Crozet real estate market update – June 2008

This month I am trying something new for RealCrozetVA. Some of you may know that I am a Realtor and write a real estate blog focused on the Charlottesville/Central Virginia market. I have been reluctant to post about the Crozet real estate market because the intent of RealCrozetVA is to be a community resource, not a site by which I would sell my services. With that preface, what follows is a brief market update for Crozet – in the interest of providing information that fellow Crozetians want (and may need).

– Currently there are 187 residential properties on the market in Crozet – 64 of these are new construction.

– 44 residential properties are under contract – 18 of these are new construction.

– 59 properties have sold so far this year – 20 of these were marked in the Charlottesville MLS as being new construction.

– Currently, the average Days on Market for active and under contract properties is 161 days.

All told, there are about 13 months of inventory on the market in Crozet right now.*

The Crozet area has also seen the bulk of building permits in recent history (click image for a larger version) –

Next month I will present neighborhood-specific market data.

If you have any questions or there is any additional information/data you would like to see, please feel free to contact me through RealCentralVA or RealCrozetVA.

* Absorption rate – Number of months it takes to sell the current inventory at the present rate of sales.

* I limited the area to the Brownsville and Crozet Elementary School districts – I have found this to be the best way to geographically drill down and isolate within Albemarle County.

* Thanks to Brian Wheeler and his SchoolMatters blog (all Crozetians should subscribe to it by the way) for the graph.

* You can search for homes in Crozet by going here and mousing over to the Crozet tab on the far right.

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