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Olney, MD

Olney MD 20832 Real Estate - Montgomery County

01-13-10
Roy Kelley
Roy Kelley: Real Estate Agent in Gaithersburg, MD

Olney MD 20832 Real Estate - Montgomery County

Home owners and prospective purchasers want to know the trends of the real estate market. The following statistics are for the past month and are compared with the same month last year. There were 18 new listings and 13 went to pending new contracts. The sold dollar volume was down 24.34% from last year. The number of homes sold was 11 from 14 last year. The average days on the market was 68 days from 143 days last year. The average sale price was 82.33% of the average list price. The median sold price was $400,000.

Please let us know if you need to purchase by the end of April to qualify for the tax credit. This is for first time home buyers or current owners that have owned for 5 years.

Do you qualify for a tax credit? The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php

Homes for Sale, Pre-foreclosures, REO: The following three reports show the properties that are active listings of homes for sale in the area. The properties are sorted by subdivisions. You may sort differently by clicking on the column headers.

The first report shows the 30 active listings excluding the lender owned foreclosures (REO) and the short sale listings.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-99007486-452

The second report shows the 12 short sale active listings. Short sales are transactions where the proceeds of the sale will not cover the outstanding mortgages. These are pre-foreclosures. Home buyers need to be very selective when submitting offers on short sales. If the price appears too good to be true, the listing may be unrealistic.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-99007516-856

The third report shows 4 lender owned foreclosures (REO) for sale. The lender owned properties are vacant and prices are reduced until they are sold by the highly motivated sellers.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-99007547-137

Mortgage Financing: It is an ideal time to obtain funds to purchase a residence or investment property. Interest rates are low and are expected to rise during the coming months. Pre-approval for financing is the first step in the home purchase process. Buyers need to have a lender letter in hand when they submit an offer on a property. Buyers should be prepared to fully document their income and obligations. Ask us for a referral if you do not have an existing relationship with a mortgage lender.

FHA loan limits for Montgomery County and Frederick County: $729,750. FHA financing has a minimum cash requirement of 3.5% of the purchase price. FHA Streamlined 203(k) financing allows borrowers to include up to $35,000 of home improvements in the mortgage amount. The limit for FHA reverse mortgages: $625,000. Age 62+ seniors use reverse mortgages when they need to eliminate mortgage payments.

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

ZIP Code: 20832 Olney, MD
From: 12/01/2009 to 12/31/2009 Statistics generated on: 01/07/2010

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 3
$100,000 - 149,999 0 0 0 0 0 0 4 0 31-60 Days 2
$150,000 - 199,999 0 0 0 0 0 1 2 0 61 - 90 Days 2
$200,000 - 249,999 0 0 0 0 0 2 5 0 91-120 Days 3
$250,000 - 299,999 0 2 0 0 0 8 2 0 Over 120 Days 1
$300,000 - 349,999 0 0 1 0 0 2 0 0 Total 11
$350,000 - 399,999 0 0 2 0 0 16 0 0
$400,000 - 449,999 0 3 2 0 0 10 0 0 Type of Financing
of Units Sold
(No. of Units)
$450,000 - 499,999 0 0 0 0 0 8 0 0
$500,000 - 599,999 0 0 1 0 0 3 0 0 Conventional 5
$600,000 - 699,999 0 0 0 0 0 4 0 0 FHA 4
$700,000 - 799,999 0 0 0 0 0 4 0 0 VA 2
$800,000 - 899,999 0 0 0 0 0 3 0 0 Assumption 0
$900,000 - 999,999 0 0 0 0 0 2 0 0 Cash 0
$1,000,000 - 2,499,999 0 0 0 0 0 4 0 0 Owner Finance 0
$2,500,000 - 4,999,999 0 0 0 0 0 0 0 0 All Other 0
$5,000,000 & Over 0 0 0 0 0 0 0 0 Unreported 0
Totals 0 5 6 0 0 67 13 0 Total 11
Grand Totals 11 80
2009 2008 % Change
Total Sold Dollar Volume: $ 4,172,000 $ 5,514,200 - 24.34 %
Average Sold Price: $ 379,273 $ 393,871 - 3.71 %
Median Sold Price: $ 400,000 $ 387,950 3.11 %
Total Units Sold: 11 14 - 21.43 %
Average Days on Market: 68 143 - 52.45 %
Average List Price for Solds: $ 410,791 $ 443,850 - 7.45 %
Avg Sale Price as a
percentage of Avg List Price:
92.33 % 88.74 %
Total NEW listings: 18
Total Properties Marked Contract: 6
Total Properties Marked Contingent Contract: 7
Total NEW pendings (Contracts + Contingents): 13

Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data
Copyright 2010 - Information deemed reliable, but is not guaranteed.

Please contact us with your questions on the residential real estate market. Your referrals of friends and family members will always be appreciated.

Olney Area Supply and Demand Chart December 2009

Joe Buffington, GRI, CDPE: Real Estate Brokerage in Olney, MD

Here is the Olney Area (Olney, Brookeville, Brinklow, Ashton, and Sandy Spring) supply and demand chart for December 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.

December of 2009 had a lower than average absorption rate compared to previous months in 2009. This isn't a shock considering the time of the year and the available inventory. We did expect the absorption rate to be a tad bit higher than Dec 08 (0.3%), but February should be one of the next best indicators.

In Dec/Jan we sometimes see the inventory numbers (available homes for sale) dip so low that the buyers in the market don't have ENOUGH options to choose from. Therefore the absorption rate goes down. That is why savy sellers are not waiting till spring to list their homes, they are putting them on the market in late January.

If you would like to find out what savy agents do...Call RE/MAX Realty Centre (301) 774-5900

Absorption Rates:

December 2009 10.3% absorption rate

December 2008 10.0% absorption rate

December 2007 13.1% absorption rate

Olney Homes for Sale

12-30-09
Roy Kelley
Roy Kelley: Real Estate Agent in Gaithersburg, MD

Olney Homes for Sale, Pre-foreclosures, REO - Montgomery County MD

Home owners and prospective home buyers are closely watching the local residential real estate market. We email monthly statistics, but sometimes you need to have a detailed look at what is actually on the market for sale.

The following three reports show the properties that are active listings of homes for sale in the area. The properties are sorted by subdivisions. You may sort differently by clicking on the column headers.

The first report shows the 34 active listings excluding the lender owned (REO) homes and the short sale listings.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-97847303-183

The second report shows the 16 short sale listings that are available. Short sales are transactions where the proceeds of the sale will not cover the outstanding mortgages. These are sometimes called pre-foreclosures.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-97847315-160

The third report shows 6 lender owned foreclosures (REO) for sale. The lender owned properties are vacant and prices are reduced until they are sold by the highly motivated sellers.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-97847332-197

The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php

Please contact us with your questions. Your referrals of friends and family members will always be appreciated.

Olney Homes for Sale

12-22-09
Roy Kelley
Roy Kelley: Real Estate Agent in Gaithersburg, MD

Olney Homes for Sale, Pre-foreclosures, REO - Montgomery County MD

Home owners and prospective home buyers are closely watching the local residential real estate market. We email monthly statistics, but sometimes you need to have a detailed look at what is actually on the market for sale.

The following three reports show the properties that are active listings of homes for sale in the area. The properties are sorted by subdivisions. You may sort differently by clicking on the column headers.

The first report shows the 34 active listings excluding the lender owned (REO) homes and the short sale listings.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-97428154-942

The second report shows the 15 short sale listings for sale. Short sales are transactions where the proceeds of the sale will not cover the outstanding mortgages. These are sometimes called pre-foreclosures.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-97428163-903

The third report shows 6 lender owned foreclosures (REO) for sale. The lender owned properties are vacant and prices are reduced until they are sold by the highly motivated sellers.

Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-97428190-374

The Home Buyer Tax Credit now includes current home owners as well as first time buyers. This link provides the highlights of the program: http://www.federalhousingtaxcredit.com/glance.php

Please contact us with your questions. Your referrals of friends and family members will always be appreciated.

Olney MD 20832 Real Estate Trend Indicator

12-17-09
Roy Kelley
Roy Kelley: Real Estate Agent in Gaithersburg, MD

Olney MD 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 77 active listings of homes for sale in Olney. There were 24 new listings in the area and 18 properties went to pending new contracts. There were 17 settlements as compared to 6 homes sold last year. The total sold dollar volume was up 238.78%. The median sales price was $378,500. The average sales price was 92.53% of the average list price. The average days on the market was 60 as compared to 59 days last year. It is still a soft market which favors buyers. 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. FHA loan limits for Montgomery County: $729,750. Limit for FHA reverse mortgages: $625,000

There are 56 homes for sale in Zip Code 20832. Click the following URL to see the listings:
http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=1135923XDLVP&p=DE-97152847-865

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

ZIP Code: 20832 Olney, MD
From: 11/01/2009 to 11/30/2009 Statistics generated on: 12/08/2009

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 5
$100,000 - 149,999 0 0 0 0 0 0 4 0 31-60 Days 5
$150,000 - 199,999 0 0 0 0 0 0 2 0 61 - 90 Days 4
$200,000 - 249,999 0 1 0 3 0 3 5 0 91-120 Days 1
$250,000 - 299,999 0 2 0 1 0 7 2 0 Over 120 Days 2
$300,000 - 349,999 0 0 0 0 0 3 0 0 Total 17
$350,000 - 399,999 0 2 1 0 0 13 0 0
$400,000 - 449,999 0 1 0 0 0 8 0 0 Type of Financing
of Units Sold
(No. of Units)
$450,000 - 499,999 0 0 2 0 0 5 0 0
$500,000 - 599,999 0 0 1 0 0 5 0 0 Conventional 11
$600,000 - 699,999 0 0 3 0 0 6 0 0 FHA 3
$700,000 - 799,999 0 0 0 0 0 5 0 0 VA 1
$800,000 - 899,999 0 0 0 0 0 3 0 0 Assumption 0
$900,000 - 999,999 0 0 0 0 0 2 0 0 Cash 2
$1,000,000 - 2,499,999 0 0 0 0 0 4 0 0 Owner Finance 0
$2,500,000 - 4,999,999 0 0 0 0 0 0 0 0 All Other 0
$5,000,000 & Over 0 0 0 0 0 0 0 0 Unreported 0
Totals 0 6 7 4 0 64 13 0 Total 17
Grand Totals 17 77
2009 2008 % Change
Total Sold Dollar Volume: $ 6,698,400 $ 1,977,184 238.78 %
Average Sold Price: $ 394,024 $ 329,531 19.57 %
Median Sold Price: $ 378,500 $ 296,142 27.81 %
Total Units Sold: 17 6 183.33 %
Average Days on Market: 60 59 1.69 %
Average List Price for Solds: $ 425,844 $ 359,044 18.60 %
Avg Sale Price as a
percentage of Avg List Price:
92.53 % 91.78 %
Total NEW listings: 24
Total Properties Marked Contract: 9
Total Properties Marked Contingent Contract: 9
Total NEW pendings (Contracts + Contingents): 18

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 referrals of friends and family members will always be appreciated.