Old Trail Home Sales On The Rise

With a fair amount of uncertainty in the Charlottesville real estate market, there are still a few bright spots.  Located in Crozet, single family home sales in Old Trail over the last 12 months are up 60% from the previous 12 months (24 vs 15).  Construction activity is up with a combination of custom homes and spec homes from a variety of Charlottesville builders.

In addition to sales being up, Days on Market for single family homes in Old Trail has dropped from 199 to 73 over the last 12 months.  Months of inventory has also fallen dramatically – from 17.6 to 8.5.

There are a few factors that are playing into these numbers.  First of all, the Old Trail Village Center and community pool were completed last spring and summer.  These 2 amenities were long promised and removed a bit of uncertainty from skeptical buyers.  Second, a new line of smaller, more affordable homes from Craig Builders, Piedmont Construction, Eagle Construction, and some other builders has offered more options to potential buyers.  Lastly, prices of lots and homes have come back down to earth..making the entire neighborhood more affordable.

The median single family home sold in Old Trail during the period from Aug 08 to July 09 was $618,000.  However, that number dropped to $467,500 from Aug 09 to July 2010.  This drop in median sale price is mostly attributed to the new housing options in the $300k range…something that wasn’t available in years past.

Expect the median home sale price for single family homes in Old Trail to continue to drop over the next year.  The majority of activity will be centered around it’s newest phase in the Village Commons…which features homes in the high $200s and low $300s.  While the Upper Ballard and Creekside sections feature higher priced homes, lot prices have come down a fair amount in those areas and the $800k+ sales will be few and far between.

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