Are you looking for a real estate bargain in Gwinnett? Do your homework and prepare to move quickly. Housing inventories are shrinking in many price points, leading to multiple bids on available properties within days of hitting the market. Average months of inventory for price points at $200k and below are less than 6 months, with $50k and below just over a 1 month supply. This number drops even further when drilled down to some high school district levels. Average months of inventory indicate approximately how long it will take a home to sell under current conditions. Of course, some will move faster than others.
Average months of Inventory by price point:
- $0 – $50k 1.1 months
- $50,001 – $100k 2.3 months
- $100,001 – $150k 3.8 months
- $150,001 – $200k 5.1 months
- $200k – $500k 7 – 8 months
- $500k – $700k varies from 7 – 13 months
- $700k and up 23.3 months
Average months of Inventory by high school cluster:
- 3 months or less – Berkmar, Buford, Central Gwinnett, Meadowcreek
- 3 – 4 months – Archer, Collins Hill, Dacula, Grayson, Mountain View, Shiloh, South Gwinnett
- 4 – 5.5 months – Brookwood, Duluth, Mill Creek, Norcross, Parkview
The pace of sales (measured here by contracts written) has been on a steady increase, shattering almost every month over the last 4 years. The only month which comes close was April 2010 due to the first time home buyer tax credit. Here is a quick snapshot of February 2012 compared to the last 4 years.
- February 2012 – 1,198 homes under contract
- February 2011 – 782
- February 2010 – 608
- February 2009 – 549
- February 2008 – 605
Prices however, will take longer to rebound. Since 2008, average home prices in Gwinnett have dropped by $100k.
- February 2012 – $131,743
- February 2011 – $146,765
- February 2010 – $177,178
- February 2009 – $180,014
- February 2008 – $239,689
Take a look at the detail in the attached charts. It will be interesting to see what happens over the next several months with inventory. Some say that the banks are holding back “shadow inventory” which may later flood the market with additional properties. From what I’ve seen, foreclosed properties are being returned to market rather quickly. We’ll just have to watch together! I can tailor market reports for your area. Call, e-mail or text me for more information!