In Hamilton Mill, Dacula, GA, there are currently 13 active listings for sale.
The average listing price for homes in Hamilton Mill is $351,346 as of the Month of May. On the other hand, the median listing price on the same month was $359,900.
The homes for sale in the month of May were mostly 5 bedrooms; 4 homes for sale have 4 bedrooms being sold at an average of $333,725, while 7 homes for sale have 5 bedrooms being sold at an average of $356,086, on the other hand, there were also 2 homes for sale that have 6 bedrooms that is being sold for an average of $370,000. As for bathroom count, 1 home has 2 ½ baths, 2 homes have 3 baths, 4 homes have 3.5 baths, 3 homes have 4 baths, 1 home has 4.5 baths and 2 homes have 5 baths.
According to data from the local MLS, homes that are being sold from $300,000-349,000 in this area have an average of 62 days on the market, meanwhile homes that are being sold from $350,000-399,000 have an average of 85 days on the market.
The average listing price for active homes at Hamilton Mill is $406,713 while the homes sold since February of last year have an average listing price of $306,607. The median list price for active single family residential home properties in the subdivision is $349,900 while for those that have been closed since February 2013 have a median of $289,900.
In this neighborhood, 4-homes were sold at an average price of $254,033, 5-bedroom homes at $337,156, and 6-bedroom homes at $338,078. There were no 7-bedroom homes at Hamilton Mill sold in the past year but currently, there is one that is on the market.
All market data and statistics are pulled directly from the local MLS data as of February 2013.
Hamilton Mill in Dacula is likely the most effected by the new construction in Gwinnett county out of most of the neighborhoods overall. The new homes are right within the same price point as Hamilton Mill homes are and they are a good 10 years newer. No new community in development can really compete with Hamilton Mill on amenities and it will always have that “destination” feel for most home buyers, however, how much is a name worth? Hamilton Mill home owners likely won’t be able to “feel” the impact until the first quarter of 2014, and by the time it’s identified in summer 2014 it may be too late to sell. Our recommendation is sell now before the builder inventory gets… well built up. Competing with new construction and professional sellers can drive prices one place… down. The only hope would be a surge in overall demand.
It’s that time again, you should be seeing your “newsletter” in your mailbox in the coming days. It’s a very exciting time to be in real estate! It’s still a hot real estate market and it’s an outstanding move up market. You can still sell high and buy low (assuming you are moving up).
The Danger of Waiting To Sell
In all Mill Creek areas, there is new construction. These new homes sold by professional sellers (builders) are competing with resells. With the market on recovery and prices rising and inventory low it’s a good time to sell. However, waiting until spring might very well set you back a few years as your home likely won’t compete well with new construction. So you can either lower your price (come spring) to be below the local builder or wait until they leave the area (with the number of vacant lots around, isn’t very likely).
Our recommendation is sell now and be aggressive. Rates are low but rising so that’s another reason to move now. Rates went up a whole 1% in just 5 short months. It’s still cheaper to buy then rent and we’ve got at least 6 more months before builders start flooding the market with more homes!
GREAT NEWS FOR SHORT SELLERS!
FHA has come out with a “Back to work” program that allows homeowners who short sold their home to get a mortgage in only 12 months (instead of 2 years). Contact us for more information on this great program.
Mill Creek Neighborhood Round Up
Daniel Park is still selling the fastest of all neighborhoods. This is great news as those sellers are likely to upgrade to Hidden Falls or Chateau Elan
Hidden Falls continues to do well, however homes that are over $450,000 will sit on the market noticeably longer as there’s twice as much inventory at that price point.
Chateau Elan continues to sell homes at a normal pace, the striking thing is that there are still foreclosures to buy in there. This is a bit baffling with all the short sale options.
Trilogy Park is lagging behind in the recovery overall, to add insult to injury one of the original builders is now building homes under $300,000 which will keep homeowners in this great neighborhood from experiencing the growth that the other subdivisions have experienced.
Hamilton Mill is only $3,000 away from getting back to an average price point of $300,000. This is great news for this neighborhood. There are still great deals under $300,000 to be found in Hamilton Mill, but the average price is a great sign.
Drayton Hall, sold one recently. It’s still one of the most exclusive neighborhoods in our area and it’s nice to see movement in this sector. However, be wary, if you plan to sell your home in Drayton Hall or Chateau Elan, stay out of the $2 Million price range. Nothing has sold in ALL OF GWINNETT county over $2 Million.
Finally, Hedgerows is still in a transition, with short sales, foreclosures and new construction. Thankfully, builders here are building homes well over $450,000 to help keep prices rising. (sales last month ranged from sub $300 to $475).