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Market stats for Norcross, August, 2010 indicate that there were 375 properties on the market. Overall, there is about a 8.3 month supply of properties.
September sales were down v 2009 (43 v 55), but August was way up (52 v 43). Overall, the market isn’t terrible here, looking back.
In the sub-$200k arena, there were 192 listings, with about 6.2 month supply. Sales are way down from a year ago in this segment, which is the main driver of sales in this area. But the segment is still looking pretty strong, despite the weakness in July and September.
Between $200k and $400k, there were 136 listings for sale, and about 12.4 months of supply. Sales have been down and slowing for the last few months. But September was up slightly (14 v 12 last year). With the increase in inventory, I think October might be rough, too.
From $400k to $600k, there were 39 homes on the market. The absorption rate is around 13 months. Sales have actually been strengthening since March (with a few ups and downs…), but much of the perception is from shrinking inventories. Actual sales have been mostly decelerating. I expect to see the numbers move the other way in the next few months.
In the $600k to $800k arena, there were 4 listings on the market. Inventories have decreased as sales have increased compared to last year. The absorption rate (three month average) is steady at 12 months of inventory… but with only 4 sales this year, obviously it is easy to bump one way or the other.
The range from $800k to $1m, there were 1 homes 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 have been two sales in the last year (Nov 09 and Apr 10).
Norcross, GA is a suburb of Atlanta in Gwinnett County. The population is 2000 was 8,41, 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, August 2010 (lanebailey.com)
