Archive for September, 2010
Posted By Lane Bailey on September 30th, 2010
Lilburn is in Gwinnett County, GA, just outside of Atlanta. As of the 2000 Census, there were 11,307 people in Lilburn, but that is only including people in the city limits, and there has been a lot of growth since 2000 in Gwinnett County. It was incorporated in 1910. Lilburn is home to Parkview High School, and also has students that the Brookwood, Berkmar and Meadowcreek clusters. It is also home to Killian Hill Christian School, Providence Chrisian Academy, St. John Neumann Catholic School and Parkview Christian School. Possibly the most famous resident of Lilburn is General Beauregard Lee, a groundhog with a better winter prediction record that Puxatawnee Phil up in PA. Dominique Wilkins, formerly of the Atlanta Hawks also lives in Lilburn.
Market stats for Lilburn, August, 2010, indicates that there are 481 properties on the market (as of August 31st). Overall, there is about a 9.6 month supply of properties. Lilburn is actually one of the better performing cities in Gwinnett County. Absorption Rates have been improving since March. In fact, in March the re was 15.3 months of inventory.
In the sub-$200k arena, there are 292 listings, with about an 7.8 month supply. This represents most of the sales in the market area, and reflects the same improvement in inventory levels since March. And, one other thing to keep in mind is that sales were VERY strong compared to August 2009 (38 v 25).
Between $200k and $400k, there are 162 listings for sale, and about 14.3 months of supply. This segment has also been getting stronger each month since March. However, there were only 9 sales in August 2010, compared to 13 last year.
From $400k to $600k, there are 22 homes on the market. The absorption rate is around 22 months. There were exactly the same number of sales in August 2009 (3) as this year, but there were no sales in this segment in May, June or July. Last summer was much stronger. With just a few sales, just a sale or two can make a huge difference.
Above $600k, there are 5 listings, but too few sales to have any sort of reliable number of months of inventory. There has been one sale in the last three months, but prior, there had only been a few other sales in 2010 (January and March). Two of the listings are above $800k, and there is no market activity in the last 12 months for that range…
I have a page dedicated to Lilburn Market Data.
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- Big League Dreams in Lilburn? (lilburndwellings.com)
- This is what I feared… Gwinnett Market Report – July, 2010 (lanebailey.com)
Posted By Lane Bailey on September 9th, 2010
The City of Lilburn is mulling over a plan to bring a ‘Big League Dreams‘ sports complex to the city. It would be located near US29 and Indian Trail-Lilburn Rd.
The plan is not without controversy, and the company is not without its detractors. And it isn’t cheap… the cost is expected to be $20M+ and the company has a history of going well over their initial estimates by the time construction completes. And that won’t likely be for 2+ years…
The Gwinnett Daily Post had an article the other day about it, and mentioned that there will be an agenda item about it on the September 13th City Council meeting.
What do you think? Is this a cool plan for Lilburn to revitalize itself? Or is it a boondoggle?
Posted By Matt Fagioli on September 8th, 2010
Just one week after reports of Existing Home Sales and New Home Sales plunging, the housing market is signaling that auturm may fare better than did summer.
The number of homes under contract to sell rose 5 percent in July.
The data comes from the July Pending Home Sales Index, as published by the National Association of Realtors®. By definition, a “pending home sales” is a home that is sold, but not yet closed.
Historically, 80% of such homes close within 60 days which makes the Pending Home Sales Index an excellent, forward-looking indicator for the real estate market.
Indeed, the nationwide drop in home sales this summer was foreshadowed by the Pending Home Sales report. The index dropped 30 percent in May. Then, two months later in July, it was shown that Existing Home Sales volume dropped 29 percent.
That’s a strong correlation.
Now, to be fair, the July Pending Home Sales Index is still relatively low; the second-lowest on record and well below last year’s numbers. But, the tick higher last month shows how housing may be stronger than than what the headlines report.
It appears that buyers in Lawrenceville took advantage of rising inventory, cheap financing, and stagnant prices, and pushed the market forward. We should expect similarly promising numbers when September’s Existing Home Sales data is released.
Posted By Jana Robison on September 4th, 2010
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