Crozet Real Estate Market Update – November 14, 2011

Looking at some market stats for Crozet (as defined by the Zip Code, 22932). Bullet points first:

– I’m no longer making comparisons beyond three years – the “boom/bubble” years are irrelevant. What matters now is where we are, where we were recently and where we’re going.

Active Listings: Still too many houses on the market in Crozet. Until some of this inventory is sold, we’re still going to struggle with declining prices, high days on market and short sales and foreclosures.

New Listings: Declining. This is good. See the remarks for “Active Listings”

All Pendings (under contract homes): Higher than this time in 2010 and 2009; this is a good thing. More homes under contract will hopefully lead to fewer homes on the market, leading to real estate market stability.

New Pendings: Up. Good.

Sold Listings: Up, year over year. This is a good thing. We’re on a slower pace than this time last year, but that’s ok. If we can build stability slowly, we’ll be ok.

Keep in mind that these statistics are top-level analysis for the Crozet real estate market, inclusive of town homes, (as in, the Highlands and the town homes in Old Trail) single family (as in Laurel Hills, Parkside Village) and new construction and resale homes.

All real estate markets are local. There are subtle and stark market differentiations within even Crozet – based on community offerings (the pool in Western Ridge is nice), proximity to downtown Crozet, proximity to the Old Trail town center, etc.

If you’re thinking about selling, do your due diligence. If you’re considering buying, do your due diligence. There’s a lot to learn on both accounts. If you have questions, please feel free to leave a comment or email me.

Lastly, this is my state-mandated Disclosure (and it’s the right thing to do): I happen to be a real estate agent who lives in Crozet, works in Crozet, Charlottesville and all the surrounding areas, and think that this information is relevant to the readers of RealCrozetVA.

Click any chart to enlarge

Active Listings, All Home Types - ZIP- 22932

New Listings, All Home Types - ZIP- 22932

All Pendings, All Home Types - ZIP- 22932

New Pendings, All Home Types - ZIP- 22932

Sold Listings, All Home Types - ZIP- 22932

All data is pulled from the Charlottesville MLS and is reasonably accurate.

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