77.8% of Suwanee homes sold below list in October

SUWANEE, Ga. Buyers in Suwanee negotiated more often in October. Of the month's 54 sales, 77.8% closed below the final list price, compared with 56.9% over 12 months.

The October median sale price was $601,000, down 2.9% from a year earlier.

A price cut came before 48.1% of sales, and the median sale came in at 97.5% of the final list price.

Time to sell ran slower than the year's norm: a median 35 days in October, against 20 days over 12 months.

Sellers listed 109 homes in October, up 41.6% from 77 a year earlier, while buyers signed 50 contracts, down 29.6% from 71.

Over the 12 months through October, 887 homes sold at a median of $620,000, unchanged from $620,000 in the prior 12 months.

With 305 active listings as of 1:20 p.m. ET Nov. 14, Suwanee had 5.6 months of supply at October's closing pace, which our published bands read as balanced. On the 12-month pace it was 4.1 months, in the same band.

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