Category Archives: norcross

Norcross, GA, Market Report, May 2013

Friday, 05 July 2013 09:10

Written by Lane Bailey

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Market stats for Norcross GA, May, 2013 indicate that there were 123 properties on the market, down 4 from last month. Overall, there is about a 2.7 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all. May saw 48 sales, up a little from the 44 last month, but down compared to the 57 for May last year.

In the sub-$200k arena, there were 59 listings, with about 2.3 month supply. Sales are up a little from last month (25) and way down from a year ago in this segment, which is the main driver of sales in this area (27 v 37 – May13 v May12). For the last two years, 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 a 2.30 month A/R, this is pretty strong for sellers.

Between $200k and $400k, there were 43 listings for sale, and about 3.2 months of supply. This segment had been weakening for the last few months. But, the 16 sales were flat from last year’s 16 sales, but up from last month’s 10 sales. Even though it isn’t as gangbusters as some of the other areas, it is certainly better than the 28 months of inventory we had in December, 2010. I think this is starting to look like a pretty settled market here…

From $400k to $600k, there were 18 homes on the market. The Absorption Rate is around 3.2 months. The AR had been fairly steady all summer, then shot WAY up in September/October. May’s 5 sales were down from the 8 last month and up from last year’s 3 sales. This had actually been a pretty good area for homes in this price range to sell… for the last few months.

In the $600k to $800k arena, there were 2 listings on the market. The Absorption Rate is at 6.0 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, 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. The was 0 sales for May13, 1 for Apr13 and 0 for May12.

The range from $800k to $1m, there were 0 homes listed on the market and 0 sales in May. There were no sales last year. Unfortunately there isn’t enough data for a good A/R number.

Above $1m, there was 1 property 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.

Atlanta Metro Zillow Home Value Index

Atlanta Metro Home Values – Interactive chart

Norcross, GA, Market Report, April 2013

Monday, 03 June 2013 11:48

Written by Lane Bailey

1 Comment

Market stats for Norcross GA, April, 2013 indicate that there were 127 properties on the market, down 9 from last month. Overall, there is about a 3.2 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all. April saw 44 sales, same as last month, but down compared to the 50 for April last year.

In the sub-$200k arena, there were 65 listings, with about 2.8 month supply. Sales are flat from last month and way down from a year ago in this segment, which is the main driver of sales in this area (25 v 25 in Mar13 & 37 Apr12). For the last two years, 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 a 2.79 month A/R, this is pretty strong for sellers.

Between $200k and $400k, there were 41 listings for sale, and about 3.6 months of supply. This segment had been weakening for the last few months. But, the 10 sales were up from last year’s 7 sales, but down from last month’s 15 sales. Even though it isn’t as gangbusters as some of the other areas, it is certainly better than the 28 months of inventory we had in December, 2010. I think this is starting to look like a pretty settled market here…

From $400k to $600k, there were 17 homes on the market. The Absorption Rate is around 3.4 months. The AR had been fairly steady all summer, then shot WAY up in September/October. April’s 8 sales were up from the 4 last month and 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 only takes a few sales to put it back in a balanced range long term. In June we were at just 5.1 months of inventory and six months ago it was 42 months…

In the $600k to $800k arena, there were 3 listings on the market. The Absorption Rate is at 9.0 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, 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. The was 1 sale for Apr13, 0 for Mar13 and 1 for Apr12.

The range from $800k to $1m, there were 0 homes listed on the market and 0 sales in April. There were no sales last year. Unfortunately there isn’t enough data for a good A/R number.

I have a page dedicated to Norcross Market Data.

Atlanta Metro Zillow Home Value Index

Atlanta Metro Home Values – Interactive chart

Norcross, GA, Market Report, March 2013

Monday, 06 May 2013 11:02

Written by Lane Bailey

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Market stats for Norcross GA, March, 2013 indicate that there were 136 properties on the market, down 7 from last month. Overall, there is about a 3.6 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all. March saw 44 sales, well up compared to the 32 for February, but down compared to the 51 for March last year.

In the sub-$200k arena, there were 72 listings, with about 3.0 month supply. Sales are up from last month and way down from a year ago in this segment, which is the main driver of sales in this area (25 v 20 in Feb13 & 42 Mar12). For the last two years, 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 a 2.96 month A/R, this is pretty strong for sellers.

Between $200k and $400k, there were 41 listings for sale, and about 3.8 months of supply. This segment had been weakening for the last few months. But, the 15 sales were up from last year’s 11 sales, and last month’s 9 sales. Even though it isn’t as gangbusters as some of the other areas, it is certainly better than the 28 months of inventory we had in December, 2010. I think this is starting to look like a pretty settled market here…

From $400k to $600k, there were 20 homes on the market. The Absorption Rate is around 8.6 months. The AR had been fairly steady all summer, then shot WAY up in September/October. March’s 4 sales were up from the 3 last month and from last year’s 3 sales. This had actually been a pretty good area for homes in this price range to sell… The good news is that it only takes a few sales to put it back in a balanced range long term. In June we were at just 5.1 months of inventory and five months ago it was 42 months…

In the $600k to $800k arena, there were 2 listings on the market. The Absorption Rate is at 12.0 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, 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. The were 0 sales for Mar13, 0 for Feb13 and for Mar12.

The range from $800k to $1m, there were 0 homes listed on the market and 0 sales in February. There were no sales last year. Unfortunately there isn’t enough data for a good A/R number.

I have a page dedicated to Norcross Market Data.

Atlanta Metro Zillow Home Value Index

Atlanta Metro Home Values – Interactive chart

It’s Even In the BAD School Districts Now…

Wednesday, 17 April 2013 08:01

Written by Lane Bailey

4 Comments

And no, I am NOT going to volunteer which ones those are…

Gwinnett County, Georgia (Photo credit: Dougtone)

Today during our weekly brokerage meeting, my broker was talking about builder activity. South Forsyth County has been going nuts for a few months now. And since inventory has been so low and demand so high, he mentioned that it’s even spilling over into bad school clusters…

Frankly, I got a kick out of that.

But, it is also VERY true. We’ve been seeing inventories drop like a rock in a lot of pockets. Interest rates are trolling along at unbelievably low levels and prices are still suppressed by short sale and foreclosure activity. Gwinnett is moving in a strong direction… Forsyth has been there for a while and we have watched as the builders moved further up-market… now it seems like there is a LOT of activity in the $500k range. A year ago, it would have been suicidal for a builder to put up anything at that price… now they are pre-selling half of their lots before getting a model built.

In fact, one community opened in the last few days and had people CAMPING out over night to be first in line to reserve houses… Real estate is such a deal right now that it is getting BLACK FRIDAY attention.

Rural public high school, Walkertown, Forsyth County, NC (Photo credit: Government & Heritage Library, State Library of NC)

I need to be quick to point out that Gwinnett isn’t quite as far along as Forsyth in that regard… GREAT if you are a buyer, and not too bad if you are a seller. Forsyth had a little advantage in that there weren’t as many foreclosures as in Gwinnett. Gwinnett is also a much larger market, so it takes more to turn it. But we are seeing dramatic decreases in “wholesale” activity (foreclosures) as well as distressed properties like short sales. At the same time, “retail” sales are surging and inventories are dropping.

So, while prices are still struggling a little, they are much stronger than the last few years, and often, well prices homes are pulling in multiple offers… even over listed price.

If you want to have a conversation about YOUR Gwinnett County home, give me a call.

Norcross, GA, Market Report, February 2013

Friday, 12 April 2013 09:38

Written by Lane Bailey

1 Comment

Market stats for Norcross GA, February, 2013 indicate that there were 143 properties on the market, up 5 from last month. Overall, there is about a 4.1 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all. February saw 32 sales, on par compared to the 36 for January, but down compared to the 48 for February last year.

In the sub-$200k arena, there were 73 listings, with about 3.1 month supply. Sales are down from last month and way down from a year ago in this segment, which is the main driver of sales in this area (20 v 28 in Jan13 & 42 Feb12). For the last two years, 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 a 3 month A/R, this is pretty strong for sellers.

Between $200k and $400k, there were 43 listings for sale, and about 4.6 months of supply. This segment had been weakening for the last few months. But, the 9 sales were up from last year’s 4 sales, and a little above last month’s 8 sales. Even though it isn’t as gangbusters as some of the other areas, it is certainly better than the 28 months of inventory we had in December, 2010. I think this is starting to look like a pretty settled market here…

From $400k to $600k, there were 23 homes on the market. The Absorption Rate is around 11.5 months. The AR had been fairly steady all summer, then shot WAY up in September/October. February’s 3 sales were up from the 0 last month and from last year’s 1 sale. This had actually been a pretty good area for homes in this price range to sell… The good news is that it only takes a few sales to put it back in a balanced range long term. In June we were at just 5.1 months of inventory and four months ago it was 42 months…

In the $600k to $800k arena, there were 3 listings on the market. The Absorption Rate is at 18.0 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, 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. The were 0 sales for Feb13, 0 for Jan13 and 1 for Feb12.

The range from $800k to $1m, there were 0 homes listed on the market and 0 sales in February. There were no sales last year. Unfortunately there isn’t enough data for a good A/R number.

I have a page dedicated to Norcross Market Data.