Market stats for Norcross GA, January, 2013 indicate that there were 138 properties on the market, up 8 from last month. Overall, there is about a 3.3 month supply of properties. 
The last year has been fairy strong… it hasn’t slowed much, if at all. January saw 36 sales, on par compared to the 36 for December, and down a little compared to the 40 for January last year.
In the sub-$200k arena, there were 76 listings, with about 2.6 month supply. Sales are up from last month and down from a year ago in this segment, which is the main driver of sales in this area (28 v 22 in Dec12 & 33 Jan12). For the last twenty-two 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 well under a 3 month A/R, this is VERY 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 8 sales was up from last year’s 6 sales, but was a little below last month’s 11 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’m was waiting for this segment to stop bouncing around so much. It does seem to be closer to finding its feet, though.
From $400k to $600k, there were 19 homes on the market. The Absorption Rate is around 9.5 months. The AR had been fairly steady all summer, then shot WAY up in September/October. January’s 0 sales were flat from the 3 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 three months ago it was 42 months…
- In the $600k to $800k arena, there was 1 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 were 0 sales for Jan13, 0 for Dec12 and 0 for Jan12.
The range from $800k to $1m, there was 0 home listed on the market and 0 sales in December. 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)
