Olney, MD Market Report – 8/30/13

30 Aug
August 30, 2013
Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$19,370,774

+39.48%

+76.93%

Closed Sales

42

+40%

+61.54%

Median Sold Price

$488,000

+4.39%

+14.09%

Avg Sold Price

$461,209

-0.37%

+9.53%

Avg Days on Market

45   days

-6.25%

+50%

Avg Sold to Orig List   Ratio

97.65%

+2.46%

-0.67%

The statistics in the chart above reflect the numbers for all properties in the 20832 area.  Here is a more detail breakdown of Single Family homes in the Olney, Maryland area:

In 20832, the median sold price for Detached Single Family properties for July was $525,000, representing an increase of 3.6% compared to last month and an increase of 3.2% from Jul 2012. The average days on market for units sold in July was 49 days, 28% below the 5-year July average of 68 days. There was a 14.8% month over month decrease in new contract activity with 23 New Pendings; a 13.5% MoM decrease in All Pendings (new contracts + contracts carried over from June) to 32; and a 10.8% decrease in supply to 33 active units. This activity resulted in a Contract Ratio of 0.97 pendings per active listing, down from 1.00 in June and no change from July 2012. The Contract Ratio is 58% higher than the 5-year July average of 0.62. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor.

A more detail breakdown of TownHomes in the Olney, Maryland area: 

In 20832, the median sold price for Attached/Townhome properties for July was  $350,000, representing a decrease of 13% compared to last month and a decrease of 1.4% from Jul 2012. The average days on market for units sold in July was 18 days, 50% below the 5-year July average of 36 days. There was a 73.3% month over month decrease in new contract activity with 4 New Pendings; a 40% MoM decrease in All Pendings (new contracts + contracts carried over from June) to 9; and a 42.9% increase in supply to 10 active units. This activity resulted in a Contract Ratio of 0.90 pendings per active listing, down from 2.14 in June and a decrease from 1.25 in July 2012. The Contract Ratio is 2% lower than the 5-year July average of 0.92. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor. 

More information about Olney, Maryland: 

Olney keep growing and growing. With the reopening of the Olney Town Center, now the Fair Hill Shopping Center, Olney acquired a Harris Teeter grocery, Green Turtle Sports Bar, Baskin-Robbins ice cream, Panera Bread and a Grill Marx Steak House in a beautiful renovated center complete with a fountain where children can play and outdoor eating areas adjacent to the restaurants. Olney also has a TJMaxx and Home Goods along with a number of smaller shops.

The intersection of Routes 108 and 97 boasts a Five Guys and a Chilpolte in the building that formerly housed Madison’s restaurant and across the street is Ricuitti’s one of several Italian restaurants in the area. The options for eating out include Mannequin Pis and Taste, both popular restaurants catering to the discerning palate.

Almost every development in the Olney area has a park and playground for residents and many have community swimming pools with competitive swim teams. The area boasts some wonderful parks and sports fields including Olney Manor Park and the Olney Boys and Girls Club (OBGC) Freeman fields which include baseball, football, softball and soccer fields that are alive with games all spring and fall. Olney Manor Park has an indoor swim center as well as outdoor tennis and racquetball courts and many softball and baseball diamonds with lights for night games. In the fall the Field of Screams draws crowds from all over the area and gets bigger and scarier each year with 2013 promising to be the biggest and best year ever!

The community has an active and effective Civic Association which plays a predominate role in the planning process in Montgomery County.

Montgomery General Hospital has grown from a small community hospital to a well respected mental health and cancer center and an emergency room to rival any in the area.

Some major construction is happening in Olney with a number of new communities of large, luxury homes as well as mixed use developments.

Come visit and experience the joy of living in this inviting community and you may decide to stay and make Olney your new home.

Market data and  commentary provided by Kathy Fleskes, Managing Broker of the Avery-Hess Rockville, MD Regional Office, and Serena Toro, Administrative Manager of the Rockville Regional Office.

Search for homes in Olney and all of the DC Metro: www.averyhess.com

Erica Higgins

Administrative Manager & Marketing Assistant at Avery-Hess, Realtors
Front Royal
Office: (540) 631-9009
Email: ehiggins@averyhess.com

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