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.
Preliminary stats for Duluth, August, 2010 indicated that there were 639 properties on the market. Overall, there is about an 9.2 month supply of properties, with a marked deceleration in Absorption Rate compared to last month. However, sales in August were 71, compared to 63 a year earlier.
In the sub-$200k arena, there were 242 listings, with about a 9.8 month supply. The Absorption Rate had gotten down into the high 4 month realm… and as recent as December, was in the low 5s. In May, it was at 7.9 months and has been rising since.
Between $200k and $400k, there are 173 listings for sale, and about 8 months of supply. Sales increased from 16 in 2009 to 25 in 2010. Inventory has been sliding downward, too.
From $400k to $600k, there were 69 homes on the market. The absorption rate was around 8.3 months. While sales haven't been super strong, they haven't been bad for this price segment. I keep looking back at the 5.65 month absorption rate in December...
In the $600k to $800k arena, there were 60 listings, with about 6.9 months of supply. This is amazingly strong for this price level. Sales were 6 for August, 2010 v 3 last year. But, the three months of Jun-Aug 2010 were 26 v 10 last year. At this level, that is huge.
The range from $800k to $1m, there were 34 homes listed and approximately 11.3 months of inventory on the market. Reduced inventories and increased sales are fueling the increasingly favorable Absorption Rate (it was 67.5 months in February)
Above $1m, there were 61 properties listed. The current absorption rate indicated about 20.3 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates… There were 9 sales in the Jun-Aug period this year, and 16 sales for the same time last year... but inventories have been dropping.
I have a page dedicated to Duluth Market Information.
from LaneBailey.com
Comments(0)