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Old Forge Crossing 2022 Sales Results and 2023 Forecast
There were 21 sales of homes in Old Forge Crossing that were recorded in our local Multiple Listing Service in 2022. Details for those are shown in the chart below. Overall, 2022 was a good year with significant price increases in homes in Old Forge Crossing. Days on market were just under 5 if we disregard the one listing which was on the market for 146 days. Also, most homes sold at the asking price or above as is shown in the ratio to original list price in the chart, anything over 1.00 was sold over the original asking price. Anything below 1.00 was sold below the original asking price.
Old Forge Crossing Sales Highlights
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One Bedroom
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Two Bedroom
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Town Homes
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15 homes sold in 2022
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6 homes sold in 2022
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No town homes sold in 2022
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Average Price $216,483
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Average price $247,083
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Highest Price $260,000
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Highest price $262,000
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Lowest Price $170,000
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Lowest Price $237,500
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Average Days On Market 14.5
(This number includes one unit that took 146 days to sell)
Without the long listing
5
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Average Days on Market
4
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Seller Services – Competitive market analysis, Professional Photography, Video, Estate Sale Specialist, Staging Advice.
Concierge Connection – Movers, Association Connections, Local Contractors, Service People.
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General Information
Old Forge Crossing is a condominium complex in Devon, PA. It has over 40 acres of land that contain walking trails, pond and stream, a historic clubhouse, barn, tennis courts and a swimming pool. Monthly fee includes common areas and building maintenance, water, gas for hot water, dryer and cooking, snow removal, trash, fees for clubhouse and tennis. Condo association rates as of January 2021 are $261 for a 1 bedroom unit and $343 for a 2 bed unit. There is a six month condo fee contribution to the capital fund for buyers at settlement, plus new owners pay a $50 processing fee. Obtaining the 3407 Resale Package for sellers is $200. Annual sewer charge $250 for owners billed in February due March 1st for the previous years use. Tenants pay a $200 move in fee. www.oldforgexingpa.com for the association website. For the condo office call 610-687-5675.
History of Old Forge Crossing
Old Forge Crossing, originally an apartment complex that was converted to condos in the 70's it is now a condo development in Devon, PA, well located on N Valley Road, just off Route 202 in Tredyffrin Township and within the Tredyffrin Easttown School district. It consists of some five hundred plus condos, single bedrooms, single bedrooms with a den, two bedrooms with two baths, a few two bedrooms with a den and two baths and some townhouses with two bedrooms and two and a half baths on two floors.
Sales Data
For detailed information on sales in 2022 and earlier, scroll down to the bottom of the page.
Price in Old Forge Crossing is determined primarily by condition, those condos with new windows and sliders, updated HVAC systems, updated bathrooms and kitchens fetch the highest prices. Those with dens obtain a slightly higher price if they have been equally updated. Also important is location within the community, there are those units that face parking and are just a short walk, whilst other units are on the rear of a building or face an inner courtyard and require a longer walk, which may give more privacy from the parking lot but be less convenient when carrying shopping. There is also some noise from Valley Forge Road and Route 202 for those units that face or are close to either. The only difference between first and second floor location is that dens are only available in second floor units.
View of the Market for 2023
Lack of inventory across our market has seen prices rising year on year. There are many buyers out looking for homes and Old Forge Crossing provides a great entry point for first time buyers and those looking to downsize as well. Many investors like the development and are also always looking for opportunties to buy, however, end users will pay a higher price than an investor. Prices are at an all time high, and now may be a great time to sell as interest rates rise, affecting buyers ability to obtain higher mortgages we may see a plateauing of prices.
What are we expecting in 2023
Generally we have been seeing about 20-25 sales per year in Old Forge Crossing for the past few years. Whilst inventory has been very low we have seen last year about the same number of sales and expect things to be the same in 2023. However, prices have risen significantly in 2022. The average price rose 12.5% for one bedroom homes and 5.4% for two bedroom homes in Old Forge Crossing. At the same time we saw days on market drop from 18 to 5 for one bedroom homes and from 12 to 4 for two bedroom homes. In 2023 we expect to see prices moderate and to not increase as much due to the higher interest rates, but we still expect to see days on market to be low, however, they may be a little longer than 2022.
Contact us for the latest information.
Rentals and Leasing
Rental of Old Forge Crossing condos remains strong this year with decent rental returns being obtained by landlords but price obtained not increasing substantially. The one difference we have seen this year is the willingness of tenants to bid on properties offering lower monthly payments for longer terms. The increase of investor owners has moved the development to change their by laws to limit the number of investor owners. Whilst this limit is still a little ways off, it was necessary to protect the FHA approved status and the level of owner occupants for any buyer using a mortgage.
Benefits of living at Old Forge Crossing
Some of the benefits mentioned by clients and customers of Old Forge Crossing are, FHA approved development for easy access to FHA mortgages, the things included in the condo fee, these include gas for hot water, cooking and for the dryer, water, external maintenance, grounds upkeep, tennis courts and swimming pool; also often mentioned is the amount of storage space, how large the rooms are and having your own laundry in your condo and not having to share it with others, a private entrance and mail delivered to your door, lots of parking and walking trails throughout the development and finally but definitely not least the location which as one client put it, "It is just close to everything". That includes Wegmans and Trader Joe's.
Recently featured in The Anvil David Inman the President of the Condominium Association mentioned the following benefits;
- Social Community
- Sound Financial position
- No burdensome frequent special assessments
- Beautiful 40 acre campus
- Private access to Chester Valley Trail
- Accessible on site management staff and maintenance crew
Need Help?
If you need help buying, selling or renting a condo in Old Forge Crossing we have years of experience on both sides of transactions and can help you achieve your goal. Give us a call 610-203-4543 or send an email to Nick@VandekarTeam.com to set up an appointment to discuss your needs. We look forward to helping you.
Call us for an appointment to view any homes for sale in Old Forge Crossing
or those in Chesterbrook.
 The Clubhouse
 The Pool
 Offices
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