JUNE MARKET REPORT: Covering Gwinnett County, Including Lawrenceville, Dacula, Buford, Suwanee, Grayson, Snellville and other areas.
June was a very good month for most Realtors, Builders and Sellers alike. As activity picked up in the hot school districts such as Mill Creek, Brookwood and Collins Hill with buyers and sellers trying to get settled in before the school season. July already looks like a nice back to back successful month with at least my schedule being booked all month long with people coming in from out of town and sellers rushing their home to the market.
The reports are back in from may, with another 22% decrease in homes sold. I am still astounded by the 10% appreciation that is uncharacteristic of this area.
What is even more astonishing is the condo drop. If there were any questions about the validity to the rumor that condo investments are risky, have a look at the numbers below, a whopping 60% reduction in condos sold and 31% DEPRECIATION!
Overall, Duluth, Suwanee and Lawrenceville are still experiencing buyer's market but homes are still being sold that are marketed and priced correctly. Outlying areas are seeing spotty sales, such as Dacula, Buford and Grayson. Snellville has a continual stream of buyers looking for deals in what is the most unusual of the Gwinnett County Real Estat markets. Snellville continues to offer some of the best bang for the buck, but also has some of the highest foreclosure rates in the county.
Developers are skiddish about buying more land to develop as their inventory sits. June saw many builders get some standing inventory off the market and move, but they still have a long way to go and are thinking twice about overdeveloping an area.
It's worth noting that homes under $150K are still selling (if in decent shape) within 30-60 days.
Market Report:
DATE HOMES SOLD AVERAGE PRICE
MAY 07 1,492 $202,000
MAY 06 1,902 $189,000
CONDO
MAY 07 131 $154,400
MAY 06 327 $221,000
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