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Olney, MD

OLNEY, MARYLAND 20832 - REAL ESTATE TREND INDICATOR

01-14-09
Roy Kelley
Roy Kelley: Real Estate Agent in Gaithersburg, MD

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 December with the same month last year. There were 11 new listings in the area and 14 listings went to pending new contracts. There were 14 actual settlements as compared to 17 homes sold last year. The total sold dollar volume was down 25.28%. The average number of days on the market was 143 from 71 days last year. The average sale price was 88.74% of the average list price. The average sold price was $393,871 and the median sold price was $387,950. 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 $7,500 tax credit.

Roy Kelley, Associate Broker, RE/MAX Realty Group

Home Search Website: www.roykelley.com

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

ZIP Code: 20832 Olney, MD
From: 12/01/2008 to 12/31/2008 Statistics generated on: 01/07/2009

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 0
$100,000 - 149,999 0 0 0 0 0 0 0 0 31-60 Days 4
$150,000 - 199,999 0 0 0 0 0 0 1 0 61 - 90 Days 2
$200,000 - 249,999 0 0 0 1 0 2 2 0 91-120 Days 3
$250,000 - 299,999 0 1 0 0 0 12 1 0 Over 120 Days 5
$300,000 - 349,999 0 1 0 0 0 2 0 0 Total 14
$350,000 - 399,999 0 5 0 0 1 15 0 0
$400,000 - 449,999 0 1 0 0 0 7 0 0 Type of Financing
of Units Sold
(No. of Units)
$450,000 - 499,999 0 0 2 0 0 8 0 0
$500,000 - 599,999 0 0 2 0 0 13 0 0 Conventional 9
$600,000 - 699,999 0 0 0 0 0 4 0 0 FHA 4
$700,000 - 799,999 0 0 0 0 0 3 0 0 VA 1
$800,000 - 899,999 0 0 0 0 0 2 0 0 Assumption 0
$900,000 - 999,999 0 0 0 0 0 3 0 0 Cash 0
$1,000,000 - 2,499,999 0 0 0 0 0 2 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 8 4 1 1 73 4 0 Total 14
Grand Totals 14 77
2008 2007 % Change
Total Sold Dollar Volume: $ 5,514,200 $ 7,379,900 - 25.28 %
Average Sold Price: $ 393,871 $ 434,112 - 9.27 %
Median Sold Price: $ 387,950 $ 423,000 - 8.29 %
Total Units Sold: 14 17 - 17.65 %
Average Days on Market: 143 71 101.41 %
Average List Price for Solds: $ 443,850 $ 468,509 - 5.26 %
Avg Sale Price as a
percentage of Avg List Price:
88.74 % 92.66 %
Total NEW listings: 11
Total Properties Marked Contract: 6
Total Properties Marked Contingent Contract: 8
Total NEW pendings (Contracts + Contingents): 14

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.

Olney Area Supply and Demand Chart November 2008

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 October 2008. 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.

The second half 2008 absorption numbers were surpassing the 2007 numbers, but November 2008 numbers took a beating compared to Nov 2008. Nov 2007 was far above even the Nov 2006 numbers. Nov 2007 was either an anomaly or a trend. Stay tuned for the December numbers.

Absorption Rates:

November 2008 6.2% absorption rate

November 2007 13.9% absorption rate

November 2006 8.0% absorption rate

Olney Ale House - Disappointing

Margaret Woda, Maryland Real Estate: Real Estate Agent in Crofton, MD

After an hour's drive to Olney Ale House in Montgomery County to meet family for lunch yesterday, we soon regretted our choice of meeting place.

My husband and I had been looking forward to visiting with our daughter, in town from Texas for just two days, as we enjoyed drinks and appetizers pending the arrival of three others in our family. In spite of the fact that the restaurant was nearly empty, the manager instructed a hostess not to seat us until everyone else arrived. We explained that we wanted to order right away, but she was adamant that we must wait in the cold and drafty entryway until the entire party was present.

Apparently she never learned that "You don't get a second chance to make a good first impression."

I had expected to write a glowing restaurant review in my Maryland Real Estate Blog about lunch in this (formerly) friendly restaurant, with its cozy decor and excellent food. Unfortunately, that first impression was so unpleasant, there was no chance we would leave with a positive feeling about Olney Ale House.

It's hard for me to experience something like this without thinking of the opportunities I have to create a good first impression on potential customers - or not. For example, the first phone conversation with a prospect, the homepage of my website and blog, our first meeting in person, or even the welcome by a duty agent who greets my customers and clients when they arrive at my office, similar to the manager greeting us when we arrived at the restaurant.

All the good food, good ale, good decor, and good business practices of Olney Ale House over several decades went down the tubes for us as a result of our first impression yesterday. If nothing else, I hope I learned (or remembered) something from this experience that will help me avoid making a similar mistake in real estate. I'd like any review of my business to read "Margaret Woda - Fabulous!"

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _

If you're looking for a warm welcome at a dining establishment in the area, as well as good food, check out these Restaurants and Carryouts in Anne Arundel County, where schools are great, homes are more affordable, and taxes are lower. Click on any restuarants that have a link to read their reviews.

Toys for Tots-Olney

Dr. Stacey-Ann Baugh: Real Estate Agent in Upper Marlboro, MD

The Long & Foster office in Olney is serving as a drop off point for Toys for Tots. Bring in a new unwrapped toy to the office by December 10.

Please drop off your toy at the Olney/Brookeville office

3402 Olandwood Court

Olney, MD 20832

7 days per week, 9am-5pm until 12/10/2008

Reasons to quit.............

John MacArthur: Real Estate Agent in Olney, MD

I don’t really have any.

Oh, I know that the media has painted my future with a broad brush of gloom and doom. It would only seem reasonable to think that my ability to earn a living or continue living in a style that I have grown accustomed to in recent years may not be in the cards for the foreseeable future.

The frequency of deals has diminished over the last eighteen months. Things have changed in the market. There are fewer buyers available. In this area, it seems that at least half the homes for sale are not really for sale. Referrals from outside sources have become a trickle. The real estate atmosphere has taken on a pale that is far from conducive to supporting optimism.

So, why should I or any other Realtor keep plugging along?

me2

It is who I am ! ! !

I have not been a Realtor forever. I imagine my tenure is minute compared to many that are still efforting in this arena. I have been a pump jockey, mechanic, deliveryman, retail manager, roofer, builder, preacher, bill collector, wholesaler, banker, printer and artist/poet. Trust me…the artist focus created all the ancillary jobs to support my art. I am a grandson, son, brother, father, husband and friend.

I was never seeking to have my art grace the walls of the MOMA or have my prose included in textbooks. I was merely moving through life trying to share my visions of the world around me in visual and written media. I was serving that little ego voice that tells us all that we are making an impact on the world.

Then …………………………towersburning ….someone blew up my world and yours. The world that existed before 9/11/2001 was forever changed. The boogey man that hid under our bed, the monster that hid in our closet, the self doubts that churned in our mind all combined to slam into the World Trade Center. Every day since then, that dramatic reality has been part of our existence.

Some bought duct tape, some joined a church, some joined the military… as for me, I became a real estate agent. I can look back and see all the pieces that fell into place that led to my entering this profession. I can see that all the different jobs and homes in my past led to the natural immersion into this profession.

I have been told that I got in when the getting in was good. The market was hot, prices were going up and interest rates were falling. To be honest, I was too dumb at the time to understand. I was not part of the real estate history. I was not cognizant of the past or what was occurring. I was too busy trying to establish a career to notice.

I quickly discovered that I truly could make a difference in the world, one family at a time. I did not know that anyone was ranking agents. I did not understand production levels and splits and any of the trappings surrounding the profession.

I had but two major focuses in the beginning……….

scales-of-justice3 americandream

The Law The American Dream

I learned real estate law. I saw the simplicity of the process if you just used the law as a basis for every action. It was very simple. It was black and white. It was comforting. I listened to my clients and learned that owning a home remains a major piece of the American Dream. I learned that if I listened to their needs and used my new skills to accommodate their needs, I was making a difference in the world. I had a purpose beyond ego gratification.

I soon saw the freight train of financial market disruption coming down the tracks. I noticed that the number of agents in my office was decreasing. I felt the impact of a changing market.

I did not lose my desire to make a difference.

Next week, Americans will celebrate Thanksgiving. I still remember Thanksgiving in 2001. I was thankful that my niece working in the World Trade Center area was safe. I was thankful that the attack, as horrific as it was, opened all of our hearts to a rededication of purpose in many facets of our life. I had many jewels in my thankful crown that day. I worked serving the homeless in Washington DC. I made a personal decision that I would find a way to give back to a society that had given me so many opportunities. I would find a way to repay all the strangers that stopped and admired a painting in progress or dropped a dollar in my guitar case as I sang on a street corner.

This market may be tough. It is no different than any other market. People still dream. People still need to change housing. People still need advice and guidance.

turkey

The people that have crossed this six plus decade path have never given up on me. I will not give up on them. I will sit down to a fine turkey dinner this year and I will recommit myself to working harder to become available to those that need my services. I will work harder to become an even better listener. I will work harder to understand the constant flux of my market.

I will not quit. I will become better. After six years, it is who I am.

If you would like to chat about the DC market, if you would like to know how your tiny piece fits in the overall puzzle, if you would like to sit down and talk with someone that will actually listen to your dreams and focus on your desires in real estate, call me. I can be reached at 301-509-5111. If you would prefer, you can drop me a note at macarthurgroup@gmail.com It is my privilege to continue offering my service to you.