been 5 sales in the last 3 months.  When the market is rolling, there should be 5-7 sales a month during this part of the year.

In the $600k to $800k arena, there were 6 listings.  Absorption Rate is 18 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 7 homes has made things look less slow… but there have been 3 sales in this segment last year… the last was this past November.

The range from $800k to $1m, there were 4 homes listed. And with only 1 sale in the last year (Feb 10) until last month (2 more), obviously  trends are hardly definable.  At least listings are down by more than 50% compared to a few months ago (9 listings in June).

Above $1m, there were 14 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.Related article

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Some Cool Garage Homes in Gwinnett County, GA

Monday, 14 March 2011 08:27
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These are starting under $100k. And, there is a grant available from Gwinnett Homestretch for up to $7,500. So, for people looking in Gwinnett, that are buying a house under $200k, with $1,000 available to put into the purchase… there are some possibilities.

McDaniels Bridge, Lilburn. This house is listed with a detatched 3 car garage, built in 1948. The pics are interesting. $115k Link

Munson Ct, Snellville. 3 car workshop and a 2 car attached garage. House built in 1982. Pretty standard split foyer home. I can send you a link that includes pics for this one, but there aren’t pics for GMLS on this house. $124,900 Link

Leighs Grove Way, Grayson. 2 car attached, 2 car detached. Another pretty standard split foyer, built in 1995. It is a nice looking house for $130k. Link

Biltmore Oaks Dr., Bethlehem. 2 car attached and a 26×30 shop out back. Ranch home built in 1997 and priced at $147,900. Link

The rest of these are priced over $200k…

Great Shoals Cir, Lawrenceville. This place looks pretty impressive and has a 4 car garage… for $229,900. 5br/3ba. Link

Tribble Walk Dr, Lawrenceville. Attached 2 car, detached 2 car… and I think there is a boat door in the basement. House looks pretty smokin’, too… and also at $229,900. Link

Kilpatrick Ln, Snellville. 6 car garage. I haven’t been out there yet, so I don’t know the layout. Nice looking house from the one crappy picture in the MLS. At $295k. Link

Whitney Pl, Duluth. This one looks like a 3 car detached with either a 1 or 2 car attached. There is also a pool and jacuzzi. Friends will visit… Looks interesting in the pics. $369k. Link

Keep in mind that I am not the listing agent for any of these properties. If you are interested, I would love to represent you for the purchase. I would have preferred to post pictures and so forth from the MLS, but MLS rules prevent me from doing that. If you email me or call me, I can set you up with a search, or send you info that is a little more detailed. Properties come into and off of the market every day.

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