Crozet Real Estate Market Update – Mid-2017

 

  • Home sizes are rising
  • A couple new projects in Crozet
  • Road from Foothills to Parkside will be open soon
  • Third Thursdays – Next one on September 21 at Nest West
  • New Construction in Crozet is killing it.

Mid-2017 Crozet Real Estate Market Report w David Ferrall  Jim Duncan

David: [00:11] I’m David Ferrall with Nest Realty.

Jim: [00:11] I’m Jim Duncan with Nest Realty.

David: [00:13] We’re sitting here in our new Nest West office, Piedmont Place, Crozet.

Jim: [00:18] We’re on the corner next to the bookstore over there, just past Morsel Compass and an ice cream shop, and a bottle shop.

David: [00:24] Bottle shop. Smoked. Bar up top. Best library in the county right next door.

Jim: [00:29] By far. And you’ve got the yoga place downstairs.

But this is… This is Nest West.

David: [00:34] Come visit us.

Jim: [00:34] We’re thrilled.

David: [00:35] Let’s talk about real estate. What happened in the first half of the year?

Jim: [00:39] It was fairly consistent. It was… We had an active, a very active first quarter — first quarter and first half of 2017. Right now, we’ve to 113 that are active in — as always — in Brownsville Elementary and Crozet Elementary. 113 active — 61 of those are single family; 9 are attached. The rest are new construction. New construction is killing it.

David: [01:05] New construction is killing it, yeah.

Jim: [01:07] Killing it right now. And just a quick comparison between ’16 and ’17 — first half of ’16, 140 homes sold, 36 of those were new. 2017 — 160 homes sold, 56 of those were new. Price per square foot was pretty much the same year over year, fluctuation by a dollar or two. Prices are up from 449 average price for the solds, and average price for 2017 is 456. So Crozet continues to be…

David: [01:41] Marching up a little bit.

Jim: [01:43] Pushing up.

David: [01:44] I looked at the quarter results; you looked at the half year results. Quarter results mirrored that. Sales were up 12% from 96 to 107. I thought the interesting new figure was new sales doubled — 41 in total, up from 21 the same time last year. Most of those were in detached construction; there were 35 detached new homes sold in Crozet in the second quarter of 2017. They were up 4.5% in size. We’d thought we’d seen a leveling off of house sizing, but we’re at 3224 square feet, average for a new home that was sold in the quarter.

Jim: [02:18] It’s funny — I see a lot of Teslas with a lot of huge houses. It’s kind of funny how that works.

David: [02:24] Person can buy and drive whatever they want.

Jim: [02:27] Exactly.

David: [02:27] There were two distressed sales, so we’re seeing a few distressed sales which none of us like. Six land sales, which were more than we’ve had in any other quarter recent memory. So land is still selling. What else is happening in town that you’re seeing?

Jim: [02:43] Well, it’s pretty much a continuation of any strip of land that is green seems to be developed into houses. The road between foothills and Parkside Village is maybe not legally drive-able, but you can traverse from one side to the other. I suspect that will be open here in the near future, which is actually from a community perspective. There’s a strip of land across from Grayrock — I was looking at this up on the county site — that’s going to be I think 12 single-family homes.

David: [03:16] Squeezing them in.

Jim: [03:17] As tight as they can.

No movement — I rode my bike past the View site the other day. Nothing has really changed there.

David: [03:25] Couple new commercial buildings coming in Old Trail, I think.

Jim: [03:29] Yes, two or three commercial buildings on — if you can think about it — the Jarmans side of Old Trail, just past the existing commercial buildings.

David: [03:39] What’d you think about the Fourth of July parade and party?

Jim: [03:41] Fantastic. A friend of mine said — and I say every year — it’s probably one of the best days in Crozet, every year.

David: [03:48] Great community…

Jim: [03:51] Just everything about it.

David: [03:52] Yes, everything’s fun.

Jim: [03:53] The music, the parade, the candy…

David: [03:55] Awesome fireworks.

Jim: [03:56] Fireworks were fantastic. Even the ones on the days before 4th of July and the days after 4th of July.

126 sold with less than an acre. So that’s been fairly consistent.

David: [04:07] About five in six sales are on properties of less than an acre.

Jim: [04:13] Which means that people are buying in the more consistent neighborhood feels. Of the 126, 40 were in Old Trail. What’s my number two?

David: [04:24] Highlands —

Jim: [04:24] 2 was… Nine in Highlands. And then tied for third place were Waylands Grant and Chesterfield Landing.

David: [04:32] Chesterfield Landing isn’t quite yet sold out. I think they have six or seven lots in there left —

Jim: [04:36] — which is amazing.

David: [04:37] — but they’re doing well, and I believe they are buying a lot next door, so they’re going to expand it, and it’s going to… I don’t know how many more . . . [inaudible][crosstalk]

Jim: [04:44] Another phase back there?

David: [04:45] Another phase just to the south. We’re not going to be doing a drink I don’t think the next couple months. Normally, we’re third Thursday of the month at PRN. We’re going to take July and August off so we can have a little vacation. But I think we’re going to have an open house here Nest West, Piedmont Place, third Thursday of September — I think you said it was the 21st.

Jim: [05:05] I think so. Third Thursday of September, stop by Nest West.

David: [05:07] We’ll be here from 5 to 7.

Jim: [05:09] Yep.

David: [05:10] Stop in. See our new digs. Have a drink. Grab some ice cream and some barbecue on the way out —

Jim: [05:15] It’s a great place.

David: [05:15] — maybe not in that order.

[laughs] This is a great place.

Jim: [05:18] Ride your bike or walk if you can.

I’m Jim Duncan with Nest.

David: [05:21] I’m David Ferrall with Nest Realty. Thanks for watching, and we hope to see you stop by sometime.

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