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Business & Tech

Dacula Home Sales Increase, Prices Continue to Fall

Average sales price in the first half of 2011 falls 17 percent.

As the first half of 2011 came to an end, I was curious to see how the real estate numbers in Dacula stacked up against the first half of 2010. Before we go back in time, here is a snapshot as to where we are as of July 20, 2011. In Dacula, there are currently 365 homes on the market. Sixty-one of those are in Hamilton Mill and 21 are in Apalachee Farms.

From January to June of 2010, 259 home sales closed in Dacula, 110 of those in the first quarter and 149 in the second quarter. Compare that to the 288 that have sold in 2011, 105 of those in the first quarter and 183 in the second quarter.

The average sales price in Dacula in the first half dropped 17 percent from $209,000 in 2010 to $171,000 in 2011. So, the report is mixed. More houses sold, with a significant gain in Q2, but with a lower average sales price. This continues to be great news for buyers and bad news for sellers as prices continue to drop. Dacula currently has another 150 homes pending. That pending number is a combination of traditional contracts as well as short sales and foreclosures.

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Hamilton Mill continues to dominate the sales in Dacula with 57 sales in the first half of 2011 compared to 45 the same time in 2010. However, the average price in Hamilton Mill slipped from $307,000 with 123 days on market in 2010 to $285,000 with 60 days on market in 2011. So, while the sales volume has picked up considerably, the average price continues to lag well behind the numbers from 2010. The drop from $307,000 to $285,000 represents another 7.2 percent lost in values in Hamilton Mill, but does show that Hamilton Mill is holding values better than the rest of Dacula as a whole.

While the decreased values continues to be of concern, the increased number of sales is reason for optimism. If volume continues, one would think that values should stabilize for a time. Unfortunately, foreclosures and short sales continue to dominate the market putting more downward pressure on the traditional sales. With the big summer season near the end, it will be interesting to see how the market performs in the back half of the year.

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