Crozet Real Estate Market – Conflicting Numbers, Fast Contracts, Not enough Inventory

If you were to look at just the data, you’d think the Crozet real estate market is worse this year than last. Anecdotally and practically though, you’d be wrong. (talk to anyone currently looking for a home in Crozet between $300k and $500k) Or ask me.

In the first four and a half months of 2012, 166 homes came on the market in Crozet. This year, 177 came on the market. (inventory is up)

Last year, 83 homes went under contract. This year, 94 went under contract. (comparing 1/1/12-4/22/12 to this year, the numbers are 89 to 99, respectively) (More homes are selling)

Last year, 54 homes sold. This year, that number is 49. (Let’s call that a push)

But … Of the 99 homes that have gone under contract this year … 44 had days on market of less than 7! 54 had days on market of less than 30. 37 had days on market of less than 3.

So. What in the world do those numbers mean? They’re a perfect representation of how numbers can be deceiving.

In a nutshell – here’s what I’m seeing in the Crozet real estate market right now:

– Great homes are selling fast.

– There aren’t enough quality homes on the market to satisfy the demand of buyers.

There’s a pile of new construction coming to Crozet – Foothill Crossing, Wickham Pond, Old Trail, Grayrock North (West), Westlake (behind Westhall), Foxchase Landing … and a lot of my clients are shunning said new construction for existing homes because they want something less generic. (a lot are choosing new, but I’m seeing a shift I haven’t previously seen)

– If you’re thinking about selling your home in Crozet, now would be a good time to do so. If you’ve been underwater, you might not be. Seriously.

– If you’re thinking about buying a home in Crozet, be prepared for quality inventory to move. Fast.

– We’re nearing the end of the traditional peak time for new homes to come on the market; most buyers in our area tend to want to either close around the end of the school year or the start of the school year …

I’m embedding some market summary reports below. Please do let me know what questions you have … also keep in mind that even though I’m writing about the Crozet real estate market, individual neighborhood trends are different – both different scales (Old Trail vs everything else) and quality.

Disclosure: I’m a real estate agent. This is a post to inform readers about the state of the Crozet real estate market. It’s not specifically written in order to advertise or solicit business, but I certainly would not dissuade potential buyers, sellers, curious readers from contacting me with questions or if they are seeking buyer or seller representation.

Sales are down, contracts are up …

Crozet – Sales History and comparison – 2013 v 2012

Looking at the year to date numbers, specifically with respect to Crozet

Crozet – year to date real estate market

Comparing the 2012 Crozet real estate market with 2013’s

Crozet – Market Comparison Statistics

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5 Replies to “Crozet Real Estate Market – Conflicting Numbers, Fast Contracts, Not enough Inventory”

  1. Jim, Is there anyway to discern how much of that activity is investor driven? WaPo had an excellent article concerning the massive influx of investor capital into the real estate market.

    1. The only way to effectively do that is to match up the owners with their mailing addresses in the tax records … If I had to guess, I’d say investor activity is in the 20% range …

  2. When you say that there is a trend in buyers are shunning new construction does that mean they are buying historic Crozet homes or ones that are not in any of the developments of the last 20 years? I ask because the existing homes in Old Trail, Wickham Pond, Grayrock, etc., are all cookie cutter (generic) too just from that build out not the current build out. Only the older sections of Crozet have greater character. Would be a good sign for all of Crozet if the more historic homes are seeing a revitalization in sales.

Something to say?