Norcross, GA, Market Report, December 2010

Market stats for Norcross GA, November, 2010 indicate that there were 365 properties on the market. Overall, there is about a 10.2 month supply of properties. November was a thrashing... 30 v 47 in 2009.  December was better, but still only 35 sales for Dec 2010 compared to 41 the year prior.

In the sub-$200k arena, there were 219 listings, with about 7.4 month supply.  Sales are down slightly from a year ago in this segment, which is the main driver of sales in this area (25 v 28).  But the segment is still looking pretty strong, despite the weakness in July and September and relative weakness of sales in October, November and even December.

Between $200k and $400k, there were 111 listings for sale, and about 27.8 months of supply.  Sales have been down and slowing for the last few months.  November was a really bad month (1 v 11)... but December was still down, 7 v 10 sales.

From $400k to $600k, there were 31 homes on the market. The absorption rate is around 18.6 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.  But, for the record, Sales for December were at 3 for both 2009 and 2010.

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 12 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.