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.