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Market stats for Norcross GA, January, 2011 indicate that there were 382 properties on the market. Overall, there is about a 9.6 month supply of properties. January was a powerhouse… unlike most of the areas in Gwinnett, with 41 sales v just 29 last January.  February continued the trend, although not quite as powerful.  There were 43 sales in Norcross this year v 36 last February.

In the sub-$200k arena, there were 231 listings, with about 7.8 month supply.  Sales are up from a year ago in this segment, which is the main driver of sales in this area (32 v 23).  So, the segment is still looking pretty strong for January and February, despite the weakness of sales in November and December.

Between $200k and $400k, there were 108 listings for sale, and about 17.1 months of supply.  Sales have been down and slowing for the last few months, but lower inventory levels have really made things look better.  If it is all because of a hold on foreclosures from late last year, then we will see bloodshed again, otherwise, we could be seeing a recovery.

From $400k to $600k, there were 37 homes on the market. The absorption rate is around 11.1 months. Much of the perception of strong Absorption Rates is from shrinking inventories.  But, for the record, sales for January were at 3 for both 2011 and 0 for 2010 and February had an increase from 2 to 4 sales for this year.

In the $600k to $800k arena, there were 3 listings on the market.  Inventories have decreased as sales have increased compared to last year.  The absorption rate (12 month average) is at 9 months of inventory… but with only 4 sales last year, obviously it is easy to bump one way or the other. The ONLY reason for the strong looking Absorption Rate is that there are only 3 listings.  Only.

The range from $800k to $1m, there were no 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.  The single sale in January (first since October) has pushed the Absorption Rate down to just 9 months of inventory.

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.

I have a page dedicated to Norcross Market Data.

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