Gwinnett County Market Update October 2008
Statistics for single family detached homes in the Gwinnett County real estate market for the month of October 2008 are in. Gwinnett County is divided into six different areas and we will examine each area and then look at the county as a whole.
Area 61
Area 61 is that section of the county that is North of I-85 and West of Pleasant Hill Road. Area 61 includes Norcross, Berkeley Lake and part of Duluth. In the resale segment of the market there were 30 properties ranging in price from $61,800 to $979,000 that went under contract and 46 properties that closed ranging in price from $37,900 to $599,000. In the new construction segment of the market 1 home listed at $190,000 went under contract and there was 1 closing for new construction. It sold for $282,500
Area 62
Area 62 is the section of the county that is North of Pleasant Hill Road and North of I-85. Area 62 includes Buford, Sugar Hill, part of Duluth and part of Suwanee. In the resale segment of the market there were 63 properties ranging in price from $59,000 to $799,000 that went under contract and 15 properties that closed ranging in price from $53,000 to $505,000. In the new construction segment of the market 30 properties went under contract ranging in price from $169,900 to $2,490,000 and 8 properties closed ranging in price from $198,900 to $850,000.
Area 63
Area 63 is the section of the county that is South of I-85, Northeast of Hwy. 120 and North of Hwy. 29. Area 63 includes parts of Lawrenceville, Duluth, Suwanee and Dacula. In the resale segment of the market there were 62 properties ranging in price from $69,900 to $451,500 that went under contract and 11 properties that closed ranging in price from $137,000 to $344,000. In the new construction segment of the market 16 properties went under contract ranging in price from $170,210 to $569,900 and 3 properties closed ranging in price from $215,000 to $320,000.
Area 64
Area 64 is the section of the county that is South of I-85, Southwest of Hwy. 120, West of Hwy. 124 and North of Hwy. 78. Area 64 includes Lilburn along with parts of Lawrenceville and Snellville. In the resale segment of the market there were 100 properties ranging in price from $36,899 to $449,900 that went under contract and 26 properties that closed ranging in price from $50,000 to $249,900. In the new construction segment of the market 6 properties went under contract ranging in price from $199,900 to $474,900 and 9 properties closed ranging in price from $184,000 to $633,800.
Area 65
Area 65 is the section of the county that is South and East of Hwy. 78 and Hwy. 124, and South and West of Hwy. 20. Area 65 includes Grayson along with parts of Snellville and Lawrenceville. In the resale segment of the market there were 67 properties ranging in price from $44,900 to $370,000 that went under contract and 11 properties that closed ranging in price from $58,000 to $275,000. In the new construction segment of the market 4 properties went under contract ranging in price from $187,100 to $379,000 and 1 property closed. It sold for $187167.
Area 66
Area 66 is that section of the county that is East of Hwy. 20 and South of Hwy. 29. Area 66 includes parts of Dacula and Lawrenceville. In the resale segment of the market there were 50 properties ranging in price from $79,900 to $395,000 that went under contract and 7 properties that closed ranging in price from $90,000 to $189,000. In the new construction segment of the market 9 properties went under contract ranging in price from $159,990 to $279,900 and 3 properties closed ranging in price from $186,966 to $380,000.
For the month of October 2008, real estate sales for single family detached homes in Gwinnett County looked like this:
• 372 Resale Properties Went Under Contract
• 116 Resale Properties Closed
• 66 New Construction Properties Went Under Contract
• 25 New Construction Properties Closed.
The amazing part of these statistics to me is that with the domestic and international economic news there were 438 buyers of new and resale properties that elected to take advantage of the discounted pricing and lower interest rates. Perhaps some were first time buyers who were just tired of paying their landlord’s mortgage and decided to also take advantage of the $7,500.00 tax credit. Some were probably relocation buyers, after all the real estate market in Gwinnett County as well as Greater Atlanta is fueled by jobs and relocation. Whatever segment of buyer they are from, it is pretty certain that they got a fantastic deal on both their home and their financing. After all these are the times we live in.
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