Market stats for Norcross, February, 2010 indicate that there were 321 properties on the market. Overall, there is about a 9 month supply of properties, with sales remaining fairly steady…  Last February there were 38 sales, and there were 36 this time around.

In the sub-$200k arena, there were 157 listings, with about 6.7 months supply.  It may be the strongest market segment in Gwinnett County. Last month I was worried about the February showing, but it wasn’t too bad.  It wasn’t as strong as November (which dropped off) but better than I expected.

Between $200k and $400k, there were 109 listings for sale, aand about 10.5 months of supply. January was a powerhouse, with 10 sales compared to only 3 in 2009.  But, February was only slightly better, with 11 sales compared to 8 in 2009.

From $400k to $600k, there were 44 homes on the market. The absorption rate is around 26.4 months. It is much slower than last year, and while slightly better than last month, should still be characterized as decelerating…

In the $600k to $800k arena, there were 7 listings on the market. There has been one sale in the last year.  That calculates to a 7 year absorption rate…  Not good…

The range from $800k to $1m, there were no homes listed on the market and no sales.

Above $1m, there were 4 properties listed. The current absorption rate indicated 24 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,41, but that only included the area inside the city limits, and it has seen tremendous growth since that census.  The City of Norcross revamped their old town a long time ago, and it has served as a model for other towns in the area. It is also home to Meadow Creek and Norcross High Schools.  One of the things that Norcross is known for locally is the beautiful older homes in the downtown area.  They have maintained their historic flair quite successfully.

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• Norcross, GA Market Report, January 2010 (gwinnettgarageguy.com)
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