Lilburn » For Buyers

Lilburn, GA Market Report, April 2011

Lane Bailey — Fri, 27 May 2011 12:49:51 +0000

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Market stats for Lilburn, GA, April, 2011, indicates that there were 440 properties on the market (as of April 30th). Overall, there was about an 10.6 month supply of properties and 44 properties that closed (sold) in April. I had been looking for an increase in sales for March and it came through. And while April was an increase over last year’s sales (36), it was a decrease from March, 2011 (55 sales). Usually, we would be on an upswing until July or August. I’m still hopeful… the Absorption Rate notched down a little.

In the sub-$200k arena, there are 310 listings, with about an 9.6 month supply with 32 sales. This represents most of the sales in the market area. Sales dropped sharply from last month (43), and were only slightly above last year (31). While the Absorption Rate dropped slightly from 9.7 to 9.6 months of inventory, I really wanted to see more movement in this segment.

Between $200k and $400k, there are 115 listings for sale, and about 14.4 months of supply. This segment has been quite weak for months. Having 0 sales in December, and only 6 in November didn’t help. Nine sales in January was HUGE. But, February was back down below last year. March was strong last year, but a little stronger this year (9 v 8 in 2010). April was HUGE… 11 sales compared to just 4 last year. If May stays strong, this could signal a return to a more balanced segment… and Lilburn has been missing that.

From $400k to $600k, there are 11 homes on the market. The absorption rate is 11 months. There were no sales in this segment from December through February, but there were 2 in March, which really turned the segment around, followed by 1 sale for April. It doesn’t seem like much, but this is a segment hasn’t posted that many months with back to back sales… Watch May, because there haven’t been sales posted three months in a row since 2009.

From $600k to $800k, $800k to $1M and Above $1M, there are 4 listings (combined), but too few sales to have any sort of reliable number of months of inventory. March posted the first sale since August, 2010. It was in the $600-$800k range. One of the listings is above $1M (none between $800k and $1M), and there is no market activity in the last 12 months for that range…

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.

I have a page dedicated to Lilburn Market Data.

Lilburn, GA Market Report, March 2011 (lanebailey.com)
Lilburn, GA Market Report, February 2011 (lanebailey.com)
Lilburn, GA Market Report, January 2011 (lanebailey.com)
Lilburn, GA Market Report, December 2010 (lanebailey.com)
Lilburn, GA Market Report, November 2010 (lanebailey.com)
Lilburn, GA Market Report, October 2010 (lanebailey.com)
Wayback Wednesday… The Lilburn CID (lanebailey.com)
Terra Sol by Pulte near Lilburn (lanebailey.com)
Lilburn agrees to November vote on Sunday sales (ajc.com)

from LaneBailey.com

Gwinnett Homestretch Program

Lane Bailey — Fri, 04 Mar 2011 03:36:02 +0000

Ken Cook and I are working with Gwinnett Homstretch Down Payment Assistance. As a buyer, you need to have $1000 going into the purchase, but Gwinnett Homestretch may contribute up to $7,500, if you qualify. There are a few things to keep in mind:

It is paid as a 0% loan, which will be forgiven after 5 years of using the property as your principal residence. In effect, that makes it a grant… there are no payments due during the 5 years.
You will be required to complete an 8-hour counseling class from a HUD approved Housing Counseling Agency.
Total household income must not exceed HUD lmits, based on household size. Households range from 1-8 people.
- 2 people – HUD max is $46,000
- 4 people – HUD max is $57,450
- There are different income maximums for other household sizes.
Investors are NOT eligible for this program.
The home MUST pass an inspection by Gwinnett County PRIOR to closing.
Purchase Price may NOT exceed $200,000.

There are other requirements, such as being able to qualify for a mortgage. Contact Ken and I for details.

We’d love to help you buy a home. There are great deals on the market right now, and interest rates are exceptional.

For more info, click here. There are other Down Payment Assistance programs available around the Metro Atlanta area.

Gwinnett County GA Overall Market Report… November, 2010 (lanebailey.com)
Gwinnett County Schools Get $1M Scholarship (gwinnettgarageguy.com)

From Gwinnett Homestretch on LaneBailey.com

Lilburn, GA Market Report, November 2010

Lane Bailey — Fri, 17 Dec 2010 12:41:58 +0000

: Image via Wikipedia

Market stats for Lilburn, November, 2010, indicates that there are 425 properties on the market (as of November 30th). Overall, there is about a 11.8 month supply of properties. Lilburn is actually mid-pack among cities in Gwinnett County. Absorption Rates had been improving since March, until September. In fact, in March there were 15.3 months of inventory.

In the sub-$200k arena, there are 264 listings, with about an 8.6 month supply. This represents most of the sales in the market area, and reflects the same improvement in inventory levels, continuously since March, until October. Sales were on par with November 2009 (28 v 24).

Between $200k and $400k, there are 134 listings for sale, and about 28.7 months of supply. This segment has also been getting stronger each month since March, until September. There were only 2 sales in September 2010, compared to 11 last year and 6 in October v 18 in 2009. November held 6 sales in 2010 v 9 in 2009. The expected end of the tax credit last year started pushing sales down in Nov. 2009.

From $400k to $600k, there are 22 homes on the market. The absorption rate is around 33 months. There were no sales in this segment in May, June, July or October this year. There were only 4 sales in August and September(combined). November had 1 sale (2 last year). Last summer was much stronger overall. With just a few sales, just one or two can make a huge difference.

From $600k to $800k, $800k to $1M and Above $1M, there are 5 listings (combined), but too few sales to have any sort of reliable number of months of inventory. There has been one sale in the last four months, but prior, there had only been a few other sales in 2010 (January, March and August). One of the listings is above $1M (none between $800k and $1M), and there is no market activity in the last 12 months for that range…

I have a page dedicated to Lilburn Market Data.

Lilburn, GA Market Report, October 2010 (lanebailey.com)
Lilburn, GA Market Report, September 2010 (lanebailey.com)
Lilburn, GA Market Report, August 2010 (lanebailey.com)

Lilburn GA market Report from LaneBailey.com

Flashback Friday… Where in the World is Lilburn?

Lane Bailey — Fri, 10 Dec 2010 16:56:18 +0000

Last year I wrote a nice little post about Lilburn… This is a really nice place to live, and I thought it might be fun to dive into the history of the town. It certainly is interesting, as are the histories of many of the localities around Gwinnett County, GA.

I’ll let you read the post to find out that history, but I wanted to add a little bit to it…

My wife and I have made this area of Gwinnett County, GA, our home for the last nine years… and she lived nearby, in Tucker, prior to that. We decided to stay here to raise our two boys, as well. And we are constantly glad over that decision.

A couple of weeks ago, while at the Arcado Elementary School Night at the local Chick-fil-a, there was a constant stream of friends and neighbors chatting and catching up. A week before that, at a Family Night event, it was much the same. During trips to the grocery store, we run into the parents of classmates of our kids, clients, friends and neighbors. A trip to the park is much the same.

All of that is to say that there is a tremendous sense of community here. Belonging. Acceptance.

A few months ago, a little boy named Al suffered life threatening burns. The community rallied to his support, hosting fund-raisers and looking for other ways to help his family during their time of need. Al has made an incredible recovery, and has actually been able to return to school. But the outpouring of support hasn’t waned.

A visit to a Parkview High School football game or even a quick run up to Bruster’s Ice Cream yields a similar result… friends, neighbors and others we know from the community are there with warm greetings.

This is a wonderful place to call home. If you’d like to live here… give me a call. Lane Bailey. 678-200-5895.

Lilburn, GA Market Report, October 2010 (lanebailey.com)
Lilburn, GA Market Report, September 2010 (lanebailey.com)
Lilburn, GA Market Report, August 2010 (lanebailey.com)
There is a new City Hall coming to Lilburn, GA… (lanebailey.com)
Big League Dreams another step closer to Lilburn… (lanebailey.com)

Where in the World is Lilburn, GA from LaneBailey.com

Flashback Friday… Absorption Rates, What Are They?

Lane Bailey — Sat, 04 Dec 2010 05:05:53 +0000

: Image via Wikipedia

I talk about Absorption Rates all of the time… In fact, in at least 8 posts a month (all of my market report posts) Absorption Rates play a key role. Understanding what they are and why they matter is a key part of understanding my market reports.

Last year I wrote an in-depth post about exactly what Absorption Rates mean. I tried to make it a little more real by talking about how it relates to keeping a stock of frozen Pizza around the house.

The concept isn’t terribly difficult to understand, but can sound complicated… It is one of those things that a lot of people smack themselves in the forehead when they all of a sudden “get it”… and wonder why they didn’t see it all along.

Drop in and take a look… This is a post that I will reference often…

Duluth, GA, Market Report, October 2010 (lanebailey.com)
Suwanee, GA, Market Report, September 2010 (lanebailey.com)
Gwinnett County, GA, Market Report, August 2010 (lanebailey.com)
Lilburn, GA Market Report, October 2010 (lilburndwellings.com)
Flashback Friday… Absorption Rates, What Are They? (lanebailey.com) original source

Lilburn, GA Market Report, October 2010

Lane Bailey — Mon, 29 Nov 2010 05:10:21 +0000

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Market stats for Lilburn, October, 2010, indicates that there are 444 properties on the market (as of October 31st). Overall, there is about a 10.7 month supply of properties. Lilburn is actually mid-pack among cities in Gwinnett County. Absorption Rates had been improving since March, until September. In fact, in March there was 15.3 months of inventory.

In the sub-$200k arena, there are 278 listings, with about an 8.2 month supply. This represents most of the sales in the market area, and reflects the same improvement in inventory levels, continuously since March, until October. And, one other thing to keep in mind is that sales were strong compared to October 2009 (32 v 26).

Between $200k and $400k, there are 139 listings for sale, and about 24.5 months of supply. This segment has also been getting stronger each month since March, until last month. There were only 2 sales in September 2010, compared to 11 last year and 6 in October v 18 in 2009.

From $400k to $600k, there are 21 homes on the market. The absorption rate is around 15.8 months. There were no sales in this segment in May, June, July or October this year. There were only 4 sales in August and September(combined). Last summer was much stronger overall. With just a few sales, just one or two can make a huge difference.

Above $600k, there are 6 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, March and August). One of the listings is 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.

Lilburn, GA Market Report, September 2010 (lanebailey.com)
Lilburn, GA Market Report, October 2010 (lanebailey.com)
Lilburn, GA Market Report, August 2010 (lanebailey.com)
There is a new City Hall coming to Lilburn, GA… (lanebailey.com)
Big League Dreams another step closer to Lilburn… (lilburndwellings.com)

from LaneBailey.com

Lilburn, GA Market Report, September 2010

Lane Bailey — Thu, 28 Oct 2010 04:42:05 +0000

: Image via Wikipedia

Market stats for Lilburn, September, 2010, indicates that there are 443 properties on the market (as of September 30th). Overall, there is about a 9.8 month supply of properties. Lilburn is actually mid-pack among cities in Gwinnett County. Absorption Rates had been improving since March, until September. In fact, in March there was 15.3 months of inventory.

In the sub-$200k arena, there are 273 listings, with about an 7.7 month supply. This represents most of the sales in the market area, and reflects the same improvement in inventory levels, continuously since March. And, one other thing to keep in mind is that sales were strong compared to September 2009 (32 v 25).

Between $200k and $400k, there are 146 listings for sale, and about 19 months of supply. This segment has also been getting stronger each month since March, until this month. There were only 2 sales in September 2010, compared to 11 last year.

From $400k to $600k, there are 20 homes on the market. The absorption rate is around 15 months. There was one more sale in September 2010 (1) v September 2009 (0) as this year, but there were no sales in this segment in May, June or July this year. Last summer was much stronger overall. With just a few sales, just one or two can make a huge difference.

Above $600k, there are 4 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, March and August). One of the listings is 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.

Lilburn, GA Market Report, August 2010 (lanebailey.com)
Big League Dreams in Lilburn? (lilburndwellings.com)
Gwinnett County Schools Get $1M Scholarship (lanebailey.com)

from LaneBailey.com

Gwinnett County Schools Get $1M Scholarship

Lane Bailey — Wed, 20 Oct 2010 01:41:09 +0000

: Image by lane.bailey via Flickr

It was announced today that the Gwinnett County Public School system was awarded a $1,000,000 scholarship grant from the Eli and Edythe Broad Foundation. The $1,000,000 will go out as scholarships to needy students within the district.

Gwinnett took the top honors because of their high standards of performance for students regardless of race. They beat out Charlotte-Mecklenburg Schools in North Carolina, Montgomery County Public Schools in Maryland, and Socorro Independent School District and Ysleta Independent School District in El Paso, Texas, for the award. The award is for districts that show the most gains in student performance and closing minority achievement gaps.

Something else that should be kept in mind is that the GCPS has done this on a budget that is quite austere compared to some other local districts, such as the City of Atlanta Schools. GCPS spends under $9,000/student, yet achieves better results than the City of Atlanta, which spends over $12,000/student.

Another feat that GCPS should be proud of is that they have achieved a high school graduation rate of 84 percent and 90 percent of those graduates go on to college or other post-secondary training.

I’m not a huge fan of public education (I’d like to see vouchers), but it is obvious that the Gwinnett County Public School system is doing some things correctly… and that they would be able to compete if there were vouchers in the district. In fact, I think that many parents in adjoining districts would try to get their children into GCPS if they had the opportunity.

And don’t forget that Lilburn, GA is home to two of the best performing groups of schools in the Gwinnett system, Parkview and Brookwood. I happen to know of a few homes for sale in the area… ;^ )

Ga. School District Wins $1M Broad Prize (huffingtonpost.com)
Welcome Arcado’s new Principal, Penny Palmer-Young (lilburndwellings.com)

from LaneBailey.com

Lilburn, GA Market Report, August 2010

Lane Bailey — Thu, 30 Sep 2010 14:52:34 +0000

: via Lane Bailey

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.

What is a Community Improvement District?

Lane Bailey — Fri, 14 May 2010 02:03:28 +0000

Here in Lilburn, GA, in the heart of Gwinnett County, we are on the path to getting our second Community Improvement District (CID).

But what does that mean?

The basis of a CID is a geographically defined area, with businesses choosing to install a special tax on themselves in order to improve the area… and their businesses. The property owners, representing at least 75% of the property value in the area, agree to tax themselves, and then elect a board to oversee how the money is used.

: Image via Wikipedia

They are a partnership of public and private sectors. They are enabled by municipal government, the money is collected through tax revenue, but the private group spends the money. The money doesn’t ‘replace’ other tax money, but supplements it.

The Georgia Constitution specifies that funds collected through a CID may be used for seven types of applications:

Water
Public transportation
Street and road construction and maintenance
Parks and recreational areas and facilities
Storm water and sewage
Parking, terminal and dock facilities
Other

In the Metro Atlanta area there are several CIDs.

The Cumberland Mall area
Perimeter Center area
US78 from West Park to around Scenic Highway
Gwinnett Place CID
US29 through Lilburn

Of course, there are others.

I know that in my travels, over the last few years I have seen beautification projects, traffic improvements and other changes in those districts. I’m looking forward to the continued improvements in the Gwinnett County CIDs. There will likely be a few more in the central part of the county in the next few years as local businesses step up to deal with aging infrastructure, better manage traffic flow and improve the marketability of the area.

What is a Community Improvement District? (gwinnettgarageguy.com)
Gwinnett County v Gwinnett’s Cities… (gwinnettgarageguy.com)
Another Community Improvement District Coming to Lilburn (lanebailey.com)

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Lilburn » For Buyers

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