Based upon numbers for Gwinnett County single-family detached home sales through October 2012, prices have begun a slow and steady increase. According to the latest price analysis from REDataCenter, Gwinnett’s price bottom began to form in the middle to end of 2011. Prices remained somewhat flat through January of 2012. Since then, month over month and year over year gains have been noted nearly every month. Gwinnett’s lowest average sale price of $126,049 occurred in January of 2012. The current average sale price of $157,348 represents a year over year gain of 15.9%, when comparing October 2012 to October 2011 sales.
As discussed in my previous Gwinnett housing market update December 2012, inventory levels have fallen dramatically. Months of inventory supply and average sale prices vary by cities, zip codes and high school clusters. If you’re looking to sell, get your home in its best condition possible to achieve the best price and lowest days on market. Whether you’re looking to purchase your first home, or to move up, be quick and decisive. Look around, get to know the inventory and be ready to act quickly if you find “the one”. Well priced homes are receiving multiple offers and frequently selling above list price. Consult a local REALTOR® to help you learn more about homes and pricing in your area, as well as to help you navigate the offering and contracting phases of buying or selling your home. Not all real estate agents are REALTORS®. Insist on finding one who is.
If you would like statistical information or a detailed analysis for your area, contact me. I’ll be glad to help!
Here’s a little burst of good news for a change! Inventory of detached, single family housing in Gwinnett has reached a 3 month supply, according to October numbers. This represents a steady and consistent decline from 6 months of inventory, over the past 15 months. Typically, a 3 month supply of homes indicates a hot market. October 2012 is the fourth straight month to come in at the 3 month mark. In October 2011 there were 5,088 homes actively for sale in Gwinnett. That number fell to 2,480 in October 2012 for a decline of 51.3%.
Why is this good? It’s simple supply and demand logic. Fewer homes on the market give you less competition when selling yours. Gwinnett distress sales are still leading the way. As these deplete, it becomes more lucrative for traditional home sellers to enter the market. Some price points and areas are seeing a lower amount of inventory, with some as low as 2 weeks! Others are a bit higher. Selling in today’s market is still tricky. Price matters!! Even with declining inventory, an over-priced home will fare poorly against today’s competition. However, many buyers who don’t have time or the patience to deal with purchasing a short sale or foreclosure will happily make a solid offer for a well-priced home in good condition. If you want top dollar, you’d better make it shine!
If you would like a detailed analysis for your home or your area, I’d be glad to help! E-mail, call or text me for more information. I also have numbers available for attached (condo/townhouse) property.
Another RETSO (RETechSouth) is in the history books. RETechSouth began 5 years ago as a way for real estate industry professionals to come together and learn how to use up and coming technologies and systems to bring more business. This is my third RETSO, and I look forward to it more and more every year. As with past events, this one topped them all with a fresh, timely and relevant perspective on social media and technology not only for us to consider in real estate, but for our lifestyle and lives. However, as today’s final events got underway, I couldn’t help but thinking about the threethings I really hate about RETSO!
1. I can only be in one place at a time.
The event opened strong with Bill Lublin ( @billlublin on twitter ) doing an outstanding job as MC and delivering opening remarks. This lead right into a simply captivating session with Jeff Turner ( @jeffturner ) making us all think very carefully about whether we were using social media, or it was using us. I absolutely love being challenged to look deeper into my daily habits to separate what is really working from what really just amounts to noise. This set in motion hours upon hours of amazing speakers delivering amazing content, which required difficult choices of which ones to attend and which to skip. Do I learn tips for balancing social media with a customer focused strategy, how to create a better user experience in my website or learn how “Facebook Ads Eat Google Adwords For Lunch”? The entire conference was focused on examining helpful tools like video, lead conversion, marketing, legal updates, and tackling some of the most controversial topics in our industry today. And yes, I’m referring to the Syndication Showdown Cage Match with Rob Hahn ( @robhahn ), Jay Thompson ( @PhxREguy )and Bill Lublin. No final determination was reached on winners/losers in this topic, but what’s important is that it was discussed. I’m not really sure that there is a right/wrong, black/white answer for this. I see it more as another opportunity for our current industry practices to once again adapt to new tools and technologies. Another session of truly honorable mention was delivered by Matthew Shadbolt ( @Corcoran_Group ). Did you know that there are over 150 internet addiction centers in Korea? I sure didn’t. Matthew reminded us that electronic devices have OFF buttons for a reason. I could name every session and presenter in the series, as they were all outstanding, but that would make this an even longer article.
2. Two days go by WAY too fast.
The planned sessions are wonderful. But much of the magic happens outside of these sessions at the lunch and dinner gatherings, tweetups and sometimes even a little karaoke. It’s during these times that we can discuss the current topics and classes and bring to real life the numerous relationships which have often begun online and from a long distance. This year, many attendees came from places as far away as California, Oregon, Russia and Australia! Unfortunately, I missed meeting face to face with some of the great people I’ve hoped to meet.
The highlight of my between session time was getting the opportunity to meet Nicole Beauchamp ( @nikkibeauchamp ) in person and spend more time with Debbie Kirkland ( @FloridaSunSales ) and of course, my very awesome local friends Sarah, Lane and Ken. I’ll have find opportunities to connect with those I missed before next RETSO!
Fast forward, past the sessions and evening events, to Brian Copeland’s ( @NashvilleBrian ) presentation – Viral. I’ll tell you that I was glad the room was dark, since he literally brought a tear to my eye. In usual “NashvilleBrian” fashion, he brought serious thought and reflection about with fantastic humor and deep compassion. Brian challenged us to consider, whether we want to be viral for a few brief moments, or provide social value giving ourselves a much longer and more rewarding ride with the opportunity to make things better for others along the way. And with that, the session are over.
3. I really, really HATE when RETSO is over!
Item number three has been nagging me all day. After what appeared to be the end of the event, Brad Nix ( @bnix ) came up to close the event with a special announcement. It seems that I’m not the only one who really hates when RETSO ends. Brad announced their plan to do more with regard to carrying on the positive momentum of RETSO beyond the actual event. It is great news that Daniel Rothamel ( @drothamel ) will be taking on the new role of Community Curator for RETSO. I absolutely LOVE that Brad and all of the RETSO team is working hard to give our community a place to share and grow ideas which will help shape our industry. It makes me a little less sad to see the event end knowing that the momentum and fire, as Daniel put it, will continue to burn and flourish.
To EVERYONE who worked so very hard to provide another fabulous RETSO and everyone who did his/her part by attending and participating, I say THANK YOU. You’ve all made a difference in my life and probably others, as well. Now, to make plans for RETSO 6.0!!!!!!!
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
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!
2011 year end home sales and market report for Hambridge North
Hambridge North is a 90 home subdivision located on Lawrenceville-Suwanee Rd., in Lawrenceville, GA. The neighborhood is situated between Hwy 316 and I-85, bordering Suwanee, in the Collins Hill school district. Homes in Hambridge North were built in the early 1990’s, are single family and have a variety of brick, stone, stucco and siding front elevations.
Here is how the real estate market looked for Hambridge North in 2011, including properties currently on market today.
Available – currently being marketed for sale. Pending Sale – under contract, waiting to close. Sold – Closed transactions. Closings listed in this report included all available data for 2011.
The property which sold for $95k was a short sale in considerably less than move-in ready condition. The other three properties were sold as traditional resales, meaning that they were not distress sales. Two of the homes sold for cash, the other two required financing.
Take a look at this short slideshow for a higher level view of how the market is moving in the Collins Hill school district.