Market stats for Suwanee, GA, November, 2012 indicate that there were 332 properties on the market (down from 350 last month). Overall, there was about a 4.2 month supply of properties (virtually unchanged from last month). November had 79 sales. Compared to November, 2011 (53), this year rocked, but inventory was down compared to 2011 (502). There were 82 sales last month, so this month was down a little bit, but nothing like August.
In the Under $200k arena, there were 86 listings in Suwanee, GA, with about a 2.9 month supply (compared to 5 months supply last year). This November’s sales were 24 (26 last year, 33 last month). It used to be a county leader, though, for now it is moving back to one of the best price/locale segments again. The next level up is coming up fast, though. Sales may have been limited by constricted inventory.
Between $200k and $400k, there were 154 listings for sale (235 last year, 157 last month), and 4.1 months of supply. Sales in November, 2012 were 40 (36 in SOctober), compared with 23 for the same period in 2011. Sales have been consistent for the last few months, but have fallen off somewhat for the last three months. I’d like to see it stay around 40 sales or so 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.
From $400k to $600k, there were 46 homes on the market. The absorption rate was at 5.6 months (6.4 in October). There were 11 sales in November (8 last month)… way up from 4 last year at this time. Looking at the three month average, there were 25 sales this year and 17 for the same period last year. This segment has become dramatically stronger in the last couple of months.
In the $600k to $800k arena, there are 23 listings, with about a 13.8 month supply. Sales at this level are not consistent, but there was 1 this month (3 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 5… For the same time last year, the sales were 4. 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. It is fairly strong right now… but not where it could be.
The range from $800k to $1m, there are 6 homes listed and 6.0 months of inventory on the market. There were only 4 sales at this price level last 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 more sales activity. There was 1 sale each in March, July, August, September, October and 1 sale in November.
In Suwanee, GA, Above $1m, there are 17 properties listed. The current absorption rate indicated about 12.8 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (2 for April, last previously recorded). In this segment, we should be seeing reduced inventories… There were 25 homes listed in this segment at this time last year. There were 2 sales in August and October and 2 sales in November.
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 last year has been fairy strong… it hasn’t slowed much, if at all. October saw 43 sales, on par compared to the 53 for September, but well under the 58 for October last year.
In 2011, sales for October were at 263, so 247 sales was a decrease, year over year. Last month’s sales were at 234. Coupled with the decrease in inventory, things are still looking pretty good. Normally the market picks up from January through about June-August. This month we are OK, but some are arguing that constrained inventories are still holding back sales or we would be looking even better.
