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OLNEY, MARYLAND 20832 - REAL ESTATE TREND INDICATOR

OLNEY, MARYLAND 20832 - REAL ESTATE TREND INDICATOR

If you are thinking about buying or selling a home in zip code 20832, you should take a close look at the following report that compares the statistics for the past month with the same month last year. During the month, there were 100 active listings of homes for sale in Olney. There were 39 new listings in the area and 26 properties went to pending new contracts. There were 27 settlements as compared to 28 homes sold last year. The total sold dollar volume was down 14.99%. The median sales price was $399,000. The average sales price was 92.48% of the average list price. The average days on the market was 98 as compared to 92 days last year. What does this mean? It is still a soft market which favors buyers. Buyers have the largest selection and the lowest prices that have been available for several years. First time buyers have the benefit of the currently available $8,000 tax credit for settlements that take place before the end of November, 2009. Many buyers are using FHA financing to take advantage of the low 3.5% minimum cash requirement. The FHA Streamlined 203(k) program allows borrowers to include the cost of home improvements up to $35,000 in the mortgage amount. The Montgomery County Housing Opportunities Commission is providing 100% financing for qualified first time buyers.

Roy Kelley, Associate Broker, RE/MAX Realty Group

Home Search Website: www.roykelley.com

Email: roykelley@mris.com; Client Assistance: 301-670-8996

Metropolitan Regional Information Systems, Inc. ZIP Code Statistics - <$100K to >$5M Format

ZIP Code: 20832 Olney, MD
From: 05/01/2009 to 05/31/2009 Statistics generated on: 06/08/2009

Residential
Unit Sales
Number of Bedrooms		 Active Listings Time on Market
Price Class 2
Or Less
3		 4
or More 		Condo
Coop		 Ground
Rent		 Residential
 Condo
Coop		 Ground
Rent		 of Units Sold
(No. of Units)
Under $100,000 0 0 0 0 0 0 0 0 1 -30 Days 9
$100,000 - 149,999 0 0 0 0 0 0 1 0 31-60 Days 7
$150,000 - 199,999 0 0 0 0 0 0 5 0 61 - 90 Days 3
$200,000 - 249,999 0 2 0 2 0 3 1 0 91-120 Days 1
$250,000 - 299,999 0 4 0 0 0 16 6 0 Over 120 Days 7
$300,000 - 349,999 0 0 4 0 0 9 0 0 Total 27
$350,000 - 399,999 0 2 0 0 0 7 0 0
$400,000 - 449,999 0 2 5 0 0 4 0 0 Type of Financing
of Units Sold
(No. of Units)
$450,000 - 499,999 0 1 2 0 0 13 0 0
$500,000 - 599,999 0 0 3 0 0 14 0 0 Conventional 13
$600,000 - 699,999 0 0 0 0 0 5 0 0 FHA 10
$700,000 - 799,999 0 0 0 0 0 5 0 0 VA 1
$800,000 - 899,999 0 0 0 0 0 5 0 0 Assumption 1
$900,000 - 999,999 0 0 0 0 0 2 0 0 Cash 1
$1,000,000 - 2,499,999 0 0 0 0 0 3 0 0 Owner Finance 1
$2,500,000 - 4,999,999 0 0 0 0 0 1 0 0 All Other 0
$5,000,000 & Over 0 0 0 0 0 0 0 0 Unreported 0
Totals 0 11 14 2 0 87 13 0 Total 27
Grand Totals 27 100
2009 2008 % Change
Total Sold Dollar Volume: $ 10,163,300 $ 11,955,400 - 14.99 %
Average Sold Price: $ 376,419 $ 426,979 - 11.84 %
Median Sold Price: $ 399,000 $ 420,000 - 5.00 %
Total Units Sold: 27 28 - 3.57 %
Average Days on Market: 98 92 6.52 %
Average List Price for Solds: $ 407,041 $ 447,786 - 9.10 %
Avg Sale Price as a
percentage of Avg List Price:		 92.48 % 95.35 %
Total NEW listings: 39
Total Properties Marked Contract: 14
Total Properties Marked Contingent Contract: 12
Total NEW pendings (Contracts + Contingents): 26

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2009 - Information deemed reliable, but is not guaranteed.

Please contact us with your questions on the residential real estate market.

Your Real Estate Professional,

Roy Kelley

Roy Kelley & Associates

Associate Broker, RE/MAX Realty Group

6 Montgomery Village Avenue, Suite 200 Gaithersburg, MD 20879 USA

Direct: 301-921-4569 Client Assistance: 301-670-8996

Email: roykelley@mris.com Main Office: 301-258-7757 x 569

Home Search Website: www.roykelley.com Click on Homes Prospector for access to all of the available homes listed on MRIS.

Blog: http://activerain.com/blogs/roykelley

Follow me on Twitter: http://twitter.com/roykelley Links to many of our blogs appear on Twitter & Facebook.

FIRST TIME HOME BUYER $8,000 TAX CREDIT: www.federalhousingtaxcredit.com

FHA loan limits for Montgomery County and Frederick County: $729,750. Limit for FHA reverse mortgages: $625,000.

Posted Monday Jun 22