Gwinnett County Real Estate Market Report May – June 2008

May Numbers - Updated 2231 New Listings 757 Sold Listings 850 Listings Pending Average 96 Days on Market for Sold Listings

2231 New Listings

757 Sold Listings

850 Listings Pending

Average 96 Days on Market for Sold Listings

May 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.

June Numbers - Preliminary 2226 New Listings 551 Sold Listings 781 Listings Pending Average 94 Days on Market for Sold Listings

2226 New Listings

551 Sold Listings

781 Listings Pending

Average 94 Days on Market for Sold Listings

June 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 750 closed sales for June.

*While all of these numbers are subject to revision next month, the Sold Listings tend to have the most radical revision. I am estimating 750 closed sales for June.

Days on Market (DoM)

Conclusions Days on Market usually drop in April, May and June. I expect to see mid-90 DoM for May (at 96), June (at 94). 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 (at 96), June (at 94).

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

New, Pending & Sold Listings

Conclusions I expect to see June Sales come in around 750 units. I was 100 low for May… Look for New Listings to slow. If coupled with increase in Pendings and Solds, that is a signal of strength.

I expect to see June Sales come in around 750 units. I was 100 low for May…

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

May Absorption Rates 9931 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: 14.2 months inventory 6 month average: 17.4 months inventory 3 month average: 15.5 months inventory

9931 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: 14.2 months inventory

6 month average: 17.4 months inventory

3 month average: 15.5 months inventory

June Absorption Rates 9864 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: 15.0 months inventory 6 month average: 17.4 months inventory 3 month average: 15.5 months inventory

9864 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: 15.0 months inventory

6 month average: 17.4 months inventory

3 month average: 15.5 months inventory

Conclusions While the June numbers aren’t final, they are still showing a strengthening of the market. Look for the 3 month average Absorption Rate to drop under 14.5 months. If this happens, it will be a clear sign of strengthening. There is still a long way to go, 6 months is considered balanced.

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

Look for the 3 month average Absorption Rate to drop under 14.5 months.

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

There is still a long way to go, 6 months is considered balanced.

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 May, 34% as many homes sold as were listed during the month. This means that on average, for each 3 homes that were put up for sale, 1 sold. In June, early numbers point to 25% (1:4)

In May, 34% as many homes sold as were listed during the month. This means that on average, for each 3 homes that were put up for sale, 1 sold.

In June, early numbers point to 25% (1:4)

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 latest month is always suspect, as the final numbers are never the same as preliminary.

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 latest month is always suspect, as the final numbers are never the same as preliminary.

Average Sales Price May - $221,567 Down 6.3% from May, 2007 June - $235,701 Down 6.2% from June 2007

May - $221,567 Down 6.3% from May, 2007

June - $235,701 Down 6.2% from June 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 May – 96.01% June – 96.06% 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.

May – 96.01%

June – 96.06%

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.