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 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.
Preliminary stats for Duluth, January, 2010 indicated that there were 534 properties on the market. Overall, there is about an 11 month supply of properties, with a marked deceleration in sales. Sales in January were 25, compared to 42 a year earlier.
In the sub-$200k arena, there were 149 listings, with about a 7 month supply. But that shows a dramatic slowing. The Absorption Rate had gotten down into the high 4 month realm... and as recent as December, was in the low 5s. Sales dropped from 19 in 2009 to just 9 in 2010.
Between $200k and $400k, there are 163 listings for sale, and about 10 months of supply. Sales dropped from 15 in 2009 to 11 in 2010, but inventories have also dropped. The increase in Absorption isn't as bad...
From $400k to $600k, there were 46 homes on the market. The absorption rate was around 6 months. That is largely on the strength of November and December sales... January was down one unit to 3. Nov/Dec were up 4 to 19 sales.
In the $600k to $800k arena, there were 69 listings, with about 30 months of supply. Again there is a marked slowing over the last few months... But, in the Nov-Jan period there were 7 sales v 9 the prior year.
The range from $800k to $1m, there were 41 homes listed and approximately 31 months of inventory on the market. The 3month average Absorption Rate shot up from 13.67 months to 30.75 between December and January, and that is due to strong sales in October (6 homes) falling off.
Above $1m, there were 66 properties listed. The current absorption rate indicated about 2 1/2 years of inventory. A couple of sales at this level could have a large impact on the Absorption Rates... We are only showing 3 sales in the last three months, none in January... The prior year there were 8 sales in the same 3 month period.
from LaneBailey.com. I have a page dedicated to Duluth Market Information
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