Market stats for Buford, GA, November, 2010 indicate that there were 566 properties on the market. Overall, there was about an 10.2 month supply of properties. December was slightly above last year (62 v 52 for 2009). But it was also a pretty substantial bump from November (44 sales). There were 83 sales in June and an Absorption Rate under 8.5 months.
In the sub-$200k arena, there were 325 listings, with a 9.1 month supply. Again, this is the largest price segment in this area, so being up by 10 sales over last year (41 v 31) strengthens the whole market area. It is also a pretty nice increase over November (29 sales).
Between $200k and $400k, there were 193 listings for sale, and about 11.1 months of supply. While there was a slight increase in sales compared to November (16 v 13), it was also a decrease from last year (19). Strangely, this segment has been improving for the last four months. Much of that is due to decreased inventory.
From $400k to $600k, there were 27 homes on the market. The absorption rate is almost 20.1 Months. This shouldn't be acting like a high-end luxury segment, but it is. There have been 4 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 2 sales in November, 2010... and 3 this year. Last month's 57 months of inventory looks like an anomaly.
In the $600k to $800k arena, there were 7 listings. Absorption Rate is 21 months... but it jumps around a lot. 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 this year... the last was this past November.
The range from $800k to $1m, there were 3 homes listed. And with only 1 sale in the last year (Feb 10) until this month (2 more), 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).
I have a page dedicated to Buford Market Data.
- Buford, GA, Market Report, November 2010 (lanebailey.com)
- Buford, GA, Market Report, October 2010 (lanebailey.com)
- Buford, GA, Market Report, September 2010 (lanebailey.com)
Buford GA Market Reports on LaneBailey.com