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.
Continue reading “When Do Homes Come on the Market in Crozet?”