Here is the Olney Area (Olney, Brookeville, Brinklow, Ashton, and Sandy Spring) supply and demand chart for August 2009. The Red lines are the active homes, blue under contract, and green are sold. The absorption rate is determined by the number of homes on the market and the number of homes selling that month.
WOW. August of 2009 was a complete anomaly from previous Augusts. Usually the real estate market in Olney goes quiet during this period because of July/August vacations. This year was an exception. If you were considering selling, now might be the right time to call a professional. The $8000 stimulus program along with low interest rates has really started to push the market along.
Our office has added several CDPEs. These are Certified Distressed Property Experts. They are great agents who can help their clients navigate short sales and foreclosures.
Absorption Rates:
August 2009 14.3% absorption rate
August 2008 10.8% absorption rate
August 2007 6.7% absorption rate
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