Tag Archives: sellers

Norcross, GA, Market Report, July 2013

Monday, 09 September 2013 09:35

Written by Lane Bailey

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Market stats for Norcross GA, July, 2013 indicate that there were 159 properties on the market, up 1 from last month. Overall, there is about a 3.6 month supply of properties. The last year has been fairly strong… it hasn’t slowed much, if at all. July saw 38 sales, down from the 48 last month and compared to the 54 for July last year.

In the sub-$200k arena, there were 72 listings, with about 3.3 month supply. Sales are down a little from last month (24) and way down from a year ago in this segment, which is the main driver of sales in this area (14 v 35 – Jul13 v Jul12). For the last two years, the AR has been tilted in favor of sellers. We seem to be weakening a bit, though.

Between $200k and $400k, there were 69 listings for sale, and about 3.8 months of supply. This segment had been weakening for the last few months. But, the 19 sales were up from last year’s 16 sales, and down from last month’s 20 sales. Even though it isn’t as gangbusters as some of the other areas, it is certainly better than the 28 months of inventory we had in December, 2010. I think this is starting to look like a pretty settled market here…

From $400k to $600k, there were 15 homes on the market. The Absorption Rate is around 3.5 months. The AR last year had been fairly steady all summer, then shot WAY up in September/October. July’s 5 sales were down from the 3 last month and from last year’s 2 sales. This has actually been a pretty good area for homes in this price range to sell… for the last few months.

In the $600k to $800k arena, there were 2 listings on the market. The Absorption Rate is at 6 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, obviously it is easy to bump one way or the other. One reason for the strong looking Absorption Rate last month was that there were so few listings. The was 0 sales for Jul13, 1 for Jun13 and 1 for Jul12.

The range from $800k to $1m, there were 0 homes listed on the market and 0 sales in July. There were no sales last year. Unfortunately there isn’t enough data for a good A/R number.

Above $1m, there was 1 property listed. But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales. There is simply not enough activity for an A/R figure. The last sale was January 2011.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,410 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.

Duluth, GA, Market Report, July 2013

Friday, 06 September 2013 09:00

Written by Lane Bailey

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Market stats for Duluth, July, 2013 indicated that there were 297 properties on the market, up 6 from last month. Overall, there was about a 3.7 month supply of properties. Sales in July were 84, down from 93 a year earlier. Sales were up compared to the last month (79). Duluth had been slightly leading Gwinnett County as a whole, but not so much over the last few months. It is still in the Seller’s Market zone.

NS in Duluth, GA (Photo credit: djaquay)

In the Under $200k arena, there were 90 listings in Duluth, GA, with about a 2.8 month supply. The Absorption Rate for last July was 2.6. Sales were WAY down this year v last year (31 v 51), and down a bit compared to last month (35). The Absorption Rate (A/R) is a bit better than much of the county…

Between $200k and $400k, there are 83 listings for sale, and about 2.9 months of supply. Absorption rates have similarly risen, dropped and then risen again. Sales were up compared to July, 2012 (34 v 27) and compared to last month (28). Duluth is a market that favors luxury, and this segment is doing at least as well as I would have expected… but it might be constrained somewhat due to low inventories. It is a solid Seller’s Market.

From $400k to $600k, there were 30 homes on the market. The Absorption Rate was around 3.9 months. July brought in 7 sales. There were 10 last year and 5 last month. Unlike many of the market areas, Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, especially at this price level. Two months ago we saw a HUGE drop in the A/R. We’ve spent the last few months wandering around in Buyer’s Market territory. However, because of the drop in listings and increase in sales, this is ostensibly the best Seller’s Market in the county for this price range.

In the $600k to $800k arena, there were 31 listings, with about 6.2 months of supply. Sales were 6 for July… 3 for last year. And month to month sales were down a little (4 v 6). I would like to see three consecutive months with strong sales, and haven’t seen that for a while. Since Duluth does favor luxury sales, it has been looking better than the much of the rest of the County at this price level. That A/R is great, and getting better.

In Duluth, GA, from $800k to $1m, there were 19 homes listed and approximately 6.3 months of inventory on the market. The 4 sales for July were better than the 0 last year but not up to the 5 last month. Sales haven’t been moving much for the last couple of months, but 9 sales for the last 3 months were well under the same 3 months from last year (12 sales).

Above $1m, there were 44 properties listed. The current absorption rate indicated about 11 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates. There were 12 sales in the May-Jul period this year, and 8 for the same time last year. We should be posting four sales a month here regularly… and we fell short the last few months but barely had a start with it this month with 2 sales. There were 2 sales last year and there was 2 last month.

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 former 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.

Is $1,000,000 Burning a Hole in Your Pocket? (lanebailey.com)

Lawrenceville, GA Market Report, July 2013

Monday, 02 September 2013 14:09

Written by Lane Bailey

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Market stats for Lawrenceville, GA, July, 2013, indicate that there were 644 properties on the market, down 13 from last month. Overall, there was about a 3.1 month supply of properties. In 2012, sales for July were at 276, so 212 sales was a big decrease, year over year. Last month’s sales were at 211. But, coupled with the decrease in inventory, things are still looking reasonably good. Normally the market picks up from January-February through about June-August. This month we are OK, but some are arguing that constrained inventories are still holding back sales or we could be looking even better.

English: Gwinnett County Historic Courthouse, Lawrenceville GA (Photo credit: Wikipedia)

For Lawrenceville, GA, Homes Under $200k, there are 443 listings, with about a 2.6 month supply of homes. Sales were down from July, 2012 (165 v 262), although sales may very well be off because of constrained inventories. Last year in this segment, there were almost 800 listings v under 450 now. This segment is easily the lion’s share of sales for the area. With the 2.61 month A/R, it is solidly in Seller’s Market territory. The low Absorption Rate (AR) is due to very strong sales, coupled with dramatically lower listing inventories. Month over month sales were down from 169 last month.

Between $200k and $400k, there are 170 listings for sale, and about 4.6 months of supply. Oddly, this had one of the mid-pack segments in the county, now it’s on the weak side. The 42 sales for July, 2013 was over the 39 from last month, and destroyed the 12 sales last year. We are barely into Buyer’s Market territory here… again. Month to month there is a lot of volatility, but over the longer term, it is WAY better than it had been.

From $400k to $600k, there are 21 homes on the market. The absorption rate is around 7 months. However, with the level of sales in this segment, a couple of sales added or subtracted can have a HUGE impact. There were 4 sales for July, the Absorption Rate has dropped from 78 months June11, through good, but sporadic sales. This is acting like a luxury market and the A/R is jumping all over the place… with just a few sales (A/R was 25.5 three months ago). While the long term trend was looking a little better, now it is still pretty choppy.

In the $600k to $800k arena, there are 6 listings, with about 9 months of supply. As with the next lower priced segment, a couple of sales makes a big difference and there was 1 sales in July. There were only 6 sales at this level in all of 2011. There were 4 sales in 2012. May booked the only previous sale so far in 2013.

Between $800k and $1M, and Above $1M there are 4 homes listed (combined) and not enough sales data to give an accurate absorption rate. Until this month, there had only been one sale in this range in the last 3 years (Aug, 2010), according to FMLS. But, there was 1 sale in July 12. It was over $1M, if that makes a difference…

English: A view of the Aurora Theatre from Pike Street in Lawrenceville Georgia. (Photo credit: Wikipedia)

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.

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Atlanta Metro real estate info

I have a page dedicated to Lawrenceville Market Data.

I’m Always Up For a Good Surprise.. (lanebailey.com)
Gwinnett County Public Schools Making Changes… (lanebailey.com)

Buford, GA, Market Report, July 2013

Monday, 26 August 2013 09:33

Written by Lane Bailey

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Market stats for Buford, GA, July, 2013 indicate that there were 332 properties on the market, an decrease of 7 from last month. Overall, there was about an 4.1 month supply of properties (Absorption Rate or A/R). There were 80 sales for July, up from 76 last month and down from the 84 sales last July12. It isn’t the strongest market in Gwinnett, but the A/R is nothing to sneeze at. It is still in Seller’s Market territory.

DSCN0574 (Photo credit: lane.bailey)

In the sub-$200k arena, there were 117 listings, with a 2.6 month supply. This was the largest price segment in this market area, so strength here usually equaled strength across the whole local market area. Sales were flat from last month 42 (v 42 last month), and well down compared to last year (53 sales in Jul12). But, the A/R is well under the 6 months that would be considered fairly balanced… pointing towards a solid seller’s market. This time of year we are usually seeing an increase is sales… and listings.

Between $200k and $400k, there were 145 listings for sale, and about 4.4 months of supply. The 31 sales recorded were down from the 32 last month and up from the 26 sales last year for July. This had been one of the weaker segments in the county, but had improved dramatically until a few months ago it was fairly balanced, though tilted towards buyers… now it is further into Seller’s Market territory.

From $400k to $600k, there were 46 homes on the market. The absorption rate is 17.3 Months. There have been 8 sales in the last 3 months (0 for May, 2 for June and 6 for July). When the market is rolling, there should be 5-7 sales a month during this part of the year. Just for comparison, there were 13 sales in the May-Jul period in 2012. This segment has been bouncing all over the place, though…

In the $600k to $800k arena, there were 9 listings. Absorption Rate is 27 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 9 had made things look less slow… but they are back on the rise. There was 0 sales in July last year and 0 in June this year. There were 0 sales in July this year.

The range from $800k to $1m, there were 3 homes listed. Trends are hardly definable. Listings are down. February was the last recorded sale. There was 0 sales in July. So it now has a 18.0 month Absorption Rate. (the decrease in listings is what dropped the A/R)

Above $1m, there were 12 properties listed. There was sale in the segment in April… of 2009…and then May, 2011… and 2 sales in June, 2011… also 1 in July and September, 2012. There was 1 sale in July. So, we have 36 months of inventory. I hope, but am not expecting, sales to be more consistent.

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 opened for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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Suwanee, GA, Market Report, July, 2013

Monday, 19 August 2013 09:31

Written by Lane Bailey

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Market stats for Suwanee, GA, July, 2013 indicate that there were 340 properties on the market (down from 357 last month). Overall, there was about a 2.8 month supply of properties (down from 3.3 last month). July had 124 sales. Compared to July, 2012 (99), this year was WAY up, but inventory was down compared to 2012 (439). There were 119 sales last month, so this month was up ever so slightly. The machine has really cranked up over the last three months.

In the Under $200k arena, there were 54 listings in Suwanee, GA, with about a 2.4 month supply (compared to 3.5 months supply last year). This July’s sales were 26 (34 last year, 21 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. Last year at this time, there were 129 listings. Sales are being killed by last year’s, but the way the inventory has dropped, there is a pretty good chance that the low inventory is constricting sales.

Between $200k and $400k, there were 174 listings for sale (191 last year, 190 last month), and 2.4 months of supply. Sales in July, 2013 were 78 (73 in June), compared with 48 for the same period in 2012. Sales have rocked for the last few months. I’d like to see it stay up past 50 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. Make no mistake, this is still basically in Seller’s Market territory. This is one of a very few areas where the $200k-$400k segment is ahead of the under $200k segment.

From $400k to $600k, there were 60 homes on the market. The absorption rate was at 3.5 months (4.1 in June). There were 17 sales in July (17 last month)… up from 10 last year at this time. Looking at the three month average, there were 51 sales this year and 30 for the same period last year. This segment had become dramatically stronger in the last couple of months.

In the $600k to $800k arena, there are 24 listings, with about a 4.0 month supply. Sales at this level are not consistent, but there were 3 sales this month (7 last month). Looking at one month makes the numbers jump around. For the last three months, sales were 18… For the same time last year, the sales were 15. 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… we’ll have to see if it holds.

The range from $800k to $1m, there are 10 homes listed and 60 months of inventory on the market. There were only 4 sales at this price level in 2011. There were 7 in 2012. 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 in March.

In Suwanee, GA, Above $1m, there are 17 properties listed. The current absorption rate indicated about 17 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. In this segment, we should be seeing reduced inventories… There were 26 homes listed in this segment at this time last year. There was 1 sale in June.

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.