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Friday, Jan 27th, 2012 ↓

Buford, GA, Market Report, December 2011

[caption id=”” align=”alignright” width=”300” caption=”Image via Wikipedia”]This map shows the incorporated and unincorpor...[/caption]

Market stats for Buford, GA, December, 2011 indicate that there were 434 properties on the market.  Overall, there was about an 6.4 month supply of properties (Absorption Rate or A/R).  There were 83 sales for December, way up from 44 last month and even up from the 62 sales last December (2010).  It isn’t the strongest market in Gwinnett, but it is much better than it has been.

In the sub-$200k arena, there were 247 listings, with a 5.5 month supply.  This is the largest price segment in this market area, so strength here usually equals strength across the whole local market area.  Sales were well up from last month (53 v 30), but flat compared to last year (41 sales in December, 2010).  Framed in the results for the whole market area, the segment is reasonably strong.  And the A/R is under the 6 months that would be considered fairly balanced… pointing towards a slight seller’s market.

Between $200k and $400k, there were 138 listings for sale, and about 7.0 months of supply.  The 25 sales recorded were well down from the 11 from last month and from the 16 sales last year for December.  This had been one of the weaker segments in the county, but has improved dramatically and at current A/Rs, it is one of the stronger $200k-$400k segments in the county.

From $400k to $600k, there were 26 homes on the market. The absorption rate is 7.8 Months.  There have been 10 sales in the last 3 months (3 for October, 3 sales for November and 4 sales for December).  When the market is rolling, there should be 5-7 sales a month during this part of the year.  September was pretty strong, and but we didn’t have the follow-up the next two months I was looking for… December is back in the right direction, and the drop in listings certainly helps.  Just for comparison, there were 4 sales in the Oct.-Dec. period in 2010.

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 6 homes has made things look less slow… but there have been 5 sales in this segment in the last year… the last was five months ago until the 1 sale in December.

The range from $800k to $1m, there were 7 homes listed. And with only 2 sales in the last year (December, 2010), obviously trends are hardly definable. Listings are down, but sales aren’t following through.

Above $1m, there were 10 properties listed. The last sale in the segment was in April… of 2009…and then there was May… and 2 sales in June. So, we have 37 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 will open for the 2010-11 school year).

I have a page dedicated to Buford Market Data.

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Wednesday, Jan 25th, 2012 ↓

Wayback Wednesday… The Bigger Price Myth

This is one of those things that I hear about all of the time.  I face it all too often.  I go on listing appointments and either an agent before me, or one that comes later “buys the listing”.  Of course, not literally, but figuratively.

They tell the seller what the seller wants to hear… regardless of reality.  They tell the seller that they will sell the house for more money.  It is an appeal to the ego… and sometimes even defies logic.  But, it gets the listing.  Obviously, the seller generally wants to hear that their house is worth more.

It usually happens for one of two reasons… the innocent one and the not so innocent one.

The innocent reason is that the agent just doesn’t know any better.  Through inexperience or bad data or poor technique working with the data… or even misreading the market climate… they arrive at a price that isn’t really realistic.  And the window for a price is pretty small.  At 20% over real value, the house likely won’t be seen in the current market.  At 10%, many of the prospective buyers will dismiss the house even if they come look at it (most buyers won’t make a serious offer more than a few percent off of the list price).  Even at 5% over reality, many prospective buyers won’t offer… or they will push it to the back of the line.

The “not so innocent” reason is that the agent KNOWS that the sellers will list with them if they give a higher price estimate.  It is a LOT more common that most sellers would think.  In fact, there is an entire sub-industry in real estate involving strategies and support for these agents.  One of the popular strategies is to build in price reductions at predetermined intervals.  The sellers should ask a simple question… “If you are confident of the price, why would you build in price reductions?”  Of course, the market DOES shift, sometimes unexpectedly.

The idea, as stated in much of the materials supporting this strategy, is that the agent can tell the seller, “OK, we’ll try it at your price, but if nothing happens in 30 days, we’ll cut the price to ____.”  There is always the chance that there will be a buyer that will drop out of the sky, with cash (since the asking price might not clear an appraisal) and no desire to have an appraisal of their own done.  But… not that likely.  And that is where the issue I take with this as a deliberate strategy begins.  We know, from tons of studies, that over-priced houses generally end up selling for less, after spending more time on the market.

It goes like this…

  • The house starts off as over-priced, so it gets fewer, if any showings.
  • After a period of time, the price starts to ratchet down… but it has already missed that magic window (when a house is first listed) when the most buyers look seriously at it.
  • Since it has been on the market longer, the buyers that DO run across is wonder WHY it has been on the market so long.
  • Vicious cycle…
  • Price gets cut more to get showings.
  • When the offer comes in, it is lower than it likely would have been to start with.

Here is the post I wrote about this very issue a couple of years ago.

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Monday, Jan 23rd, 2012 ↓

Sugar Hill, GA, Market Report, December 2011

[caption id=”” align=”alignright” width=”300” caption=”Image via Wikipedia”]This map shows the incorporated and unincorpor...[/caption]

Market stats for Sugar Hill, GA , December, 2011 indicates that there are 158 homes on the market.  Overall, there is about an 5.0 month supply.  There were 31 sales, compared to 34 last month and 28 last December.  The Absorption Rate (AR) dropped, but that is largely due to the decrease in listings.

For Sugar Hill homes priced under $200k, there are 118 listings, with about 5.0 months supply.  There were 24 sales this December, slightly less than last year for the same time (25).  Last month there were 29 sales.  Inventories have been fluid, rising and falling.  Normally, this time of year we see inventories leveling out, but this month there was a slight decrease.

Sugar Hill Listings between $200k and $400k, there are 34 listings for sale, and about 11.3 months of supply.  Last December there was an 17.2 month supply.  Last December there were 3 sales, this year there were 7.  Last month  had 2 sales.  This segment had a HUGE turnaround this month compared to the last few months.  The 3 month rolling average of sales was WAY up and the inventory was down.

For listings in the $400k to $600k range, there are 3 homes on the market.  The absorption rate is around 3 months, but with 4 sales since last October (until November), it is tough to calculate accurately.  Obviously, a sale or two could make a BIG difference, and we had 3 more sales in November alone, but none for December.  That brought the total sales for the year from 4 to 7.  There were only 3 sales in this segment last year.  I still hope to see some consistent activity in this segment.

In the $600k to $800k, $800k to $1m and Above $1m (combined), the sales are too inconsistent to have a solid read on, but there are only 3 homes listed for sale in that price range. No sales have been recorded in the last 2+ years.

Sugar Hill, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 11,399, but that only included the area inside the city limits. The name comes from a bag of Sugar that spilled on a hill while in transit between Cumming and the railroad in Buford. And while it is actually a big market, it is in the shadows of Lawrenceville, Duluth and Suwanee… which all are nearby. That also makes it a great location, as it is close to everything that Gwinnett County, GA has to offer.

I have a page dedicated to Sugar Hill Market Data.

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Friday, Jan 20th, 2012 ↓

Lilburn, GA Market Report, December 2011

[caption id=”” align=”alignright” width=”300” caption=”Image via Wikipedia”]This map shows the incorporated and unincorpor...[/caption]

Market stats for Lilburn, GA, December, 2011, indicates that there were 380 properties on the market (as of December 31st).  Overall, there was about an 7.4 month supply of properties and 54 properties that closed (sold) in December.  It was an increase from last year’s sales (31) and from November, 2011 (41 sales).  The Absorption Rate notched down significantly.  Lilburn had been among the weakest of Gwinnett County, GA, cities I track.  But, at 7.35 months of inventory, it isn’t nearly as bad as it had been just a few months ago (14.35 months of inventory in Feb, 2011, for example).

In the sub-$200k arena, there were 275 listings, with about an 6.3 month supply with 43 sales.  This represents most of the sales in the market area.  Sales increased markedly from last month (36), and were also up dramatically from last year (31).  While the Absorption Rate isn’t as low as many other areas, sales are strong, and I’m still pulling for a comeback for Lilburn.  But October was quite strong, November was actually below expectations.  December was back on track.

Between $200k and $400k, there are 96 listings for sale, and about 12.5 months of supply.  This segment had been quite weak for months, and has stalled a little.  There were 11 sales compared to 0 last year.  This segment really needs to get back into single digit A/Rs … but, Lilburn has never been seen as a luxury market.  But the decrease in listings has really helped.  I’m still not as confident about this portion of the Lilburn market coming back quite yet…

From $400k to $600k, there are just 3 homes on the market. The absorption rate is 9.0 months. There were no sales in this segment from December through February, but there were 2 in March, which really turned the segment around, followed by 1 sale for April. May posted 2 sales, 1 sale in June, 2 in July and none since.

From $600k to $800k, $800k to $1M and Above $1M, there are 6 listings (combined), but too few sales to have any sort of reliable number of months of inventory. March posted the first sale since August, 2010. It was in the $600-$800k range. One of the listings is above $1M and one between $800k and $1M, and there is no market activity in the last 12 months for those ranges…

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.

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I have a page dedicated to Lilburn Market Data.

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Wednesday, Jan 18th, 2012 ↓

Wayback Wednesday… Over-Pricing and Under-Offering

If there were two issues I’d have to put at the very top of my question pile, there would be the ones…  In the original post, I started with the Sellers… so we’ll start with the Buyers this time.

Buyers want a great deal.  We all understand that, and as a real estate agent, I’m supportive.  Even the Sellers get it.  But there are two problems.  The first one I wrote about in a couple of years ago, here.  Buyers, in their zeal to get a great deal, offer too low to start with.  The find a property where the price has been cut to the bone, and then they offer WAY lower.

The problem there is that the seller, whether institutional, or a “regular” seller, doesn’t see the low-ball offer as being serious… then they attach the same feeling to the buyer that made the offer… they aren’t serious.  And the seller, if they send back a counter offer, reply with a counter offer that shows that… like maybe knocking $100 off the price.  Negotiations stall.  That doesn’t help them get the house… and it wastes everyone’s time, including their own.

A few years ago, when I originally wrote the post, there was blood in the water, so to speak, and it was still an issue.  Now, especially at the entry-level end of the market, that is NOT the case.  It is actually a Seller’s Market for homes that are priced well.  I am seeing an increasing number of listings selling for VERY close to list price within days.

Sellers want to get the most from their house.  It doesn’t matter if they are a corporate seller or someone moving to take advantage of a job opportunity… or even a seller doing a short sale.  Of course, just as the sellers aren’t terribly concerned with the needs of the buyers, buyers don’t really care about the needs of the seller to get top-dollar for their property.  And buyers aren’t looking at many over-priced properties. 

They know which properties are over-priced, too.  More and more, I’m seeing buyers that are VERY sophisticated in terms of knowing the value of a particular property, usually before choosing to look at it the first time.  If it isn’t priced within a few percent of where it should be, they probably won’t even look at it.  Not 10%… not even 5%.  More like 2-3%, closer on higher priced homes.

The end result, is that the home sits on the market for a while with few, or even no viewings, much less offers.  After a while, the sellers reduce the price, but by then the home is stigmatized.  The price drops more.  In the end, the home sells for less that it might have sold had the original price been more competitive. 

What about short sales?

They are the new wrinkle.  And I didn’t really address them the first time around.  But some similar rules apply…

Sellers, price realistically for the market.  Don’t worry about what the bank will accept, worry about a price that will get an honest contract.  Realistically…  Not too high OR too low.  Anything else is a waste of everyone’s time.

Buyer, offer realistically.  A rule of thumb I use on short sale offers is that if the offer isn’t going to be within a couple of points of the list price, don’t bother.  If the list price is insanely high or low, don’t bother.  If you can’t afford to sit on the offer, waiting as much as six months for the bank to get their act together, don’t bother.

I know that is harsh, but it is reality.  I actually have a partner that is VERY successful at getting short sales sold.  It isn’t easy or fun for anyone…  But, it might beat the heck out of some of the alternatives for the seller, and offers great opportunity for the buyer.

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Monday, Jan 16th, 2012 ↓

Suwanee, GA, Market Report, December 2011

[caption id=”” align=”alignright” width=”300” caption=”Image via Wikipedia”]This map shows the incorporated and unincorpor...[/caption]

Market stats for Suwanee, GA, December, 2011 indicate that there are 468 properties on the market (down from 502 last month).  Overall, there is about an 6.7 month supply of properties (down from 7.0 last month).  December had 74 sales.  Compared to 2010 (46), this year was a stronger.  Inventory was down compared to 2010 (548).  The last five months have been very strong, but that comes on a very weak June and just average sales for a couple of prior months.  December was much stronger than last year, and from November (53 sales).  Obviously, I like seeing continued strength here.

In the Under $200k arena, there are 152 listings in Suwanee, GA, with about a 4.0 month supply (161 and 5.0, respectively last year).  This December’s sales were solid, at 46 (just 13 last year).  This is definitely the strongest price segment in Suwanee.  I was looking for a solid follow-up to October’s 42 sales, but we didn’t get it in November.  Hopefully we’ll see a similar number of sales for January…

Between $200k and $400k, there are 209 listings for sale (249 last year), and 8.4 months of supply.  Sales in December, 2011 were 21 (31 in November), compared with 25 for the same period in 2010.  Sales have been bouncing between very strong and average for the last few months.  I’d like to see some consistency around 35-40 sales 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.  Could be getting better… but not this month.

From $400k to $600k, there are 59 homes on the market.  The absorption rate is at 9.8 months (10.1 in November).  There were 6 sales in December (4 in November)… up by 2 compared to last December.  Looking at the three month average, there were 18 sales this year and 11 for the same period last year.  This segment had gotten dramatically stronger in the last couple of months, but like the next lower price segment, dropped off heavily this month.  We should be looking at close to 10 sales for January… I was hoping (but not expecting) 10 for December.

In the $600k to $800k arena, there are 17 listings, with about a 51 month supply (12.8 last month).  Sales at this level are not consistent, but there were 0 this month (0 last month).  Looking at one month makes the numbers jump around.  For the last three months, sales were 1…  For the same time last year, the sales were 3.  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.  But until I see 2-3 sales a month on average, I can’t call this one strong.

The range from $800k to $1m, there are 5 homes listed and 15 months of inventory on the market.  There were only 4 sales at this price level this 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 sales activity.

In Suwanee, GA, Above $1m, there are 26 properties listed.  The current absorption rate indicated about 39 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales (only 1 sale for October, 0 for November and 1 for December).  In this segment, we should be seeing reduced inventories…  There were 24 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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Friday, Jan 13th, 2012 ↓

Norcross, GA, Market Report, November 2011

[caption id=”” align=”alignright” width=”300” caption=”Image via Wikipedia”]This map shows the incorporated and unincorpor...[/caption]

Market stats for Norcross GA, November, 2011 indicate that there were 268 properties on the market.  Overall, there is about a 5.1 month supply of properties.  This year has been very strong so far… although April and May weren’t that strong (April was below last year)… it hasn’t slowed much.  November saw 52 sales, above the 30 for November, 2010, but below the 58 for October.  This is one of the few market areas in Gwinnett to post six strong months in a row.

In the sub-$200k arena, there were 157 listings, with about 3.7 month supply.  Sales are down from last month but up from a year ago in this segment, which is the main driver of sales in this area (45 v 46 in Oct11 & 28 Nov10).  For the last seven months, the AR has been tilted in favor of sellers.  This still looks like one of the strongest price/area segment in Gwinnett County, GA.

Between $200k and $400k, there were 80 listings for sale, and about 10.4 months of supply.  This segment isn’t as weak as it had been over the last several months, and is continuing to build strength.  The 4 sales were solidly up compared to last year’s 1 sale, but down from last month’s 9 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.

From $400k to $600k, there were 24 homes on the market.  The Absorption Rate is around 10.3 months.  The AR had been dropping for months, then shot WAY up in June.  It has been working down slowly since.  November’s 2 sales is down from 3 the month before but up from last year’s 1 sale… and the inventory decrease didn’t hurt too much, either.

In the $600k to $800k arena, there were 3 listings on the market. Inventories had increased compared to last year. The Absorption Rate is at 9 months of inventory… but with only 4 sales last year and then the sale in March and another each in May and June, and 1 sale in November, 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 range from $800k to $1m, there was 1 home listed on the market and no sales… seemingly forever.

Above $1m, there were 4 properties listed. But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales. The volatile Absorption Rate is at 48 months of inventory.

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.

I have a page dedicated to Norcross Market Data.

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Wednesday, Jan 11th, 2012 ↓

Wayback Wednesday… Winter Driving

Just last year we had a long and snowy winter break (kids home from school and many people unable to get to work….).  And while for many it meant just bundling up and staying indoors, for many others, that wasn’t an option.

As mentioned in the original post, I grew up in Michigan and Minnesota… and have spent a fair amount of time driving in snow.  That does NOT mean that I don’t take it seriously.  I take it VERY seriously.  In fact, in addition to caution while driving, I keep a cold weather survival kit in my vehicle pretty much all of the time.

Winter driving has its rewards.  The scenery is different and can be quite beautiful.  It is a lot of fun to visit places and shoot pictures of things we hardly ever see covered in snow.  And sometimes, there are other rewards… last year I helped the Piedmont Hospital group by delivering staff and supplies to a couple of their local locations.

Some of the things that you should keep in your vehicle all of the time (regardless of the weather) include:

  • Charged Cell Phone (or at least a phone and a charger).  You never know when you might need to call for help.
  • A few bottles of water, and maybe an energy bar or two… no, not for a quick snack on a road trip, but in case you are stuck someplace waiting for help.
  • A blanket.  There are LOTS of uses for them, in addition to covering up and keeping warm, they can be pillows and slings.

[caption id=”attachment_34587” align=”alignright” width=”300” caption=”I-85… abandoned… spooky”][/caption]

When the weather turns colder, there are a few more things to add to the kit:

  • Mittens… they work better than gloves to keep your hands warm when it is REALLY cold out).
  • A warm coat.  Even if you are just running around town, you never know if you are going to end up having to walk… or having to sit in a cold car waiting for someone to show up.
  • Shoes you can walk in…  Boots are even better.
  • Lighter.
  • A sharp Pocket Knife or Multi-Tool.
  • A bag of sand in the trunk isn’t a bad idea.

If you are going to get really fancy, then you might also carry a few other things:

  • Saw and/or a hatchet.
  • Air Horn.
  • Snow Pants.
  • Compass.

[caption id=”attachment_34588” align=”alignright” width=”300” caption=”Awaiting my load of hospital supplies”][/caption]

A lot of it is overkill when you are driving around Atlanta, but you never know.  And honestly, the chances of facing a brutal survival situation in most metropolitan areas is pretty slim.

Then again, a few years ago I was returning from Michigan and was stuck in a snow storm for hours near Cincinnati, OH.  If I didn’t have 4wd, a full tank of fuel and food, I would have been VERY uncomfortable.  Had I hit the storm a couple of hours further up the road, especially if I wasn’t in a 4wd truck, I could have been in trouble.

Hopefully you’ll never need to use the stuff in your emergency kit.  But if you do, you’ll be glad it was there.

Here is a link to the original post from last year.  It features tips for actually driving in Georgia’s Winter Weather.

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Monday, Jan 9th, 2012 ↓

Duluth, GA, Market Report, November 2011

[caption id=”” align=”alignright” width=”300” caption=”Image via Wikipedia”]This map shows the incorporated and unincorpor...[/caption]

Preliminary stats for Duluth, November, 2011 indicated that there were 439 properties on the market.  Overall, there is about an 7.4 month supply of properties.  Sales in November were 51, slightly down from 54 a year earlier.  But, sales were slightly down compared to the prior month (62).  Duluth had been slightly leading Gwinnett County as a whole, but not so much in October and November.

In the Under $200k arena, there were 168 listings in Duluth, GA, with about a 4.3 month supply.  The Absorption Rate two years ago, December, 2009, was in the low 5s.  Sales for November were up sharply this year v last year (28 v 25), but down compared to last month (44).  The Absorption Rate (A/R) is rocking most of the county… but sales have decelerated again this month, ever so slightly.

Between $200k and $400k, there are 121 listings for sale, and about 11.3 months of supply.  Absorption rates have similarly risen, dropped and then risen again, but have been moving the wrong way (up) since August.  Sales were WAY down compared to November, 2010 (8v 15) and compared to last month (12).  Duluth is a market that favors luxury, but this segment is not doing well…

From $400k to $600k, there were 50 homes on the market.  The absorption rate was around 11.5 months.  November brought in 8 sales.  There were 8 last year and 3 last month.  As with much of the county, the recovery that seems to be solidifying at the lower end of the price strata is much weaker here.  Duluth is a luxury centric market, and it is doing better than the rest of Gwinnett County, GA, but the segment is still pretty weak, but it’s better than last month,

In the $600k to $800k arena, there were 40 listings, with about 10.9 months of supply.  Sales were 5 for November… 3 for November last year.  Month to month sales were better (5 v 3). After August’s performance (5 sales), I had been holding out some hope last month, but had to wait until this month to see the result I wanted.  Since Duluth does favor luxury sales, it looks better than the rest of the County.

In Duluth, GA, from $800k to $1m, there were 23 homes listed and approximately 69 months of inventory on the market.  The 1 sale recorded for November was beaten by last year’s 2 but flat the 0 from last month.  Sales haven’t been moving much for the last couple of months, but 1 sale for the last3 months has killed the 3 month average A/R.  It isn’t as weak as that suggests… at least I hope it isn’t.

Above $1m, there were 37 properties listed.  The current absorption rate indicated about 28 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 Sept-Nov period this year, and 5 for the same time last year.  Fall was weak last year, but we should be posting four sales a month here.

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.

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I have a page dedicated to Duluth Market Information.

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Friday, Jan 6th, 2012 ↓

Lawrenceville, GA Market Report, November 2011

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Market stats for Lawrenceville, GA, November, 2011, indicate that there were 1288 properties on the market.  Overall, there was about a 5.2 month supply of properties.  In 2010, sales for November were at 153, so 233 sales was a rocking increase, year over year.  Coupled with the decrease in inventory, things are looking great.  Normally they start weakening in September, but we are rolling right along… not quite as much as last month… but rolling, none the less.

For Lawrenceville, GA, Homes Under $200k, there are 1089 listings, with about a 4.7 month supply of homes.  Sales were way up from November 2010 (216 v 139).  This segment is easily the lion’s share of sales for the area.  With the 4.73 month A/R, it is solidly in Seller’s Market territory.  The big drop in Absorption Rate (AR) is due to strong sales, coupled with slightly lower inventories.  In September I was hoping that October would be a follow up… and it VERY much is what I was looking for… November reinforced that.

Between $200k and $400k, there are 174 listings for sale, and about 13.4 months of supply.  Oddly, this was one of the weaker segments in the county, again.  With as strong as the segment down was, this one was weak, again.  The 13 sales for October, 2011 were down from the 14 from last year.  Sales should have been closer to 25 units for November.  We are still solidly in Buyer’s Market territory here.

From $400k to $600k, there are 19 homes on the market.  The absorption rate is around 7.1 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 November, the Absorption Rate has dropped from 78 months in June, through good, but sporadic sales.  There were 0 sales in November, 2010.  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 16.5 last month).  While the long term trend is looking better, it is still pretty choppy.

In the $600k to $800k arena, there are 6 listings, with about 18 months of supply, again.  As with the next lower priced segment, a couple of sales makes a big difference and there was only 1 sale in the last three months. 

Between $800k and $1M, and Above $1M there are 0 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 3 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.

Atlanta Metro Zillow Home Value Index

I have a page dedicated to Lawrenceville Market Data.

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