* 150M vs 129M
* 313 vs 282 up 11%
* New construction – 113 vs 90 – up 26%
* Resale market – pretty flat 200 sold in 2017 w/ 61 DOM vs 192 in 2016 with 57 DOM
* 55 sales over 1 acre vs 52 – people want small yards
* 21 land sales
* 5 distressed
Tight inventory continues
New construction continues to do extremely well.
In Old Trail, in 2016 87 sold, and 2017, 80 sold
Fun Fact – 55 new construction sales in Old Trail both years
Fun Fact – Trails mentioned 5 times in 2007, 35 in 2016 and 40 times in 2017
December 2017 – 29 ratified contracts in 2017 vs 17 in 2016.
Crozet Real Estate Market – Starting 2018
Jim: Hey there. Jim Duncan with Nest Realty.
David: David Farrell with Nest Realty, sitting here at Nest West.
Jim: Do a little bit of Crozet real estate. Looking back at 2017, Crozet had 115 million dollars of real estate sales, versus 129 million in the previous year.
David: It was a heck of a year, Jim. We had 313 sales. That was up 11% from last year — the most ever in Crozet. Remember we’re defining Crozet by the Brownsville —
Jim: And Crozet Elementary.
David: — and Crozet Elementary school district.
Jim: New construction?
David: Was also up. 113 new homes build in Crozet last year, up from 90 the year before in 2016, so that a 26% increase, new home constructions.
Jim: Heck of a year for new.
Resale, actually, was kind of flat. I think, driven by the new construction taking it. 200 sold in 2017 with 61 days on the market, and 192 sold in 2016 with about the same, 57 days on the market.
David: Still impressive though.
We had 55 sales on an acre or more. Those are typically a couple of the older subdivisions in town, but mostly properties outside of the area.
David: There were 21 land sales overall for the year, which is the same as in 2016\. The good news is, we only had five distressed sales over the whole year — short sale, foreclosures — there were 7 in 2016\. So we’re thrilled to see that.
Jim: That’s a great thing.
David: Good to see that figure drop.
Jim: Looking forward to 2018\. We’re going to have continued tight inventory. It’s going to be hard to buy a house for a lot of people. New construction is going to continue to kill it, I think.
Jim: — but for those looking for stuff under 500 in Crozet…
David: It’s getting hard.
Jim: It’s going to be hard, getting harder.
David: Attached home in Old Trail or lock into a resale.
Old Trail, 2016, 87 sold, and 2017, fewer — 80 sold.
David: I thought it was extremely interesting in Old Trail that 55 new construction sold in 2017; the exact same as in 2016\. So even though we see dirt flying over there constantly, the build-out rate seems to be around 55 — between 50 and 60…
Jim: Which is good. A good stable rate of new construction.
My fun fact for this one is that in 2007 in the MLS, trails were mentioned as a selling point five times; 2016, 35 times, and last year, 2017, 40 times. So huge kudos to the Crozet Trails crew for all that they do.
David: Great growing trail system.
And, busy, busy December. In Brownsville and Crozet there were 29 ratified contracts in 2017, only 17 in 2016.
David: Pretty impressive.
David: Busy drinking beer around here also?
Jim: Oh, there’s lots of places to drink beer.
David: Third Thursday of the month, we’re going to be up at the Roof Top, so that’s Thursday, January 18th; we’ll be up there from 5 to 7 if you want to come talk about real estate. If you have any questions about heading into 2018, just stop by and have a beer, and we’ll be happy to chat with you.
Jim: If you’re thinking about selling your house, I think now is the time to start having the conversation about getting ready for the spring market, because it is really and truly right around the corner.
David: I’ve got listings coming on this week. I bet you do also?
Some perspective on the Crozet market … if you are looking to purchase a resale home, best start targeting your micro market now.
From January 2016 to 25 September 2017
533 homes sold in Crozet via the Charlottesville MLS
331 homes sold for less than $500K
43 of these were new construction (13%)
206 sold for more than $500K; 135 were new construction (66%!)
111 were attached homes; 421 were single family
Of the 331 that sold for less than $500K
114 had at least 4 bedrooms
111 with at least 2 bathrooms
108 with at least 1,700 finished square feet
91 within 2 miles of The Square
38 sold for less than $400K
12 homes sold in Crozet + Brownsville for less than $350K
Days on market for these 12? 0, 5, 11, 12, 19, 36, 41, 55, 76, 81, 116, 127
Schools matter; luckily, Crozet schools are pretty darn good, with great leaders in each.
Short story – it may look like a lot of houses sell every year, but when you start drilling down, determining your locational and life triangles, there may be fewer homes that come on the market in Crozet than you might think (or want/hope).
David and I have fun doing these at PRN, but we never have enough time to say all that we need or want to say. As such, we’ve shifted our Crozet conversations from coffee at Mudhouse to beers (or water or soda) at PRN – Thirsty Third Thursdays from 5 to 7.
Questions about the market? Ask Jim (me) or David anytime!