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Market stats for Norcross GA, April, 2011 indicate that there were 384 properties on the market. Overall, there is about a 7.6 month supply of properties. January was a powerhouse…  February continued the trend, although not quite as powerful.  March was a breakout month.  April saw 49 sales, short of the 59 for March and short of the 52 for last April, but with the decrease in listing inventory the Absorption Rate (AR) still built strength.  This is one of the few market areas in Gwinnett to post four strong months in a row.

In the sub-$200k arena, there were 217 listings, with about 5.5 month supply.  Sales are up sharply from a year ago in this segment, which is the main driver of sales in this area (44 v 32).  Last month, the AR was in the range of balanced… it got a little better this month.  This looks like the strongest price/area segment in Gwinnett County, GA.

Between $200k and $400k, there were 130 listings for sale, and about 19.5 months of supply.  As strong as the under $200k segment is… this one is that weak.  The 3 sales were a considerable drop from last month’s 10 sales and last year’s 15 sales.  Of course, this segment has always seemed to lag.

From $400k to $600k, there were 32 homes on the market. The absorption rate is around 8.7 months.  The Absorption Rate has been dropping for 5 months.  This is odd considering the performance of the next segment down, but totally in line with the <$200k segment.  April’s 2 sales are down from 5 the month before, and doesn’t compare favorable to last year’s 4 sales… but the inventory decrease really helped.

In the $600k to $800k arena, there was 1 listing on the market.  Inventories have decreased as sales have increased compared to last year.  The absorption rate is at 3 months of inventory… but with only 4 sales last year and then the sale in March, obviously it is easy to bump one way or the other. The ONLY reason for the strong looking Absorption Rate is that there is only 1 listing.  Only.

The range from $800k to $1m, there was 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.  The single sale in January (first since October) has pushed the Absorption Rate down to 18 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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