Market stats for Norcross, November, 2010 indicate that there were 386 properties on the market. Overall, there is about a 10.3 month supply of properties. October and September sales were down v 2009 (42 v 57 and 43 v 55), but August was way up (52 v 43). November was a thrashing... 27 v 47 in 2009.
In the sub-$200k arena, there were 215 listings, with about 7.5 month supply. Sales are down significantly from a year ago in this segment, which is the main driver of sales in this area (25 v 34). But the segment is still looking pretty strong, despite the weakness in July and September and relative weakness of sales in October and November.
Between $200k and $400k, there were 127 listings for sale, and about 20 months of supply. Sales have been down and slowing for the last few months. But October was down (4 v 13 last year). With the increase in inventory. November only had 1 sales, v 11 last year.
From $400k to $600k, there were 39 homes on the market. The absorption rate is around 19.5 months. Much of the perception of strong Absorption Rates 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 2 listings on the market. Inventories have decreased as sales have increased compared to last year. The absorption rate (6 month average) is at 4 months of inventory... but with only 4 sales this year, obviously it is easy to bump one way or the other. The ONLY reason for the strong looking Absorption Rate is that there are only 2 listings.
The range from $800k to $1m, there were 1 homes listed on the market and no sales... seemingly forever.
Above $1m, there were 2 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 (Apr 10 and Oct 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.
- Norcross, GA, Market Report, October 2010 (lanebailey.com)
- Norcross, GA, Market Report, September 2010 (lanebailey.com)
- Norcross, GA, Market Report, August 2010 (lanebailey.com)
Norcross GA Market Reports on LaneBailey.com