Market stats for Buford, GA, October, 2010 indicate that there were 616 properties on the market. Overall, there was about an 11 month supply of properties. Sales were down radically in July (19 v 71 for 2009), but August was back in the realm (57 v 61 for 2009). September was slightly below last year (52 v 60 for 2009). October was back to the pits (60 v 89 in 2009). The magic has been a little underwhelming since June.
In the sub-$200k arena, there were 314 listings, with a 9 month supply. Sales for July were down by 70%. There was actually one extra sale for August, but two less in September. October was 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 because of the terribly weak July dropping off of the 3 month rate.
Between $200k and $400k, there were 234 listings for sale, and about 12.3 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.
From $400k to $600k, there were 45 homes on the market. The absorption rate is around 22.5 months. This shouldn't be acting like a high-end luxury segment, but it is. There have been 6 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.
In the $600k to $800k arena, there were 6 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 6 homes has made things look less slow… but there have been 2 sales in this segment since November... but one was in September.
The range from $800k to $1m, there were 5 homes listed. And with only 2 sales in the last year (Nov. 09 and Feb 10), obviously trends are hardly definable. At least listings are down by 50% compared to last month.
Above $1m, there were 12 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, September 2010 (lanebailey.com)
- Buford, GA, Market Report, August 2010 (lanebailey.com)