69.2% of Sugar Hill home sales in October followed a price cut

SUGAR HILL, Ga. Most homes that sold in Sugar Hill in October got there only after a price cut. Of the month's 26 closings, 69.2% had at least one reduction, against 44.8% over the past 12 months.

With 26 closings, one month is a small sample here. The 12-month figures are the better guide to price.

The October median sale price was $494,950, up 19.3% from a year earlier.

Sales below list made up 50.0% of the total, and the median sale came in at 98.7% of the final list price.

Time to sell ran slower than the year's norm: a median 35 days in October, against 29 days over 12 months.

With 110 active listings as of 1:20 p.m. ET Nov. 14, Sugar Hill had 4.2 months of supply at October's closing pace, which our published bands read as balanced. On the 12-month pace it was 4.0 months, in the same band.

The longer view is steadier. In the 12 months through October, the median across 330 sales was $445,000, up 1.1% from $440,000 in the prior 12 months.

Sellers listed 40 homes in October, up 25.0% from 32 a year earlier, while buyers signed 22 contracts, up 15.8% from 19.

Countywide, Gwinnett County closed 616 sales at a $414,925 median, up 1.2% from a year earlier.