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.
Market stats for Norcross, April, 2010 indicate that there were 359 properties on the market. Overall, there is about a 8.1 month supply of properties.
Sales for April bumped slightly from March, and were well above last year, 52 v 35 last year and 44 last month.
In the sub-$200k arena, there were 171 listings, with about 6 months supply. Sales are up from a year ago in this segment, which is the main driver of sales in this area.
Between $200k and $400k, there were 130 listings for sale, and about 10.5 months of supply. January was a powerhouse, with 10 sales compared to only 3 in 2009. But, February was only slightly better, with 11 sales compared to 8 in 2009. March dropped off ever so slightly... 11 sales in 2010 and 12 in 2009. April was 15 compared to 8 last year.
From $400k to $600k, there were 47 homes on the market. The absorption rate is around 17.6 months. Up through March, it was a decelerating market, but April clawed back well with 4 sales compared to 3 in 2009.
In the $600k to $800k arena, there were 7 listings on the market. There has been one sale in the last year. That calculates to a 7 year absorption rate… Not good… there has been one sale in this price range in the last year...
The range from $800k to $1m, there were no homes listed on the market and no sales.
Above $1m, there were 4 properties listed. The current absorption rate indicated 24 months of inventory, but because of the smaller numbers of sales, this could be significantly impacted by just a couple of sales. There have been two sales in the last year.
I have a page dedicated to Norcross Market Data.
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- Norcross, GA Market Report - March 2010 (lanebailey.com)
- Norcross, GA Market Report, February 2010 (lanebailey.com)
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