After listening to many media outlets talk about how bad the real estate market is, I thought it would be helpful to post some actual statistics for Gwinnett County Real Estate and other surrounding counties. Since real estate is very localized, what's happening in some parts of the country and state for that matter may not apply here in Gwinnett County. So, on a bi-weekly basis I will be posting some useful and very telling market statistics for Gwinnett County real estate as well as surrounding Barrow County, Walton County and Jackson County.
This data is pulled straight from the local MLS and provides real time statistics for sales, active listings, change from the previous year and so on. If you're considering selling your Gwinnett County home or maybe your moving to the area, take some time to bookmark this blog or subscribe to the feed so you can stay up to date on what's going on in Gwinnett County Real Estate. If you have any questions about the data posted here, just contact me and I would be happy to speak with you about it.
The following stats compare 2007 to so far in 2008 for Gwinnett County only.
Measure Month 2008 2007 % Change
New Listings
January
2,186
2,318
- 5.7%
February
1,968
2,100
- 6.3%
March
2,098
2,686
- 21.9%
April
2,263
2,553
- 11.4%
May
2,027
2,636
- 23.1%
June
2,070
2,561
- 19.2%
July
1,939
2,365
- 18.0%
August
1,715
2,312
- 25.8%
September
1,703
1,729
- 1.5%
October
0
2,007
0.0%
November
0
1,657
0.0%
December
0
1,340
0.0%
Notice the significant decline in new listings in August when gas was at $4 per gallon and the media was warning about the collapse of major banks and financial institutions.
There has been a drastic decline in closed sales in 2008 compared to 2007 but notice things seemed to have stopped sliding so drastically since July.
| Measure | Month | 2008 | 2007 | % Change |
|---|---|---|---|---|
| Closed Sales (units) | January | 439 | 643 | - 31.7% |
| February | 511 | 729 | - 29.9% | |
| March | 565 | 971 | - 41.8% | |
| April | 598 | 882 | - 32.2% | |
| May | 689 | 1,000 | - 31.1% | |
| June | 714 | 1,029 | - 30.6% | |
| July | 677 | 995 | - 32.0% | |
| August | 658 | 933 | - 29.5% | |
| September | 663 | 630 | 5.2% |
This next chart is not surprising with all we've heard about in the news lately about foreclosure rates but the numbers are, well just plain scary!! (It's October, thought I'd throw in a Halloween reference!)
| Measure | Month | 2008 | 2007 | % Change |
|---|---|---|---|---|
| New Foreclosures | January | 336 | 190 | 76.8% |
| February | 277 | 182 | 52.2% | |
| March | 338 | 229 | 47.6% | |
| April | 327 | 192 | 70.3% | |
| May | 328 | 167 | 96.4% | |
| June | 365 | 203 | 79.8% | |
| July | 340 | 169 | 101.2% | |
| August | 356 | 200 | 78.0% | |
| September | 405 | 211 | 91.9% |
WOW! Look at July. Over a 100% increase from 2007 in foreclosures.
Currently in Gwinnett County there is an average of 13.5 months of inventory on the market. This means that if nothing else was put on the market, it would take about 13.5 months to sell the inventory currently listed. This includes foreclosures and short sales. What does all this mean? If you don't have to sell right now my advice would be to sit tight and wait until spring. Hopefully by then the banks will loosen the lending strings a little and buyers will come back with money in pocket!
You're probably thinking "Steve, why are you telling sellers not to put their house on the market, You're a Realtor". It's not good for anyone involved to have a house that sits on the market for any extended period of time due to pricing. In this market, price is most important and if you can't afford to price your home competitively, you're better off waiting.
If you would like a more specific market analysis of your home or neighborhood, contact me and I'll be happy to send one. Then when you're ready to sell, give me a call and I'll do a more in depth analysis and get your home priced correctly for the fastest sell possible.
All information and graphs in this post are courtesy of GAMLS.
Steve Rider REALTOR with Keller Williams Realty Lanier Partners Braselton Ga, selling homes in Winder, Braselton, Dacula, Lawrenceville, Buford, Grayson, Loganville, Monroe and surrounding areas of Barrow, Walton and Gwinnett County Georgia. Go to WWW.SteveRider-Realtor.com to see my featured listings or search for your new home.
If you're looking for a home in Gwinnett County contact me either by clicking on the email link or call me toll free at 800-765-0460 or 404-663-7063 direct. I'm a life long resident of this area with life long knowledge of the market.
Copyright Steve Rider All Rights Reserved Gwinnett County Georgia Market Analysis-It's a Buyer's Paradise!
