Gwinnett County Real Estate Market Report April – May 2008

April Numbers - Updated 2498 New Listings 598 Sold Listings 847 Listings Pending Average 97 Days on Market for Sold Listings

2498 New Listings

598 Sold Listings

847 Listings Pending

Average 97 Days on Market for Sold Listings

April Numbers - Updated *Listings Pending may have closed in April, may have closed in May, may close in some other month, or may fail to close. But, there IS overlap with Sold Listings.

*Listings Pending may have closed in April, may have closed in May, may close in some other month, or may fail to close. But, there IS overlap with Sold Listings.

May Numbers - Preliminary 2149 New Listings 365 Sold Listings 755 Listings Pending Average 95 Days on Market for Sold Listings

2149 New Listings

365 Sold Listings

755 Listings Pending

Average 95 Days on Market for Sold Listings

May Numbers - Preliminary *While all of these numbers are subject to revision next month, the Sold Listings tend to have the most radical revision. I am estimating 650 closed sales for May.

*While all of these numbers are subject to revision next month, the Sold Listings tend to have the most radical revision. I am estimating 650 closed sales for May.

Days on Market (DoM)

Conclusions Days on Market usually drop in April, May and June. I expect to see mid-90 DoM for May and June. If DoM drops further, or continues to decline in July, that could signal strength.

Days on Market usually drop in April, May and June. I expect to see mid-90 DoM for May and June.

If DoM drops further, or continues to decline in July, that could signal strength.

New, Pending & Sold Listings

Conclusions I expect to see May Sales come in around 650 units. Look for New Listings to slow. If coupled with increase in Pendings and Solds, that is a signal of strength.

I expect to see May Sales come in around 650 units.

Look for New Listings to slow. If coupled with increase in Pendings and Solds, that is a signal of strength.

April Absorption Rates 9788 Listings on the market in Gwinnett County at the end of April, and sales averaged over 12, 6 and 3 month periods. 12 month average: 13.5 months inventory 6 month average: 18.0 months inventory 3 month average: 17.5 months inventory

9788 Listings on the market in Gwinnett County at the end of April, and sales averaged over 12, 6 and 3 month periods.

12 month average: 13.5 months inventory

6 month average: 18.0 months inventory

3 month average: 17.5 months inventory

May Absorption Rates 9931 Listings on the market in Gwinnett County at the end of May, and sales averaged over 12, 6 and 3 month periods. 12 month average: 14.9 months inventory 6 month average: 19.7 months inventory 3 month average: 19.5 months inventory

9931 Listings on the market in Gwinnett County at the end of May, and sales averaged over 12, 6 and 3 month periods.

12 month average: 14.9 months inventory

6 month average: 19.7 months inventory

3 month average: 19.5 months inventory

Conclusions While the May numbers aren’t final, they are still showing a strengthening of the market. Look for the 3 month average Absorption Rate to drop under 17 months. If this happens, it will be a clear sign of strength.

While the May numbers aren’t final, they are still showing a strengthening of the market.

Look for the 3 month average Absorption Rate to drop under 17 months.

If this happens, it will be a clear sign of strength.

New/Sold Ratio This ratio compares new listings and sold listings for a given month. It is useful to sellers in determining a pricing strategy.

This ratio compares new listings and sold listings for a given month. It is useful to sellers in determining a pricing strategy.

New/Sold Ratio In April, 24% as many homes sold as were listed during the month. This means that on average, for each 4 homes that were put up for sale, 1 sold. In May, early numbers point to 17% (1:6)

In April, 24% as many homes sold as were listed during the month. This means that on average, for each 4 homes that were put up for sale, 1 sold.

In May, early numbers point to 17% (1:6)

New/Sold Ratio

Conclusion The weakness of the N/S% shows that few homes are priced attractively to Buyers. This number tops around 67% Anything under 33% is very weak. Look for the mid 30s this summer.

The weakness of the N/S% shows that few homes are priced attractively to Buyers.

This number tops around 67%

Anything under 33% is very weak.

Look for the mid 30s this summer.

Average Sales Price April - $222,934 Down 10.2% from April, 2007. May - $227,010 Down 6.3% from May, 2007

April - $222,934 Down 10.2% from April, 2007.

May - $227,010 Down 6.3% from May, 2007

Average Sales Price Average prices may be volatile, affected by strong or weak sales of homes priced in particular ranges. This number doesn’t really give an indication of market direction except in the broadest sense.

Average prices may be volatile, affected by strong or weak sales of homes priced in particular ranges.

This number doesn’t really give an indication of market direction except in the broadest sense.

List Price/Sales Price Ratio April – 96.33% May – 96.01% Over the last few years Sale Prices generally held between 97% and 98.5%, although there have been some dips into the high 96% range in the last few months.

April – 96.33%

May – 96.01%

Over the last few years Sale Prices generally held between 97% and 98.5%, although there have been some dips into the high 96% range in the last few months.

Conclusion List/Sale Price % gives an indication of Buyer strength. It also shows whether Sellers are being realistic with pricing. The indications are also very general.

List/Sale Price % gives an indication of Buyer strength.

It also shows whether Sellers are being realistic with pricing.

The indications are also very general.