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Tag Archives: norcross

Norcross, GA, Market Report, December 2011

Monday, 06 February 2012 08:00
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Market stats for Norcross GA, December, 2011 indicate that there were 248 properties on the market.  Overall, there is about a 4.6 month supply of properties.  This year has been very strong so far… although April and May weren’t that strong (April was below last year)… it hasn’t slowed much, if at all.  December saw 52 sales, above the 35 for December, 2010, and flat with the 52 for November.  This is one of the few market areas in Gwinnett to post six strong months in a row.

In the sub-$200k arena, there were 143 listings, with about 3.1 month supply.  Sales are up ever so slightly from last month but WAY up from a year ago in this segment, which is the main driver of sales in this area (46 v 25 in Dec10 & 45 Nov11).  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 barely over 3 month A/R, this is VERY strong for sellers.

Between $200k and $400k, there were 73 listings for sale, and about 12.9 months of supply.  This segment isn’t as weak as it had been over the last several months, and is continuing to build strength.  The 4 sales were dramatically down compared to last year’s 7 sales, but flat from last month’s 4 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.

From $400k to $600k, there were 24 homes on the market.  The Absorption Rate is around 10.3 months.  The AR had been dropping for months, then shot WAY up in June.  It has been working down slowly since.  December’s 2 sales were flat from 2 the month before but down from last year’s 3 sales.  Basically, just like last month.

In the $600k to $800k arena, there were 4 listings on the market.  Inventories doubled compared to last year.  The Absorption Rate is at 12 months of inventory… but with only 4 sales in 2010 and 4 sales in 2011, the last in November (0 in December), 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 range from $800k to $1m, there was 1 home listed on the market and no sales… seemingly forever.

Above $1m, there were 4 properties listed.  But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales.  The volatile Absorption Rate is at 36 months of inventory.

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, November 2011

Friday, 13 January 2012 08:00
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Market stats for Norcross GA, November, 2011 indicate that there were 268 properties on the market.  Overall, there is about a 5.1 month supply of properties.  This year has been very strong so far… although April and May weren’t that strong (April was below last year)… it hasn’t slowed much.  November saw 52 sales, above the 30 for November, 2010, but below the 58 for October.  This is one of the few market areas in Gwinnett to post six strong months in a row.

In the sub-$200k arena, there were 157 listings, with about 3.7 month supply.  Sales are down from last month but up from a year ago in this segment, which is the main driver of sales in this area (45 v 46 in Oct11 & 28 Nov10).  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.

Between $200k and $400k, there were 80 listings for sale, and about 10.4 months of supply.  This segment isn’t as weak as it had been over the last several months, and is continuing to build strength.  The 4 sales were solidly up compared to last year’s 1 sale, but down from last month’s 9 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.

From $400k to $600k, there were 24 homes on the market.  The Absorption Rate is around 10.3 months.  The AR had been dropping for months, then shot WAY up in June.  It has been working down slowly since.  November’s 2 sales is down from 3 the month before but up from last year’s 1 sale… and the inventory decrease didn’t hurt too much, either.

In the $600k to $800k arena, there were 3 listings on the market. Inventories had increased compared to last year. The Absorption Rate is at 9 months of inventory… but with only 4 sales last year and then the sale in March and another each in May and June, and 1 sale in November, 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 range from $800k to $1m, there was 1 home listed on the market and no sales… seemingly forever.

Above $1m, there were 4 properties listed. But because of the smaller numbers of sales, the absorption rate could be significantly impacted by just a couple of sales. The volatile Absorption Rate is at 48 months of inventory.

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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Wayback Wednesday… How Were My Prognostications?

Wednesday, 04 January 2012 08:00
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Last year I wrote one of those “wonderful” annual prognostication posts with my guesses on what we would be looking at during the same time next year… and that would be now.

Gwinnett County, Georgia

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Here is a link to the old post.  I’ll have the quick version below, but if you want to see the context, knock yourself out…

  • I predict that next year there will STILL be people talking about the coming giant wave of Shadow Inventory.  Well, I have to say that I hit that one.  Inventories are dropping, but the general buzz in the biz is that there is a huge wave of “Shadow Inventory” just around the bend.  Of course, it has been there (just around the corner) for a few years now…
  • Interest Rates ARE going to rise.  They did… a little… but they are down.  I was wrong.
  • … there will be another wave of government intervention…  I hoped I would be wrong on this one, and I was.
  • The entry level market (under $200k) is well on the way to recovery… and that will continue.  I hit that one right.  The entry level market is pretty much rocking in Gwinnett County.
  • And I don’t think we will see a meaningful recovery in prices for the Luxury Market (above $600k).  Talk about a hurting market segment…  Unfortunately, I hit that one on the head.
  • The “Near Luxury” segment (from $200k-$600k) will be mixed.  That one is pretty close.  There are some markets that we are seeing a meaningful recovery for this price level… and other, not so much.  A few are just waffling.
  • I don’t see Unemployment going under 9% during 2011.  How do I rate this one?  Officially, I am wrong.  However, most of the improvement hasn’t been from job creation, but rather from people giving up.  The December numbers are supposed to be released later today…

I went 4 for 7… maybe 5 for 7, depending on how you want to score the last one.

 

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Norcross, GA, Market Report, October 2011

Monday, 19 December 2011 08:00
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Market stats for Norcross GA, October, 2011 indicate that there were 288 properties on the market.  Overall, there is about a 4.9 month supply of properties.  This year has been very strong so far… although April and May weren’t that strong (April was below last year)… it hasn’t slowed much.  September saw 58 sales, above the 48 for September but well above the 42 for last October.  This is one of the few market areas in Gwinnett to post six strong months in a row.

In the sub-$200k arena, there were 165 listings, with about 3.7 month supply.  Sales are up from both last month and a year ago in this segment, which is the main driver of sales in this area (46 v 36 both in Oct10 & Sept11).  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.

Between $200k and $400k, there were 86 listings for sale, and about 8.3 months of supply.  This segment isn’t as weak as it had been over the last several months, and is continuing to build strength.  The 9 sales were solidly up compared to last year’s 4 sales, but down from last month’s 10 sales.  Even though it isn’t gangbusters, it is certainly better than the 28 months of inventory we had in December, 2010.

From $400k to $600k, there were 29 homes on the market. The Absorption Rate is around 9.7 months. The AR had been dropping for months, then shot WAY up in June. It has been working down slowly since. October’s 3 sales are up from 2 the month before and last year’s 1 sale… and the inventory decrease didn’t hurt too much, either.

In the $600k to $800k arena, there were 4 listings on the market. Inventories had decreased compared to last year. The Absorption Rate is at 12 months of inventory… but with only 4 sales last year and then the sale in March and another each in May and June, obviously it is easy to bump one way or the other. The ONLY reason for the strong looking Absorption Rate last month was that there were so few listings.

The range from $800k to $1m, there was 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. The single sale in January (first since October) has pushed the Absorption Rate down to 18 months of inventory.

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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Norcross, GA, Market Report, September 2011

Friday, 11 November 2011 08:00
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This map shows the incorporated and unincorpor...

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Market stats for Norcross GA, September, 2011 indicate that there were 305 properties on the market. Overall, there is about a 5.6 month supply of properties.  This year has been very strong so far… although April and May weren’t that strong (April was below last year)… it hasn’t slowed much.  September saw 48 sales, well below the 69 for August but slightly above the 43 for last September.  This is one of the few market areas in Gwinnett to post five strong months in a row.

In the sub-$200k arena, there were 174 listings, with about 4.1 month supply. Sales are up from a year ago in this segment, which is the main driver of sales in this area (36 v 25). For the last three months, the AR has been tilted in favor of sellers… it tilted back just a little bit this month. This still looks like one of the strongest price/area segment in Gwinnett County, GA.

Between $200k and $400k, there were 92 listings for sale, and about 9.9 months of supply. This segment isn’t as weak as it had been over the last several months, but it is still weak compared to the rest of the segments in the area, as well as the price level in other areas. The 10 sales were a downer compared to last year’s 14 sales, as well as from last month’s 12 sales. Of course, this segment has always seemed to lag a little.

From $400k to $600k, there were 32 homes on the market. The Absorption Rate is around 11.3 months. The AR had been dropping for months, then shot WAY up in June. It has been working down slowly since. September’s 2 sales are down from 4 the month before and last year’s 4 sales… but with the inventory decrease, it didn’t hurt too much.

In the $600k to $800k arena, there were 5 listings on the market. Inventories had decreased compared to last year. The Absorption Rate is at 15 months of inventory… but with only 4 sales last year and then the sale in March and another each in May and June, obviously it is easy to bump one way or the other. The ONLY reason for the strong looking Absorption Rate last month was that there were so few listings.

The range from $800k to $1m, there was 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. The single sale in January (first since October) has pushed the Absorption Rate down to 18 months of inventory.

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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