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Market stats for Suwanee, GA, May, 2011 indicate that there are 640 properties on the market. Overall, there is about an 8.9 month supply of properties. April sales were up (75), and May continued the trend, although with 88 sales, it was close to flat compared to 2010 (84). inventory was down slightly compared to 2010.
In the Under $200k arena, there are 184 listings in Suwanee, GA, with about a 6.5 month supply. In June, there was a 4.8 month supply. May sales were ok, at 29. Last month was VERY strong (37) and last May there were 28. This might be the strongest current segment in Gwinnett County.
Between $200k and $400k, there are 310 listings for sale, and 9.0 months of supply. Sales in May 2011 were 45, compared with 38 for the same period in 2010. Pretty strong, and with the decrease in listings, the Absorption Rate (AR) got a good bit better. So far this year, only February had posted better sales than 2010, and that was just barely.
From $400k to $600k, there are 87 homes on the market. The absorption rate is at 14.5 months. There were 10 sales this year (May)… down from 11 last year. Even looking at the three month average, there were 18 sales this year and 27 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 25 listings, with about a 15 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 5… For the same time last year, the sales were 14. The segment is weak, but we can’t call a trend… three months ago it was looking stronger and it looks stronger again… largely because of the decline of listings.
The range from $800k to $1m, there are 12 homes listed and 3 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 16.5 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 Mar-May this year and 6 last year). But, in this segment, we should be seeing reduced inventories… There were 33 homes listed in this segment at this time last year. There were 2 sales for May.
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.
Related articles
- Suwanee, GA, Market Report, April 2011 (lanebailey.com)
- 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)
