As I type, there are 346 detached, residential properties listed for sale in Gwinnett’s Collins Hill area. These properties range in list price from $856k down to $35k. They breakout something like this:
|Up to $100k||$100,001 – $200k||$200,001 – $300k||$300,001 and up|
Now, let’s compare those numbers to the past six months of sales.
|Up to $100k||$100,001 – $200k||$200,001 – $300k||$300,001 – $400k|
In case you’re wondering… No, my spreadsheet is not broken. Yes, I can count above $400k. I just can’t count what isn’t there. The obvious “sweet spot” in this area is the $100k – $200k price point. Above $200k, the number of sales begins to drop and above $400k, well… nothing. The pace of 2010 sales is actually comparable to both 2008 and 2009, while prices still struggle to find a floor. Since its peak around December of 2007, the Collins Hill area has seen an overall price drop of about $70k. The greatest drop was from July to November of 2008, followed by more gradual decreases. Wholesale properties (foreclosures and other distress sales) continue to dominate the market. As the chart below shows, typical retail sales make up more than half of the active listings, but wholesale properties lead the way with well over half to almost ¾ of sales. The overall average months of inventory for Collins Hill is 8.8 months, with retail listings at 12.4 months, wholesale listings at 6.1 months and new construction listings at 24 months.
This represents a fabulous opportunity to get a wonderful home, in a great Gwinnett location for a very affordable price. You’ll find some really great homes on really great lots just waiting for you!
If you are considering putting your home on the market, it MUST be in the best condition possible. Take a look around your home. If you see lots of wall paper – remove it, old appliances – replace them, tired kitchens or baths – update them, old worn carpet – replace it. Clean it, shine it and then take another look. There are many things you can do to update your home that won’t leave your piggy bank crying in pain. A fresh coat of paint, removing old wall paper, cleaning, general repair, etc… You should pay attention to every detail if pricing above $200k.
If you need to sell your home and find that you’re one of the many “underwater” homeowners, contact your lender and consult an industry professional. REALTORs with the SFR (Short Sale and Foreclosure Resource) designation have completed additional training and have access to the latest information on the rapidly changing rules and guidelines. As an SFR, I can help you drive the transaction to give you the greatest opportunity for success.
There it is the tough reality of Collins Hill area real estate. Please don’t shoot the messenger. I promise you this was as difficult for me to write as it is for you to read. I’ll keep watching and let you know of changes. I look forward to being the bearer of good news, in the future!!