Gwinnett County Real Estate Market Report 7-08

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Gwinnett County Real Estate Market Report 7-08

  1. 1. Gwinnett County Real Estate Market Report May – June 2008
  2. 2. May Numbers - Updated <ul><li>2231 New Listings </li></ul><ul><li>757 Sold Listings </li></ul><ul><li>850 Listings Pending </li></ul><ul><li>Average 96 Days on Market for Sold Listings </li></ul>
  3. 3. May Numbers - Updated <ul><li>*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. </li></ul>
  4. 4. June Numbers - Preliminary <ul><li>2226 New Listings </li></ul><ul><li>551 Sold Listings </li></ul><ul><li>781 Listings Pending </li></ul><ul><li>Average 94 Days on Market for Sold Listings </li></ul>
  5. 5. June Numbers - Preliminary <ul><li>*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. </li></ul>
  6. 6. Days on Market (DoM)
  7. 7. Conclusions <ul><li>Days on Market usually drop in April, May and June. I expect to see mid-90 DoM for May (at 96), June (at 94). </li></ul><ul><li>If DoM drops further, or continues to decline in July, that could signal strength. </li></ul>
  8. 8. New, Pending & Sold Listings
  9. 9. Conclusions <ul><li>I expect to see June Sales come in around 750 units. I was 100 low for May… </li></ul><ul><li>Look for New Listings to slow. If coupled with increase in Pendings and Solds, that is a signal of strength. </li></ul>
  10. 10. May Absorption Rates <ul><li>9931 Listings on the market in Gwinnett County at the end of April, and sales averaged over 12, 6 and 3 month periods. </li></ul><ul><li>12 month average: 14.2 months inventory </li></ul><ul><li>6 month average: 17.4 months inventory </li></ul><ul><li>3 month average: 15.5 months inventory </li></ul>
  11. 11. June Absorption Rates <ul><li>9864 Listings on the market in Gwinnett County at the end of May, and sales averaged over 12, 6 and 3 month periods. </li></ul><ul><li>12 month average: 15.0 months inventory </li></ul><ul><li>6 month average: 17.4 months inventory </li></ul><ul><li>3 month average: 15.5 months inventory </li></ul>
  12. 12. Conclusions <ul><li>While the June numbers aren’t final, they are still showing a strengthening of the market. </li></ul><ul><li>Look for the 3 month average Absorption Rate to drop under 14.5 months. </li></ul><ul><li>If this happens, it will be a clear sign of strengthening. </li></ul><ul><li>There is still a long way to go, 6 months is considered balanced. </li></ul>
  13. 13. New/Sold Ratio <ul><li>This ratio compares new listings and sold listings for a given month. It is useful to sellers in determining a pricing strategy. </li></ul>
  14. 14. New/Sold Ratio <ul><li>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. </li></ul><ul><li>In June, early numbers point to 25% (1:4) </li></ul>
  15. 15. New/Sold Ratio
  16. 16. Conclusion <ul><li>The weakness of the N/S% shows that few homes are priced attractively to Buyers. </li></ul><ul><li>This number tops around 67% </li></ul><ul><li>Anything under 33% is very weak. </li></ul><ul><li>Look for the mid 30s this summer. </li></ul><ul><li>The latest month is always suspect, as the final numbers are never the same as preliminary. </li></ul>
  17. 17. Average Sales Price <ul><li>May - $221,567 Down 6.3% from May, 2007 </li></ul><ul><li>June - $235,701 Down 6.2% from June 2007 </li></ul>
  18. 18. Average Sales Price <ul><li>Average prices may be volatile, affected by strong or weak sales of homes priced in particular ranges. </li></ul><ul><li>This number doesn’t really give an indication of market direction except in the broadest sense. </li></ul>
  19. 19. List Price/Sales Price Ratio <ul><li>May – 96.01% </li></ul><ul><li>June – 96.06% </li></ul><ul><li>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. </li></ul>
  20. 20. Conclusion <ul><li>List/Sale Price % gives an indication of Buyer strength. </li></ul><ul><li>It also shows whether Sellers are being realistic with pricing. </li></ul><ul><li>The indications are also very general. </li></ul>

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