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Category Archives: norcross

Norcross, GA, Market Report, June 2012

Friday, 03 August 2012 08:00
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Market stats for Norcross GA, June, 2012 indicate that there were 229 properties on the market.  Overall, there is about a 3.9 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all.  June saw 70 sales, over the 57 for May, and below the 85 for June last year.

In the sub-$200k arena, there were 133 listings, with about 3.4 month supply.  Sales are well up from last month and from a year ago in this segment, which is the main driver of sales in this area (45 v 68 in June11 & 37 May12).  For the last nine 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 70 listings for sale, and about 4.9 months of supply.  This segment had been weakening for the last few months.  But, the 20 sales rocked last year’s 15 sales, and last month’s 16 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.  I’m still waiting for this segment to stop bouncing around so much.

From $400k to $600k, there were 22 homes on the market.  The Absorption Rate is around 5.1 months.  The AR had been fairly steady for months, then shot WAY up in January.  June’s 5 sales were up from the 3 last month and way up 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 the $600k to $800k arena, there were 3 listings on the market.  Inventories tripled compared to last year.  The Absorption Rate is at 9 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.  February had 1 sale. The were 0 sales for June12, 0 for May12 and 1 for June11.

The range from $800k to $1m, there was 0 homes listed on the market and 0 sales in June (1 sale for 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.

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Atlanta Metro Zillow Home Value Index

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Buying More Affordable Than Renting in Atlanta?

Wednesday, 18 July 2012 08:00
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Trulia maintains a database of costs for rentals as well as listings for buying.  This allows them to compare the costs of both in various markets around the country…  And Atlanta is currently listed as one of the markets where Buying is Cheaper than Renting!

In addition to the costs, they look at Employment Growth, Vacancy Rates and Price Drops.  Because of the reasonably low vacancy rates, flat employment growth and big price drops, Atlanta scored well into the Buy side…

Check it out on Trulia’s blog.

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How Does the Market Look?

Monday, 09 July 2012 08:00
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The regular market reports will resume on Friday, but for today I just wanted to expound on the general market a little.

Things have really changed in the last few months.  Just 4 or 5 months ago, I was constantly looking for “follow through” on strong numbers for almost every market segment.  There would be a good month or two, but then there would be a lousy one to cast doubt into the recovery process.

There were programs designed to “bring back the housing segment”, and while some of them did manage to move the market for a short time, for the most part, they only seemed to steal from future sales.  Sales that would have happened regardless were moved up in order to qualify for government subsidies or more favorable tax treatment.  But over the long run, they didn’t create many sales that wouldn’t have happened over the follow couple of months.

After all of that worked through the system, and consumers were more certain that there wouldn’t be future inducements, sales started picking up again… but the real boost to the sales numbers has been inventory reductions.  And while there are still rumors of a “tidal wave of foreclosed properties”, those same rumors have been around for 3+ years, always with the tidal wave 4-6 months away.  There could indeed be a wave of foreclosed properties poised to hit the market, I wouldn’t bank on it.  And the market does seem ready to absorb some more inventory, especially on the entry level end of the spectrum.

The bottom line is that the real estate market is getting back to normal.  In fact, under $200k in most of Gwinnett, it is well into Seller’s Market territory.  From $200k-$400k, it is mixed.  Above that, it is still pretty much a Buyer’s Market, but not to the extent it has been for the last few years.

It will be interesting to see what happens with the market when the general economic recovery starts in earnest.  I am still of the opinion that the best stimulus for the housing market is a recovery in the jobs market.  While the unemployment rate has gotten better, the labor force participation percentage rate hasn’t budged much.  The unemployment rate discounts workers that give up or time out on unemployment, while the labor force participation rate includes everyone that could be in the labor force.

I’m firmly of the belief that many buyers are reluctant to make a 30 year plan (buy a house and get a mortgage) when they are worried about the security of their job over the next year.

Stay tuned to see how it all shakes out…

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Norcross, GA, Market Report, May 2012

Friday, 06 July 2012 08:00
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Market stats for Norcross GA, May, 2012 indicate that there were 256 properties on the market.  Overall, there is about a 4.9 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all.  May saw 57 sales, over the 50 for April, and the 52 for May last year.

In the sub-$200k arena, there were 143 listings, with about 3.9 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 (37 v 39 in May11 & 37 Apr12).  For the last eight 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 83 listings for sale, and about 7.3 months of supply.  This segment had been weakening for the last few months. But, the 16 sales were pretty good compared to last year’s 7 sales, and last month’s 7 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.  This is a world better than last month, though.

From $400k to $600k, there were 27 homes on the market. The Absorption Rate is around 7.4 months.  The AR had been fairly steady for months, then shot WAY up in January.  May’s 3 sales were down from the 5 last month 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 3 listings on the market. Inventories tripled compared to last year.  The Absorption Rate is at 9 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.  February had 1 sale. The were 0 sales for May12, 1 for Apr12 and 1 for Apr11.

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

Above $1m, there was 0 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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Atlanta Metro Zillow Home Value Index

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Norcross, GA, Market Report, April 2012

Monday, 04 June 2012 08:00
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Market stats for Norcross GA, April, 2012 indicate that there were 257 properties on the market.  Overall, there is about a 5.2 month supply of properties. The last year has been fairy strong… it hasn’t slowed much, if at all.  April saw 50 sales, slightly over the 49 for April, 2011, and slightly below the 51 for March.

In the sub-$200k arena, there were 136 listings, with about 3.6 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 (37 v 44 in Apr11 & 36 Mar12).  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 91 listings for sale, and about 12.4 months of supply.  This segment had been weakening for the last few months.  But, the 7 sales were pretty good compared to last year’s 3 sales, but got kicked by last month’s 11 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 May for this segment to look good.

From $400k to $600k, there were 25 homes on the market.  The Absorption Rate is around 8.3 months.  The AR had been fairly steady for months, then shot WAY up in January.  April’s 5 sales were up from the 3 the month before and up from last year’s 2 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 3 listings on the market.  Inventories tripled compared to last year.  The Absorption Rate is at 4.5 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.  February had 1 sale.  The was 1 sale for Apr12, 0 for Apr11.

The range from $800k to $1m, there was 1 home listed on the market and 1 sale in March (0 sales for April).  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.

Related articles
Atlanta Metro Zillow Home Value Index

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