Lilburn

Gwinnett County Market Report for February

February 10th, 2009 Categories: For Buyers, For Sellers, Lilburn

It has taken me a few extra days, but here it is… the market report for Gwinnett County covering December and January.

As always, stay tuned for more interpretation after the slideshow.

Gwinnett County Real Estate Market Report 2 09

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The market is rough right now. There is NO way to sidestep it, nor to put lipstick on that pig. Going against the numbers from a year ago, just about everything is down… and we thought it was a bloodbath then. The only bright spot is that New Listings are also down… and inventory is substantially lower than the previous year. Also, Pendings are only off by pennies… which forebodes well for sales. But, sales ARE still down. Prices are taking a beating. Days on Market isn’t showing any kind of clear direction.

This spring will be interesting. Of course, we won’t know if there is a market turn until several months after it happens, but it could happen this spring. Keep in mind that as I write this in the first week of February, I am only now able to look at solid numbers from December. And the bump that we had in September is now obviously NOT a market turn. But, previously we didn’t know if it was an anomaly or the start of a trend.

While there are signs of strength, there are dangers. There are a lot of frustrated sellers that pulled their homes from the market. Some have been able to rent their homes, others haven’t. There is always a chance that if the market starts to show signs of recoveries, many of these sellers would retry their luck in the market. A surge in inventory would likely extinguish the embers of a recovery.

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