Unlike the greater Charlottesville MSA market where the trend lines are fairly consistent, the Crozet real estate market is more of a fits-and-starts market.
The Crozet real estate market cycle can be described succinctly: (“Crozet” defined for these purposes as “Brownsville & Crozet Elementary Schools)
– List early in the year
– Contracts trail listings
– Closings track contracts by 30-60 days or so.
– As with the broader market, rising interest rates (they’re *really* not high) seem to have taken their toll on some of the market exuberance, but not much
– The charts below include single family, attached homes (and condos, but we don’t have any in Crozet) – and specifically include new construction**
The 2013 market compared to the 2012 market:
– Inventory is up a bit (new home inventory is not represented in the listings as there are so many “paper listings” – new homes proposed on lots that may or may not be built – so this number is a bit misleading.
– The market is doing better – prices are up, contracts and sales are up – year over year.
– The peak in closed home sales in December of 2012 appears to be mostly new construction contracts being closed out.
– July was *smoking* with respect to closed sales (see PDF for more information) and screenshot at the bottom of this post.
Difference in homes listed, homes put under contract and homes sold in 2013 versus 2012
Homes listed, homes put under contract and homes sold so far in 2013
I’ve long sought to ascertain what is the consistent volume of the real estate market. Crozet is a different beast as our population is poised to increase for the next 10-30 years, based on the Crozet Master Plan (you’ve read the whole thing, right?).
The ramifications of this growth are many, but for this post I’m focused more on helping those who are thinking about buying a home in Crozet or selling a home (probably in the Spring) in Crozet.