2012 was a strong year for Crozet home sales. Compared to 2011, sales were up almost 28% (from 190 to 243). The 243 home sales in Crozet represents the highest number of sales in the last 5 years. This significant gain can be tied to a lot of factors. Most notably, new construction numbers made up 121 of the 243 total home sales. That represents 49.7% of the total Crozet real estate market. The area’s four largest builders (Piedmont Realty and Construction, Southern Development, Craig Builders, and Ryan Homes) all focused heavily in Crozet in 2012.
Here’s the breakdown of some of the most popular Crozet neighborhoods and their corresponding sales totals in 2012:
- Old Trail Village: 62 total sales
- Wickham Pond: 30
- Westhall: 25
- LIberty Hall: 9
In addition to sales being up in Crozet, median prices edged upward also. In 2011, the median price of a Crozet home was $304,252. In 2012, Crozet home median prices were up 4.34% to $317,458.
On another positive note, Days on Market for Crozet homes sold in 2012 were down from 104 to 82 days. This represents a 21.15% year-over-year reduction. In reality, this large drop could partially be attributed to the large increase in new home sales, which tend to have lower days on market in the Charlottesville MLS.
While average sale prices for Crozet real estate remained relatively steady (increasing just .48% to $363,166), the Months of Inventory for homes in Crozet fell by an amazing 24.26% from the end of 2011. There were just 9.18 months of homes on the market at the end of 2012. This marks the lowest levels in Crozet over the last 5 years. This lower inventory can be tied directly to an increase in buyer demand in Crozet and Western Albemarle.
Lastly, the total volume of Crozet homes was up by 28.5% to $88,249,550. We expect the demand for Crozet real estate to be strong in 2013 as well. Through the first few weeks of 2013, new construction activity continues to occur as more homes are under construction in Old Trail‘s neighborhoods (including Creekside), the new phase of Wickham Pond, Foothill Crossing, and Westhall. In addition, new Crozet neighborhoods like Haden Place and Grayrock West will be breaking ground very shortly. If activity continues throughout 2013 as we anticipate, total sales and median prices will once again be up in 2013.
And don’t be surprised if Crozet passes $100,000,000 in sales in 2013.
Stay tuned for more Charlottesville area real estate market updates…