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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.
August sales were actually v 2009, but July was way down (June was up slightly). Overall, the market isn’t terrible here, looking back.In the sub-$200k arena, there were 208 listings, with about 5.9 month supply. Sales are up from a year ago in this segment, which is the main driver of sales in this area. And the segment is looking pretty strong, despite the weakness in July.
Between $200k and $400k, there were 131 listings for sale, and about 10.6 months of supply. Sales have been down and slowing for the last two months. I think we are going to see growing absorption rates for September, as well.
From $400k to $600k, there were 38 homes on the market. The absorption rate is around 12.7 months. Sales have actually been strengthening since March (with a few ups and downs…), but much of the perception is from shrinking inventories. Actual sales have been decelerating. I expect to see the numbers move the other way in the next few months.
In the $600k to $800k arena, there were 5 listings on the market. Inventories have decreased as sales have increased compared to last year. The absorption rate (three month average) is steady at 5 months of inventory… which is amazingly strong… but with only 4 sales this year, obviously it is easy to bump one way or the other.
The range from $800k to $1m, there were 1 homes listed on the market and no sales… seemingly forever.
Above $1m, there were 3 properties listed. But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales. There have been two sales in the last year (Nov 09 and Apr 10).
I have a page dedicated to Norcross Market Data.
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