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, April, 2010 indicated that there were 629 properties on the market. Overall, there is about an 11.2 month supply of properties, with a marked deceleration in Absorption Rate. However, sales in April were 65, compared to 58 a year earlier.
In the sub-$200k arena, there were 196 listings, with about a 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. January was the stinker month, with both February, March and April showing increases over 2009.
Between $200k and $400k, there are 191 listings for sale, and about 13.3 months of supply. Sales increased from 16 in 2009 to 17 in 2010. Inventory has been marching upward.
From $400k to $600k, there were 61 homes on the market. The absorption rate was around 9.6 months. While March and April were up, January and February were both down. I keep looking back at the 5.65 month absorption rate in December...
In the $600k to $800k arena, there were 73 listings, with about 11.5 months of supply. The change from last month was pretty big. Down from 15.2 months. Much of this is due to March sales being up from 2 in 2009 to 9 this year, and April from 2 to 6.
The range from $800k to $1m, there were 37 homes listed and approximately 22.2 months of inventory on the market. This is a major leap from last months 44 months of supply.
Above $1m, there were 71 properties listed. The current absorption rate indicated about 23.7 months of inventory. A couple of sales at this level could have a large impact on the Absorption Rates… (from January’s report) We are only showing 3 sales in the last three months, none in January… The prior year there were 8 sales in the same 3 month period. There were 3 sales in Feburary, and we went from 66 to 40 months of inventory. The 1 sale added in March and the 2 sales dropping off from December bumped up the Absorption Rate... and then April rocked the house with 5 sales.
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In the sub-$200k arena, there were 162 listings, with about a 8.7 month supply. But that shows a slowing. The Absorption Rate had gotten down into the high 4 month realm... and as recent as December, was in the low 5s.