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Buford, GA, Market Report, November 2010

By Lane Bailey

Real Estate Agent with Century 21 Results Realty GA RE Lic # 282060

December 28, 2010 03:43 AM

Market stats for Buford, GA, November, 2010 indicate that there were 584 properties on the market. Overall, there was about an 11.2 month supply of properties. September was slightly below last year (52 v 60 for 2009). October was back to the pits (60 v 89 in 2009). November this year had 44 sales v 67 in 2009. There were 83 sales in June and an Absorption Rate under 8.5 months.

In the sub-$200k arena, there were 318 listings, with a 9.6 month supply. October sales were down from 51 in 2009 to 37 this year. May was the best absorption rate of the year, and it has been going downhill since, but actually got better in October. It is sliding down again. Sales for November were 29 this year compared to 40 last year.

Between $200k and $400k, there were 206 listings for sale, and about 11.6 months of supply. Again, July was the dog, with sales down by 75%. August, September and October were also down, but the absorption rate improved significantly with July dropping off. November was off by 35% (13 sales v 20 in 2009).

From $400k to $600k, there were 38 homes on the market. The absorption rate is almost 5 years. This shouldn't be acting like a high-end luxury segment, but it is. There have been 2 sales in the last 3 months. When the market is rolling, there should be 5-7 sales a month during this part of the year. There were 5 sales in November, 2009... and 1 this year.

Image by lane.bailey via Flickr

In the $600k to $800k arena, there were 7 listings. 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 7 homes has made things look less slow… but there have been 3 sales in this segment since last November... but one was this November.

The range from $800k to $1m, there were 5 homes listed. And with only 1 sale in the last year (Feb 10), obviously trends are hardly definable. At least listings are down by more than 50% compared to a few months ago (9 listings in June).

Above $1m, there were 11 properties listed. The last sale in the segment was in April... of 2009... still...

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).