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Market stats for Norcross GA, July, 2012 indicate that there were 221 properties on the market. Overall, there is about a 3.7 month supply of properties. 
The last year has been fairy strong… it hasn’t slowed much, if at all. July saw 54 sales, not hot compared to the 70 for June, but better than the 47 for June last year.
In the sub-$200k arena, there were 136 listings, with about 3.5 month supply. Sales are down a bit from last month and from a year ago in this segment, which is the main driver of sales in this area (35 v 38 in July11 & 45 June12). 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 64 listings for sale, and about 3.7 months of supply. This segment had been weakening for the last few months. But, the 16 sales rocked last year’s 6 sales, but was a little under last month’s 20 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 18 homes on the market. The Absorption Rate is around 5.4 months. The AR had been fairly steady for months, then shot WAY up in January. July’s 2 sales were down from the 5 last month and flat 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 only takes a few sales to put it back in a balanced range long term.
- 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. February had 1 sale. The was 1 sale for July12, 0 for June12 and 1 for July11.
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.
Related articles
- Norcross, GA, Market Report, February 2012 (lanebailey.com)
- Norcross, GA, Market Report, January 2012 (lanebailey.com)
- Norcross, GA, Market Report, December 2011 (lanebailey.com)
- Norcross, GA, Market Report, November 2011 (lanebailey.com)
- Norcross, GA, Market Report, October 2011 (lanebailey.com)
- Norcross, GA, Market Report, September 2011 (lanebailey.com)
- Norcross, GA, Market Report, August 2011 (lanebailey.com)
- Norcross, GA, Market Report, June 2011 (lanebailey.com)
In 2011, sales for July were at 255, so 276 sales was a good increase, year over year. Last month’s sales were at 272. Coupled with the decrease in inventory, things are looking pretty good. Normally the market picks up from January through about June-August. This month we are rocking, in fact, some are arguing that constrained inventories are still holding back sales or we would be looking even better.
