Old Forge Crossing market statistics for 2007
Compared to 2006 when there were over 50 units sold at Old Forge Crossing in Devon, PA, 2007 was a quiet year with just 24 homes sold resulting in raising demand for homes at Old Forge Crossing. The average days on market was 52, this was skewed a little by three homes that were on the market for over 100 days, one of which was on the market for 179 days. Without these three homes included the average days on market were 39. Two bedroom units were on the market slightly shorter at 50 days or longer if you take the lower number. On average prices at which homes settled was 98% of asking price; what I noticed is that the higher the asking price the lower the settled price, those units which had the highest asking prices settled at 96% of asking price. As Realtors we often advise clients to price correctly and prepare their homes for sale. This was reflected looking through the sales as those homes that sold quickly were priced sharply or also had been well maintained and prepared for sale. Using a stager also helps sell a home quickly.
From the 24 homes sold 18 were one bedroom homes; 2 of these had dens, and there were 6 two bedroom homes, two of which had two full baths and a powder room, these incidentally were the two highest priced units in the development and both settled for $220,000. Two bedroom units ranged in price at settlement between $196,500 and $221,000, although this highest priced unit also gave a $6,000 seller assist, so in reality it sold for $195,000. In the one bedroom homes the lowest priced unit was $163,900 and the highest asking price was $179,000 which settled at $169,000 and the highest settled price was $174,900, but again this is misleading because the seller also gave a $5,000 assist so the real price was $169,900. The highest settled price without any assist or concession was $172,500, 99% of the asking price of $174,900.
So what does all this mean for 2008? Well, we did not see any rise in prices within the development for 2007; whilst the interest rates are low there are plenty of buyers looking for homes. We have seen the year start with a bang, especially in the last two weeks. Will prices rise? This price range is the lowest in the township and the area, Old Forge Crossing homes in my opinion give some of the best value, the closest competition is Drummers lane, but those units do not have private entrances and you have to use a shared laundry room, as well as having a lot of road noise from the 422 and 202 intersection. At the moment the media has led buyers to believe that homes are not selling and therefore whilst prices may increase slightly, buyers will resist this by making lower offers.
To get the best price, sellers need to make sure their home is well presented, bathrooms, kitchens both need upgrading, consider updating the A/C and heater units and freshly paint the walls in neutral colors. As I mentioned above get help staging your home and realize that when you sell your home, it is not the same as when you live in it.
If you want help selling or if you are looking for a home in Old Forge Crossing contact me at 610-203-4543 or email me at Nick@VandekarTeam.com. I will be happy to help you buy or sell. We have a special offer for sellers of homes in Old Forge Crossing, please go to our website and click on Old Forge Crossing from the menu on the left for details.
If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you, contact us or connect
Feel free to subscribe to our blog to stay up to date with our latest posts and information on the Tredyffrin Easttown and Main Line Real Estate Market.