Real Estate Recap May 2022

May 1, 2022

May flowers are blooming, except where the deer have eaten them! Homes for sale are generally like flowers. The homes show up one day and then are gone the next after Buyers gobble them up. Mortgage rates continue to climb to the highest levels since 2010. The Fed is expected to raise the Fed Funds Rate by .50 basis points at the next meeting on May 4th to slow inflation.

The only home on the market in Deercreek is a 3804 sq ft home at 9936 Watermark Lane. The home has 5 beds/4.5 baths, a 3-car garage and is currently listed at $824,000 (reduced from $850,000). Three homes are Under Contract, 10070 Heather Lake Ct W (listed at $550,000), 7798 Rittenhouse (listed at $769,000), and 11202 Chester Lake Rd W (listed at $825,000).

Five homes ranging in size from 2756 to 7124 square feet have sold over the past 3 months (according to the 4/25/22 NEFAR MLS). Ranging in price from $700,000 to $1,400,000, the homes sold from 100 – 108% of the price at which they were listed. The five homes sold averaged a price per sq foot of $228.48 and were on the market for an average of 3 days. Among the homes sold were 10028 Vineyard Lake Rd E, a 3545 sq ft home that sold for $820,000, and 8250 Chelsea Lake Place, the 7124 sq ft home overlooking the 4th green which sold for $1,400,000.

May will start heating up, just in time for the return of the Deercreek swim team. It remains to be seen whether the increase in mortgage rates will keep the real estate market in Deercreek active, or will it cool off. It is hard to tell as Buyers are still looking for homes in Deercreek.

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