Where’s the New Housing Inventory in Crozet?

Disclosure: I’m a real estate agent. I occasionally write about the Crozet real estate market.

I’ve been looking at the data and am getting more and more curious … where are the new listings that I (and other professionals) thought would be coming on the market in Crozet? (There’s more insight in my subscription-only monthly note)

Some of the questions this data raises:

How will this affect new construction? (probably quite well – fewer good homes with which they’re competing may mean more sales and higher prices)

How might this affect buyers? More competition for good houses and less to choose from may 1) discourage buyers 2) keep potential buyers renting 3) drive up prices

How might this affect sellers? They might be able to push the asking price a little bit. Or, they might price it a bit under where they might be able to price it in order to better ensure a reasonably quick contract

How might this affect growth in Crozet? We have quite a few new homes yet to be built … will they continue at the same pace?

Is it too early to draw any kind of reasonable conclusions? Yes. Absolutely. For all the years I’ve been writing about and practicing real estate, I’ve said that I’ll let you know in 18 months what the market did today.

What if I have more questions about the Crozet real estate market? Ask me anytime. Here in the comments or email or call me anytime.

The short story is that there’s always more to the story than top-level data suggests. This post is just some brief insight into what’s happening in the Crozet real estate market. For broader insight, I wrote today about the Charlottesville/Central Virginia market.

In January of 2013, 51 homes came on the market; 13 of these were new construction

In January of 2014, 45% fewer homes came on the market than last January: 23 homes came on the market; 4 of these were new construction.

In January 2013, 24 homes went under contract

In January 2014, 40% fewer homes went under contract than last January: 14 homes went under contract.

In January 2013, 15 homes closed.

In January 2014, 66% fewer homes (5) closed.

In the first 9 days of February last year, 33 homes came on the market; 20 were new. In the first 9 days of February 2014, 6 homes have come on the market; 1 is new.

I expect more homes will be coming on the market in the next couple weeks. We’ll see.

Looking at data from the Charlottesville MLS: (Full PDF) for just Brownsville + Crozet Elementary Schools –

Crozet Housing Inventory February 2014

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