Preliminary stats for Duluth, January, 2010 indicated that there were 568 properties on the market. Overall, there is about an 13.4 month supply of properties, with a marked deceleration in sales. Sales in January were 45, compared to 48 a year earlier.
In the sub-$200k arena, there were 162 listings, with about a 8.7 month supply. But that shows a slowing. The Absorption Rate had gotten down into the high 4 month realm... and as recent as December, was in the low 5s.
Between $200k and $400k, there are 170 listings for sale, and about 13 months of supply. Sales dropped from 19 in 2009 to 15 in 2010, but inventories have also dropped.
From $400k to $600k, there were 53 homes on the market. The absorption rate was around 8.8 months. That is largely on the strength of December sales... January and February wereboth down.
In the $600k to $800k arena, there were 71 listings, with about 35.5 months of supply. Again there is a marked slowing over the last few months... But, in the Dec-Feb period there were 6 sales v 10 the prior year.
The range from $800k to $1m, there were 45 homes listed and approximately 68 months of inventory on the market. The 3month average Absorption Rate shot up from 13.67 months to 30.75 between December and January, then 67.5 months, and that is due to strong sales in October (6 homes) falling off, then 2 sales in November. There was only one sale in January, and none in February.
Above $1m, there were 67 properties listed. The current absorption rate indicated about 40 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates... (from January's report) 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. There were 3 sales in Feburary, and we went from 66 to 40 months of inventory.
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.
from LaneBailey.com. I have a page dedicated to Duluth Market Information
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