Preliminary stats for Duluth, December, 2010 indicated that there were 543 properties on the market. Overall, there is about an 9.1 month supply of properties. Months of Inventory has been increasing for the last couple of months, until this month. Sales in December were 66, compared to 57 a year earlier. It is worth noting that almost every segment in Gwinnett County, GA, that I track had a bump in December this year, copared both with November, 2010 and December, 2009.
In the Under $200k arena, there were 216 listings in Duluth, GA, with about a 7.1 month supply. The Absorption Rate had gotten down into the high 4 month realm… and as recent as last December, was in the low 5s. In May, it was at 7.9 months and has been rising since, until this month. Sales for December were up slightly this year v last year (31 v 28).
Between $200k and $400k, there are 148 listings for sale, and about 9.25 months of supply. Sales increased from 14 in 2009 to 19 in 2010. The Absorption Rate is getting better, both because of the increase in sales and the decrease in listings.
From $400k to $600k, there were 53 homes on the market. The absorption rate was around 8.8 months. This segment is running counter to almost the whole rest of the county. Even with a decrease in listings, the Absorption rate went the wrong way. Sales were weak this year v last year (11 v 7).
In the $600k to $800k arena, there were 48 listings, with about 11.1 months of supply. Sales were 4 for December... just 1 for this month last year. As with most of the other segments, there was a marked improvement this month in the Absorption Rate.
In Duluth, GA, from $800k to $1m, there were 25 homes listed and approximately 12.5 months of inventory on the market. Continuously falling inventories and increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February). There were 6 sales in the last three months, this year. Last year, there were 9 sales in the same period.
Above $1m, there were 53 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… There were 4 sales in the Oct - Dec period this year, and 3 sales for the same time last year... but inventories have been dropping.
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.
I have a page dedicated to Duluth Market Information.