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Suwanee, GA, Market Report, December 2010

Saturday, 22 January 2011 08:07
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Market stats for Suwanee, GA, December, 2010 indicate that there are 548 properties on the market. Overall, there is about an 10.8 month supply of properties.  There was less that 8 months of inventory as recently as June.  Even though inventories are down since then, sales are also down.

In the Under $200k arena, there are 165 listings in Suwanee, GA, with about a 9.9 month supply.  In June, there was a 4.8 month supply.  Inventories have increased, until September, as sales have slowed…  This is one of the rare segments that actually bumped in November, rather than December.

Between $200k and $400k, there are 249 listings for sale, and 9 months of supply.  Sales for December 2010 were 25 compared with 22 for the same period in 2009.  Still weak, but with the decrease in listings, leading to an improvement in the Absorption Rate.  For October, sales were down from 53 last year v 31 this year.  November continued the (poor) trend with 27 sales v 41 last year.

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From $400k to $600k, there are 71 homes on the market. The absorption rate is at 19.4 months.  There were 4 sales this year… dwarfed by the 7 last year.  Even looking at the three month average, there were 11 sales this year and 24 for the same period last year.

In the $600k to $800k arena, there are 26 listings, with about a 26 month supply.  Sales at this level are not consistent.  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 7.

The range from $800k to $1m, there are 13 homes listed and approximately 3+ years of inventory on the market.  There has only been 4 sales at this price level this year (1 each in January, April, May and December).  Honestly, last year looked a little better, but not much.

In Suwanee, GA, Above $1m, there are 24 properties listed. The current absorption rate indicated about 18 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 (4 sales in Oct-Dec this year and 2 last year).  But, in this segment, we should be seeing reduced inventories…  There were 37 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.

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The WRONG Top ten List to be on…

Thursday, 20 January 2011 08:31
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Yahoo News recently published an article titled “The Eight States Running Out of Homebuyers“.  (I know, I said 10… they say 8, but they mentioned that Colorado and South Carolina barely missed inclusion).

Georgia ranked #6…

I’ll cut to the chase and give you the list.  Check out the article for the details on each state…

  1. Michigan
  2. Nevada
  3. Arizona
  4. California
  5. Illinois
  6. Georgia
  7. Oregon
  8. Florida
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Georgia made it onto the list because of the following statistics…

  • 2010 Foreclosures: 3.25% (6th Worst)
  • Unemployment: 10% (9th Worst)
  • Decrease in Building Permits 2006-2010: -82.29% (2nd Worst)

Of course, I want to put my spin on these things…

There is no getting around the foreclosures.  As a real estate agent, I see loads of them listed in the local MLS (Multiple Listing Service), as well as properties that are foreclosed, but not yet listed.  I also see the properties that are on their way to foreclosure… short sales, neglected homes, etc.  They are seriously impacting home values across the state.

selfmade image of U.S. Unemployment rate from ...
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Unemployment is the big one.  As employment increases, pressure on the housing market decreases.  Simply put, buyers are reluctant to buy when they aren’t feeling secure in their employment future.  There are some rumblings that could bring an improvement to the employment rate… FedEx is building a new Distribution Center in Norcross (Gwinnett County) that will be bringing a good number of jobs to the area over the next 18 months (it is scheduled to open in Sept. 2012).  While the 200 people that will work in the facility will be largely from other FedEx facilities, there will be jobs from the construction of the 215,000sf facility.  There may be future jobs added as well.  Kia Motors has a production facility in the state that is expanding.  There are other companies, large and small, that are opening or expanding operations in Georgia, as well.

The decrease in building permits is another matter entirely.  I see it as a backward looking indicator.  I also see a decrease in construction starts as positive news for inventory already on the market.  And in the last couple of years, we have seen the inventories decrease by half…  If there is already an over-supply, more building won’t help that.  And we have an oversupply.

The bottom line, for me, is that the article contains a mixed bag for Georgia.  There is NO question that the market here has been damaged, but at the same time, there may be rays of hope hiding in the tunnel.

The Eight States Running Out of Homebuyers

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Wayback Wednesday… The Price IS Right (or it should be)…

Wednesday, 19 January 2011 08:53
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Do you want to actually SELL your house, or just put it up for sale?  I talk with sellers pretty regularly that seem to just want to have their home up for sale…

  • “We want to test the market.”
  • “If we can got our price…”
  • “We aren’t going to give it away.”
  • You get the idea, right?

And this isn’t the market to play around in.  With foreclosures and short sales and unemployment being what they are, this is a bargain hunter’s market.  This isn’t a test market.

Along the same lines are some of the “strategies” I hear regarding pricing.  I wrote this post two years ago, and there are some warnings for buyers, too.

Sellers, price right and don’t play around.

Buyers, when you find one priced right, don’t play around.

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Duluth, GA, Market Report, December 2010

Tuesday, 18 January 2011 08:42
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Preliminary stats for Duluth, December, 2010 indicated that there were 543 properties on the market. Overall, there is about an 9.1 month supply of properties.  Months of Inventory has been increasing for the last couple of months, until this month.  Sales in December were 66, compared to 57 a year earlier.  It is worth noting that almost every segment in Gwinnett County, GA, that I track had a bump in December this year, compared both with November, 2010 and December, 2009.

In the Under $200k arena, there were 216 listings in Duluth, GA, with about a 7.1 month supply.  The Absorption Rate had gotten down into the high 4 month realm… and as recent as last December, was in the low 5s.  In May, it was at 7.9 months and has been rising since, until this month.  Sales for December were up slightly this year v last year (31 v 28).

Between $200k and $400k, there are 148 listings for sale, and about 9.25 months of supply.  Sales increased from 14 in 2009 to 19 in 2010.  The Absorption Rate is getting better, both because of the increase in sales and the decrease in listings.

Christina Aguilera on her Back to Basics Tour ...

From $400k to $600k, there were 53 homes on the market. The absorption rate was around 8.8 months.  This segment is running counter to almost the whole rest of the county.  Even with a decrease in listings, the Absorption rate went the wrong way.  Sales were weak this year v last year (11 v 7).

In the $600k to $800k arena, there were 48 listings, with about 11.1 months of supply.  Sales were 4 for December… just 1 for this month last year.  As with most of the other segments, there was a marked improvement this month in the Absorption Rate.

In Duluth, GA, from $800k to $1m, there were 25 homes listed and approximately 12.5 months of inventory on the market.  Continuously falling inventories and increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February).  There were 6 sales in the last three months, this year.  Last year, there were 9 sales in the same period.

Above $1m, there were 53 properties listed. The current absorption rate indicated about 40 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 Oct – Dec period this year, and 3 sales for the same time last year… but inventories have been dropping.

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.

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Lawrenceville, GA Market Report, December 2010

Monday, 17 January 2011 08:12
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Market stats for Lawrenceville, December, 2010, indicate that there are 1594 properties on the market. Overall, there is about an 9.9 month supply of properties. In 2009, sales for December jumped between November and December (166 to 175).  For 2010, December sales jumped to 176 from 153 in November.

For Lawrenceville Homes  Under $200k, there are 1347 listings, with about a 9.4 month supply of homes.  It is an anomaly right now among Gwinnett Market/Price segments.  The inventory went up for December, as did the number of months of inventory.  Sales were up slightly from December 2009 (152 v 149).  But, like other segments, sales were up significantly from last month (139 in November).

Between $200k and $400k, there are 208 listings for sale, and about 11.8 months of supply.  Like many segments, with sales up and listings down, the Absorption Rate improves.  It hasn’t been this strong all year.  With 23 sales in December, 2010, the 24 in December, 2009, compares well.  And it rocks compared to the 14 in November this year.

From $400k to $600k, there are 29 homes on the market. The absorption rate is around 87 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 this year.  However, there were two in December, 2009.

In the $600k to $800k arena, there are 5 listings, with about 30 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).  The drop off in the number of listings is making the Absorption Rate look better.

Between $800k and $1M, and Above $1M there are 5 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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