Market stats for Suwanee, GA, March, 2010 indicate that there are 620 properties on the market. Overall, there is about an 11.6 month supply of properties. This is one of the rare markets that is showing a better Absorption Rate for March than February. New listings were up by 10%, but sales were up by 50% (month over month)...
In the sub-$200k arena, there are 119 listings, with under 7.8 months supply. This is stronger than most of the rest of the county, but still not as strong as it was in November (less than 4 months supply). However, with an increase in sales compared to last year, and listings not growing as rapidly as many areas, Suwanee is still looking solid.
Between $200k and $400k, there are 311 listings for sale, and 11.2 months of supply. The Absorption Rate for March was slightly better than for February. But, sales (34 units) were slightly below last year (36 homes).
From $400k to $600k, there are 98 homes on the market. The absorption rate is at 14.7 months. March sales were equal to January and February... combined, with 10 homes sold. It was also well above the 6 homes sold in March, 2009.
In the $600k to $800k arena, there are 48 listings, with about a 24 month supply. Sales for march were pretty strong at 5 homes. That is well above the 3 for March, 2009, and for the combined 3 sales in December through February.
The range from $800k to $1m, there are 7 homes listed and approximately 21 months of inventory on the market. There has only been 1 sale at this price level in December through March.
Above $1m, there are 37 properties listed. The current absorption rate indicated about 27¾ months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. In fact, for March there were 3 sales, and that dropped the Absorption rate from 57 months.
Suwanee, GA is a suburb of Atlanta in Gwinnett, Forsyth and (just a little bit) in Fulton Counties. The population is 2000 was 8,725, but that only included the area inside the city limits, and it had seen tremendous growth since that census. Money Magazine rated Suwanee in the “Top 10 Best Places to Live” in 2007, and it is one of the wealthiest parts of Georgia. Recently, the City of Suwanee has revamped their old town, adding a large park with a bandshell, condos, town homes and small businesses. It is also home to North Gwinnett High School, Peachtree Ridge and Collins Hill.
I have a page dedicated to Suwanee Market Data.
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- Suwanee Market Report - February, 2010 (lanebailey.com)
- Money Magazine Likes Suwanee, GA (gwinnettgarageguy.com)
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