Crozet Real Estate Market – Nearing End of 2018

Sales are slowing, inventory is creeping up, new construction is moving along, and we’re seeing price moderations. Watch the whole video, skim the transcript; ask us questions.


Jim: Hey there, I’m Jim Duncan with Nest Realty here in Crozet.

Greg: And I’m Greg Slater with Nest Realty. We define the Crozet market as the school districts of Brownsville Elementary and Crozet Elementary. We gave you some stats in our last video. We were talking about the fact that sales in Crozet were down about 10% at that point. Moving ahead, we’re looking a little bit past the third quarter to the end of October, year to date. We’re still going in the wrong direction. Now we’re about 16% off.

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Mid-2018 Crozet Real Estate Market Update

Crozet real estate market update with Greg Slater and Jim Duncan with Nest Realty.

The first half of 2018 is behind us, and we talked about resales vs new construction, home prices, where in Crozet homes are selling, what happened with home inventory over the past few years.

Note that this is a longer video than typical; we covered a lot.

Thanks to the Rooftop for letting us use their … Rooftop.

(Greg and I are getting accustomed to doing these videos together … we will get better)


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Crozet’s 2013 in Review on RealCrozetVA

2013 – lots happened in Crozet this year – a lot of good, some bad, and I tried to capture most of it here. 2013 is the year that the RealCrozetVA Facebook page (I don’t like FB, but it’s awfully useful) became the third leg in the RealCrozetVA community, the recaps of the Crozet Community Advisory Council meetings proved quite useful, and the Crozet community time and again demonstrated why this is a great place to live. If you’re interested in browsing all the stories, you can see the 2013 archives – 165 stories all – here.

I’ve highlighted some of the stories I posted from each month and done my very best to not editorialize (although if I did, “Crozet Library opened” would have an exclamation point!).

Five things:

– You can subscribe to RealCrozetVA by email, follow RealCrozetVA on Twitter, or like RealCrozetVA on Facebook. A note on Facebook – we tend to have very good conversations and interaction there, but I don’t post everything there that gets published here.

– I’m a Realtor who lives in and loves Crozet. In my ideal world, I’d never get off my bicycle to show houses or meet seller clients. (and I know this will likely never happen). I rarely explicitly say this, but if you’re moving to Crozet or thinking about selling your home, I’d appreciate the opportunity to talk with you.

– If you’re curious, these are some of the photos I’ve taken in Crozet this year.

– Thank you. Thank you. Thank you Crozet for reading, commenting and sharing what you see here with your friends. You truly make this a great place.

– Really, thank you. Whenever I hear from people how they read about Crozet here, or used RealCrozetVA to research Crozet before they moved here, or when you let the community know about power outages and such via the RealCrozetVA twitter feed, I’m ever more grateful for the Crozet community and your support here. Thank you.

January 2013

We had a good discussion about Crozet school’s competitiveness and a great conversation about what we want Crozet to be.

February 2013

A hotel was announced to be coming to Old Trail in Crozet and many of you described your neighborhoods in Crozet.

March 2013

We had a rare (and appreciated!) guest post recapping the March Crozet Community Association meeting.

April 2013

WAHS got a new principal, the Daily Progress called for retrofitting 250 West, a guest’s reflection on the James Sun Memorial 5k, Crozet Volunteer Fire Department got a Twitter account, and the Crozet real estate market started to really pick up.

May 2013

King Family Vineyards responded to the soggy pitch by having Nolo Weekend – and it was tons of fun. A 10 year old was accidentally shot in Crozet. I started to recap the CCAC meetings using Storify – and subsequently did it many more times to what I think is a great success.

June 2013

WAHS’ new principal answered 10 questions, Crozet got another new great restaurant, Restoration and the Field School put together a great kids’ triathlon.

July 2013

The Crozet Gators won the Jefferson Swim League Championship for the first time in 22 years and Restore N Station finally broke ground.

August 2013

We discussed where the next Crozet stop light will be, I thanked Blue Ridge Internetworks for hosting RealCrozetVA, I summarized the CCAC meeting and the Crozet community suffered another rash of car break-ins.

September 2013

The Crozet Library opened, the community responded to a survey on new Crozet hotel, I recapped the September CCAC meeting, I looked at when homes come on the market in Crozet, Ned Gallaway, Albemarle’s At-Large school board member hosted the first community conversation about Albemarle County Schools that I can remember being held by a school board member in Crozet, and you voiced your opinions on what should happen to the old Crozet Library.

October 2013

We figured out what the utility work in front of BP was, I relaunched the Crozet Calendar – and it’s now available for community members to post their own events (ask me how), y’all answered the question – What’s the first thing you tell someone about Crozet?, the 3rd Quarter Crozet real estate market report was interesting, the recap of the CCAC meeting proved useful and interesting, and we had a good conversation about the walkability of Crozet.

November 2013

Lots happened in Crozet on the Crozet Calendar, the awesome Crozet Trails Crew reached a few milestones, the Crozet Angel Tree was quickly accomplished, the buildings downtown were re-sided and the CCAC meeting was live-tweeted by a chorus of people! and recapped here on RealCrozetVA.

December 2013

The Crozet Streetscape meeting was very informative, I looked at the Crozet real estate market in December, Tim Dodson, WAHS junior, wrote about his perspective after having attended and live-tweeted the CCAC meeting, the Streetscape really is coming, we can now drive faster (legally) on 64, and the Barnes Lumberyard redevelopment may be moving forward – see this recap of the December CCAC meeting.

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When Do Homes Come on the Market in Crozet?

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.

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If you Live in a Neighborhood in Crozet

A friend asked me a question the other day (through Facebook) about a recent foreclosure that sold in his neighborhood and it triggered something I’ve been meaning to do –

If you live in a neighborhood in the Crozet area and would like me (actually the MLS system but it’ll look like it’s from me) to send you emails when a property comes on or goes off the market, has a price reduction or sells, please send me an email and let me know your name, email address and neighborhood. The Crozet real estate market is clearly not immune to the continually shifting real estate market, and we’re all concerned/curious about our property values.

This is something that I have set up for myself in my neighborhood (Parkside Village), and I’m certain that it would be useful for many of you. If you’re a regular reader of my blog, you know this isn’t a veiled attempt to sell you something anything, but a recognition that I have access to a service that could provide value to you.

Crozet Market Update – September 2008

The Crozet real estate market, like the entire region, is in a state of transition. In an attempt to keep Crozetians (and those curious folks outside Crozet who may be interested in moving here) informed, I am going to be publishing quarterly market reports specifically for Crozet.*

This data is pulled from the Charlottesville Area Association of Realtors’ MLS. I’m not displaying prices – sold and listed – because so many of these subdivisions are interspersed with attached and single family homes. For example – Bargamin Park has two active properties – one attached for $272,500 and one single family for $375,500.

If you’re interested in a wider market analysis of the entire Charlottesville/Central Virginia area, you can see all of my market analyses at RealCentralVA. If you have questions about Crozet (or Charlottesville, etc.) real estate market, please ask me anytime.

Looked at another way,

* Crozet = Brownsville and Crozet Elementary Schools

* The information displayed is only as accurate as the Realtors inputting said data.