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Market stats for Norcross GA, March, 2012 indicate that there were 253 properties on the market.  Overall, there is about a 5.5 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 51 sales, well under the 59 for February, 2011, and slightly over the 48 for February.

In the sub-$200k arena, there were 136 listings, with about 3.7 month supply.  Sales are well off from last month and from a year ago in this segment, which is the main driver of sales in this area (36 v 43 in Mar11 & 42 Feb12).  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 over a 3½ month A/R, this is VERY strong for sellers.

Between $200k and $400k, there were 82 listings for sale, and about 11.7 months of supply.  This segment had been weakening for the last few months.  But, the 11 sales were OK compared to last year’s 10 sales, but kicked last month’s 4 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 18 months.  The AR had been fairly steady for months, then shot WAY up in January.  March’s 3 sales were up from the 1 the month before and down from last year’s 5 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 2 listings on the market.  Inventories doubled compared to last year.  The Absorption Rate is at 6.0 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 had 1 sale.  The were 0 sales for Mar12, 1 for Mar11.

The range from $800k to $1m, there were 0 homes listed on the market and 1 sale in March.  There were no sales last year, nor last month.  Unfortunately there isn’t enough data for a good A/R number.

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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