August 15, 2007
Gwinnett County Real Estate has always been the tortoise in the great real estate race. Never too slow, but never fast either. This is still the case. In over 15 years of Real Estate, Gwinnett has been a buyer's market. It's a bit more of one now. County wide, sellers are getting just under 97% of their asking price. Although, the numbers are at a new high (for discounts), the Jarvis Team has experienced a rate of 1% better. Although, this is a bit of self promotion, it's also worth noting that a Realtor (or Team) that works hard for the seller can actually net more for the seller. This is not opinion, it's fact, proven out statistically.
Statistically speaking, by owner and discount brokers are netting 89% and 91% of the seller's asking price respectively. Additionally, these homes can sometimes be a great find for investors as many of them are up to 10% below market value.
For the month of June 07 we recorded 1,531 sales in Gwinnett County, that's down from 1,897. However, prices have increased in Gwinnett from $191,900 to $204,700. Which is a good sign that there is still some appreciation in this area.
Hardest hit are the new construction areas furthest from Atlanta. Cities like Dacula, Auburn, Hoschton, Snellville and even Buford are suffering in the new construction department. Resales in this market need to be priced right. If priced correctly, the average time on the market is less than 90 days. However, overpriced homes can last over a year. In Lawrenceville alone, there are over 600 homes on the market, with almost 1/3 of those selling every month.
The condo and townhome world of Gwinnett is the one that has easily had the roughest time. Sales are down by 50% from over 300 a year ago, to now just a buck fifty (150). Prices are down as well, Last year at this time, the average condo was actually more expensive than the average home at $240K plus. Now prices are in the sub $150K range. Does this mean sellers are giving away the farm? No, of course not, it means that there are a ton of lower price condos and townhomes selling selling while the higher priced ones are stagnant.
Here's August Market Report for each city:
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