Gwinnett County Real Estate Market Report 6 08

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

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.

May Numbers - Preliminary
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.

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.

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.

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

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.

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.

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.

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)

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.

Average Sales Price
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.

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.

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.

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Gwinnett County Real Estate Market Report 6 08

by LaneBailey

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