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Market stats for Norcross GA, February, 2012 indicate that there were 260 properties on the market.  Overall, there is about a 5.6 month supply of properties.  The last year has been fairy strong… although April and May weren’t that strong (April, 2011 was below 2010)… it hasn’t slowed much, if at all.  February saw 48 sales, ever so slightly below the 43 for February, 2011, and well under the 40 for January.

In the sub-$200k arena, there were 139 listings, with about 3.5 month supply.  Sales are well off from last month but only slightly up from a year ago in this segment, which is the main driver of sales in this area (42 v 32 in Feb11 & 33 Jan12).  For the last seven months, the AR has been tilted in favor of sellers.  This still looks like one of the strongest price/area segment in Gwinnett County, GA.  At just under a 3½ month A/R, this is VERY strong for sellers.

Between $200k and $400k, there were 83 listings for sale, and about 17.8 months of supply.  This segment has been weakening for the last four months.  The 4 sales were well off compared to last year’s 7 sales, and down from last month’s 6 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.  We really need a strong March for this segment to look good.  Right now it is among the weakest in the county.

From $400k to $600k, there were 30 homes on the market. The Absorption Rate is around 22.5 months. The AR had been fairly steady for months, then shot WAY up in January. February’s 1 sale was flat with 1 from the month before and from last year’s 4 sales. This had actually been a pretty good area for homes in this price range to sell… The good news is that it would only take a few sales to put it back in a balanced range.

In the $600k to $800k arena, there were 4 listings on the market.  Inventories doubled compared to last year.  The Absorption Rate is at 12 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, the last in November, obviously it is easy to bump one way or the other.  One reason for the strong looking Absorption Rate last month was that there were so few listings.  February only had 1 sale.  Of course, that is better than the 0 last February. 

The range from $800k to $1m, there was 1 home 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 is simply not enough activity for an A/R figure. The last sale was January 2011.

Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,410 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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