Scott County

Fayette ‘doesn’t have anywhere to build’; Realtor says Scott should expect more growth

Houses being built in the Rocky Creek Farm subdivision as seen from Paris Pike (U.S. 460) in Georgetown, May 13, 2015.
Houses being built in the Rocky Creek Farm subdivision as seen from Paris Pike (U.S. 460) in Georgetown, May 13, 2015. Herald-Leader

Scott County, already experiencing growth from Toyota’s success, most likely will see more residents coming in from the south, the president of the Lexington-Bluegrass Association of Realtors said.

“Fayette County doesn’t have anywhere to build now. Scott County’s got land, got lots recorded, platted, they can be built on,” Ty Brown told the Georgetown/Scott County Chamber of Commerce luncheon on Monday. “There is room here.”

Georgetown has 686 vacant lots available for houses while there are 415 lots in the county, Brown said.

“Seventy-four percent of the capacities are built… The subdivisions in the city are actually 94 percent built. The county is 82 percent built,” Brown said, referring to subdivisions outside the city limits. “The lots are there. They’re being built on right now … A lot of construction’s going on right now.”

Brown also talked about the high level of activity in Scott County’s real estate market, where the average days on the market of houses for sale had fallen to 39 days in August. Statistics for September show the average dropped even further — to 35 days.

Brown’s statistics showed home sellers have enjoyed an improving market since August 2011 and August 2012, when the average days on market were 108 days.

The median sales price also has become more favorable to sellers after fluctuating between $140,875 in August 2010 up to $156,250 in August 2012 before dipping to $142,334 a year later.

The next year, in 2014, Brown’s figures show, the median price leapt to $175,191, leveled off for the following two years then rose to $188,000 this August.

However, the median price declined slightly to $184,509 in September.

Brown’s numbers showed 106 houses were sold in September, up from 95 a year earlier.

“Of the 106 sales in September, 24 were new construction. Eighty-two were existing homes,” he said.

From January through September 2017, 931 homes were sold, with total sales reaching $200,148,922. The year’s median sales price is $188,700, and the average days on the market is 43.

Among area counties, Scott County trailed only Fayette in terms of building permits issued in 2016. Scott recorded 479 permits issued, while Fayette issued 670.