3rd Quarter 2013 Real Estate Market Report for Crozet

2013 Q3 Cville Nest Report.pdf (page 4 of 8).jpg

The five broad real estate trends for Crozet, off the top of my head –

  • The growth, and expected continued growth for the next 10-20 years
  • The infrastructure challenges brought about by the expected growth (and the question as to whether the County will address these concerns)
  • The growing ability for Crozet to be self-sufficient with many (most) of the services people need and want
  • The need for employment centers in Crozet so that we can minimize our being a bedroom community for Charlottesville
  • I suspect we’re going to see more homes coming on the market in the Spring as those who’ve been underwater for many years are now finally able to have the conversation about possibly selling. (I can help)

Briefly … where are we right now in Crozet? (Crozet = Brownsville + Crozet Elementary Schools)

We’re in a position where there are multiple competing segments. Laurel Hills, for example, doesn’t compete with new construction, but Old Trail does compete with Western Ridge. And Westlake Hills will compete with Westhall.

Single family homes – 52 sold 3rd Quarter 2013 vs 45 in 3Q 2012 – a 13% increase, Year over Year. 27% (14) of those 52 sold this quarter were built this year.

Attached homes – 22 sold 3rd Quarter 2013 vs 17 in 3Q 2012 – a 13% increase, Year over Year. 35% (6) of those 17 sold this quarter were built this year.

I think we’re going to see a large surge in new construction closings in the 4th Quarter of 2013 and that we’re going to have a reasonably stable market in the Spring of 2014.

If you’re interested in the full market report for Charlottesville, Albemarle and the entire Charlottesville MSA, you can read and download it at my real estate site.

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