In many ways, Crozet’s Old Trail was the region’s real estate bubble poster child. Launched in 2005, demand and home sales ramped up in a frenzy in the community’s early days. Initial home deliveries were in late 2005 and Old Trail tallied 13 sales in the final 2 months of 2005.
Then sales went off the charts. As soon as homes and town homes came out of the ground, they were sold. In 2006, there were 67 sales in Old Trail (43 of which were in the first half of 2006). But the national and local real estate market started to cool. Old Trail home sales dropped off in the 2nd half of 2006.
In 2007, Old Trail experienced 20 total sales. And only 21 in 2008. Then only 19 in 2009. As quickly as the market heated up, demand for Old Trail homes cooled off.
However, Old Trail was well positioned to come out of the real estate downturn in 2010 as it offered not only finished home sites, but finished home sites in a variety of price ranges. In addition, core amenities were fortunately completed when the market began to stabilize slightly in 2010: the first phase of the Village Center was complete, the pool was done, and the community’s parks and sidewalks offered residents and prospective residents with a glimpse of the community’s vision.
View Nest Realty’s Old Trail video
2010 brought sunnier days for Old Trail real estate sales: there were 51 sales in 2010 (including 36 in the final 6 months). The momentum continued with 52 sales in 2011 and again with 62 total home sales in 2012.
On paper, 2012 was the second strongest year on record for Old Trail with 62 sales. While 2006’s total of 67 may look to be stronger, in reality, 2012 was a much better year for home sales. 2006’s total was artificially boosted by a large number of investors hoping to cash in on rising real estate values. In addition, 57 of the 67 total sales in 2006 were attached (only 10 detached sales). 2012 brought a much more balanced market for Old Trail with 39 single family sales and 23 attached sales. Lastly, total volume sold in Old Trail in 2012 was over $2,000,000 more than 2006 ($27,590,494 vs. $25,260,752)…even though there were 5 fewer sales in 2012.
Over the last few years, Old Trail new home construction has bounced back with vengeance. Of the 62 total home sales in 2012, 48 were new homes. Piedmont, Southern Development, and Craig Builders lead the way with new home sales in Old Trail.
So, much like Old Trail sales activity fell hard with the market crash in 2006, Old Trail has lead the way for new construction and Charlottesville-area neighborhood home sales over the last few years. As Crozet continues to grow and become an even more popular destination for Central Virginia home buyers, Old Trail is well-positioned to capitalize on those looking to purchase in a Western Albemarle neighborhood.
With the Charlottesville real estate market continuing to stabilize and improve, the variety of options and price points in Old Trail will keep this Crozet community at the top of many buyers’ lists for years to come.
Here are a few more numbers from 2012:
- $435,994: Old Trail’s median price in 2012
- 10.83: Old Trail’s 2012 annual average Months of Inventory
To learn more about Old Trail, please contact one of Nest Realty’s Charlottesville Realtors.