The attached information was pulled from FMLS or First MLS. What do all these numbers tell us about the 30043 zip code of the Lawrenceville housing market? I think they tell the story of recovery. It is worthy to note, that not just in this zip code in Lawrenceville, but across Lawrenceville on the whole we are seeing not just over the past month, but over the past 12-18 months housing inventory dropping to May of 2006 levels - a.k.a "before the bubble" broke.. The number The number of sold's is down, but the encouraging thing is that the number of pending sales, those that are under contract, are up dramatically in each period.1 MONTH 1 YEAR 18 MONTHS 08/12 09/12 % CHANGE 09/11 09/12 % CHANGE 03/11 09/12 % CHANGE FOR SALE 242 211 -12.8% 345 211 -38.8% 392 211 -46.2% SOLD 92 73 -20.7% 72 73 1.4% 80 73 -8.8% PENDING 164 186 13.4% 152 186 22.4% 163 186 14.1%
Referring to the attached chart, what I like to see too are the following. Month's of supply, also called absorption rate, has continued to plummet. Over the past twelve months we see a market segment that has gone from a high of 5.3 months of inventory down to a scant 2.9! This my friends is the annoucement of a "Seller's Market." It will take the media approximately 6-12 months to catch up with me here, but note that anything less than about 6 months of housing inventory is a clear Seller's Market.
What about home prices? At their low in January of this year the average sales price was $134,500. Last month we were at $144,200. In March of this year we saw low's for the past twelve months in home prices at $121,700 by comparison. Average list price on sold listings a year ago was at $172,000 whereas today the average list price is $194,000! The average list price when the average pending or under contract listing was changed to "under contract" has gone from $146,000 a year ago to $157,600 today! There are positive signs across the board!
Much of this we can attribute to fewer distressed properties, foreclosures or short sales. From June-September of 2012 Gwinnett County Homes received 6,340 preforeclosure notices compared to 1,106 foreclosures. These event types represent potentially negative pricing pressure on a given market as eventually these properties can migrate into either short sales or bank owned sales.
On the demand side of the equation, during this time period there were 4,634 total sales in Gwinnett County. It is important to note the difference in seller types that make up this data component. 1,675 sales were REO Sales (bank/government owned sales) while 2,959 sales were Market Sales, or qualified transactions where the seller was not a bank of government entity. This means that in Gwinnett County that less than 36 percent of all sales were bank or government owned sales. Compare this with October a year ago through January 2012 where more than half (56 percent) of all sales were bank/government owned.
Take a look at the October Monthly Video Market Update!
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