Gwinnett County Real Estate Market Report 6 08

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This is my market report for real estate in Gwinnett County, GA for April and May, 2008

This is my market report for real estate in Gwinnett County, GA for April and May, 2008

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  • 1. Gwinnett County Real Estate Market Report April – May 2008
  • 2. April Numbers - Updated
    • 2498 New Listings
    • 598 Sold Listings
    • 847 Listings Pending
    • Average 97 Days on Market for Sold Listings
  • 3. 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.
  • 4. May Numbers - Preliminary
    • 2149 New Listings
    • 365 Sold Listings
    • 755 Listings Pending
    • Average 95 Days on Market for Sold Listings
  • 5. 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.
  • 6. Days on Market (DoM)
  • 7. 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.
  • 8. New, Pending & Sold Listings
  • 9. 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.
  • 10. 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
  • 11. 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
  • 12. 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.
  • 13. 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.
  • 14. 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)
  • 15. New/Sold Ratio
  • 16. 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.
  • 17. Average Sales Price
    • April - $222,934 Down 10.2% from April, 2007.
    • May - $227,010 Down 6.3% from May, 2007
  • 18. 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.
  • 19. 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.
  • 20. 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.