Olney Real Estate News & Market Updates for the week of 11/15/2012

 

There are currentl 47 Properties currently available in Olney Maryland for Montgomery County in Maryland

 

Other good news overall for the whole country is about foreclosures. .

Realty Trac has reported just recently that foreclosure filings felt to a 5 year low!

We are on our way to recovery

The caveat for homeowners in our area still remain a high probability that their homes are still underwater
Don't expect prices to shoot up to 2005 levels in the near future. .
There is a sense of more disciplined healthy market growth and slow in this case is good for the economy. Home values growth will be directly proportional  at the reluctance of appraisers to increase their opinions and keep them constricted no matter what the buyers want to pay.

I can tell you that we have experienced this first hand in the last 7 days. Two of our closings were halted because of the appraisals coming way too low.


Prices of homes are going up because of the low inventory. .but only for certain price ranges. The luxury real estate remains stable . . but there are fewer people buying homes above the $750,000 and up range.

Mortgage rates at still or near record lows. This is good indication that we are still going upwards and I caution not to expect this to remain as it is. .if you are near teh decision to buy a house, you shoudl do so now.

There is no bottom of the market anymore. . .you'll  have to wait for the next recession if you want to see it again. . .better luck next time!

The  inventory shortage has whipped up a buyer frenzy in our local market. .specially in the lower range properties.
Bidding wars and price increases are coming from all angles. .
From apartment renters that are finding mortgage payments to be LOWER than their monthly rentals
To the lucky ones in position to buy and upgrade their housing.

          

The average increase in home values remains  constant in the Washington Metropolitan Area

In average overall we should see around 7% to 10% total gains from 2011.


Affordability still is an issue in Montgomery County
The median Value of owner-occupied housing in Montgomery County is $482.900
yet
The median per capita  income money is $47,310
Direct data taken  from Census.Gov
That's TEN TIMES the average housing vs income per capita
In Florida the median per capita is around $25,000
Only 5 times that. . buys them a house OVER the median value in Florida (around $125,000)
try doing the same here in Montgomery County and you will be lucky to get a condo at that price.

Our market is dependent in the affordability range. .like it or not


Until we achieve a balanced real estate market in our area. .prices will continue to be stagnant in the high end.

The most dramatic data for October 2012 is the change of SOLD DOLLAR VOLUME
A change of 23.61 %
A great representation in the condition of our local market
As you can see below: 

 

Search All Olney Homes For Sale here

The most expensive active home for sale in Olney is:

 

2417 WESTMINSTER DRIVE, Olney MD 20832

$1,275,000

2417 WESTMINSTER DRIVE, Olney

Magnificent Home, Breath-Taking Private 1.58 Acres, Gourmet Kitchen, Main Lvl Library, Laundry, Mud, Sun & Family Rms, 2-Gas Firep...

  • Beds 6
  • Baths 6.0
  • MLS MC7871001

 

The least  expensive active home for sale in Olney is:

 

3210 SPARTAN ROAD Unit #3, Olney MD 20832

$109,999

3210 SPARTAN ROAD Unit #3, Olney — Camelback Village Condominium

Very well kept condo. Top floor. Perfect Location! Very close to shopping center and public transportation. Short sale. Commission...

  • Beds 1
  • Baths 1.0
  • MLS MC7896285
  • SqFt. 719

 

Latest Listings in Olney Maryland as of 11/15/2012

 

2417 WESTMINSTER DRIVE, Olney MD 20832

$1,275,000

2417 WESTMINSTER DRIVE, Olney

Magnificent Home, Breath-Taking Private 1.58 Acres, Gourmet Kitchen, Main Lvl Library, Laundry, Mud, Sun & Family Rms, 2-Gas Firep...

  • Beds 6
  • Baths 6.0
  • MLS MC7871001

 

17201 PALOMINO COURT, Olney MD 20832

$1,100,000

17201 PALOMINO COURT, Olney

Nestled in equestrian home development of Hollow Tree Farm,this MD landmark is well maintained & restored! Sited on 4.5 lush acres...

  • Beds 11
  • Baths 6.0
  • MLS MC7955988

 

4709 OLNEY LAYTONSVILLE ROAD, Olney MD 20832

$925,000?

4709 OLNEY LAYTONSVILLE ROAD, Olney

Needle in haystack. Two true Owner's Suites! Spectacular custom home on over 5 ACRES of park-like setting with all luxury amenitie...

  • Beds 6
  • Baths 5.0
  • MLS MC7865520

 

129 BRIMSTONE ACADEMY, Olney MD 20832

$902,995?

129 BRIMSTONE ACADEMY, Olney

Toll Brothers newest community in Montgomery County! Great schools, great location. Located just minutes from the ICC, Routes 28, ...

  • Beds 4
  • Baths 4.0
  • MLS MC7842411
  • SqFt. 4,058

 

112 BRIMSTONE ACADEMY, Olney MD 20832

$883,995?

112 BRIMSTONE ACADEMY, Olney

Toll Brothers newest community in Montgomery County! Great Schools, great location. Located just minutes from the ICC, Routes 28, ...

  • Beds 4
  • Baths 4.0
  • MLS MC7836328
  • SqFt. 4,050

 

18719 WICKHAM ROAD, Olney MD 20832

$874,990?

18719 WICKHAM ROAD, Olney

Edinburgh Model Home for Sale! This is one of PULTE's newest & most loved floor plans! The home is loaded w/ upgrades, not seen i...

  • Beds 5
  • Baths 5.0
  • MLS MC7888384

 

17108 OLD VIC, Olney MD 20832

$829,990

17108 OLD VIC, Olney

To be built home in new subdivision in Olney! Open layout is amplified by the 2 story Foyer & Grand Room. Lg gourmet kit w/ isla...

  • Beds 5
  • Baths 4.0
  • MLS MC7828562
  • SqFt. 4,536

 

18735 ASHBOURNE PLACE, Olney MD 20832

$824,000?

18735 ASHBOURNE PLACE, Olney

New homes in Olney! Spec home to be built, photo likeness shown. Gleaming hardwoods, granite counters, stainless appliances, Cat ...

  • Beds 7
  • Baths 4.0
  • MLS MC7909198

 

17111 OLD VIC BOULEVARD, Olney MD 20832

$759,990

17111 OLD VIC BOULEVARD, Olney

To be built "Pulte" home in "FABULOUS" new community of Batchellors Forest in Olney! Wonderful open flr. plan w/ 2 story fam. rm w...

  • Beds 4
  • Baths 4.0
  • MLS MC7836287
  • SqFt. 3,413

 

4807 WEATHEROAK DRIVE, Olney MD 20832

$751,315

4807 WEATHEROAK DRIVE, Olney

Grande Finale,The Reserve @ Fair Hill! The Westford is one of Pulte's most popular flr plans, & a Classic! Do not miss this buyi...

  • Beds 4
  • Baths 4.0
  • MLS MC7888320
  • SqFt. 2,923

 

4805 WEATHEROAK DRIVE, Olney MD 20832

$747,340?

4805 WEATHEROAK DRIVE, Olney

Pulte's "FABULOUS" Edinburgh floor plan! To be built. Pictures are of a model home. Open flr plan w/soaring 2 story foyer! Optona...

  • Beds 4
  • Baths 4.0
  • MLS MC7845493
  • SqFt. 3,153

 

16833 ETHELWOOD TERRACE, Olney MD 20832

$659,900

16833 ETHELWOOD TERRACE, Olney

!!!Price reduced $30k, largest lot in the neighborhood. 4 Car garage.pool/pool bar, hot tub, extensive landscaping. Fully fenced ...

  • Beds 4
  • Baths 5.0
  • MLS MC7745111

 

18629 OLNEY MILL ROAD, Olney MD 20832

$619,900

18629 OLNEY MILL ROAD, Olney

Beautiful Brick Front Featuring Open 2 story Foyer, Sep LR w/bay window, Sep DR w/chair rail, Gourmet Kit w/ Morning RM addition o...

  • Beds 4
  • Baths 3.0
  • MLS MC7884215

 

18304 DUNDONNELL WAY, Olney MD 20832

$610,000

18304 DUNDONNELL WAY, Olney

Beautiful home - pristine, upgraded, shows beautifully! Two-story entry foyer leads to lovely LR and DR. Bump-outs on the first an...

  • Beds 5
  • Baths 4.0
  • MLS MC7954643
  • SqFt. 3,923

 

3600 QUEEN MARY DRIVE, Olney MD 20832

$579,900

3600 QUEEN MARY DRIVE, Olney

Williamsburg Village Charmer! This one owner home has been lovingly maintained, updated & enlarged for your living pleasure. Enjoy...

  • Beds 4
  • Baths 3.0
  • MLS MC7953984
  • SqFt. 2,778

 

3809 BROOKE MEADOW LANE, Olney MD 20832

$554,900?

3809 BROOKE MEADOW LANE, Olney

Beautifully updated four level home on quiet tree lined street in Olney Mill. Fenced yard w/mature trees, deck, hot tub. Formal li...

  • Beds 4
  • Baths 4.0
  • MLS MC7935026
  • SqFt. 3,584

 

3705 OLD BALTIMORE DRIVE, Olney MD 20832

$525,000

3705 OLD BALTIMORE DRIVE, Olney

Stunning & COMPLETELY updated Colonial with 2-car garage on a quiet, peaceful CUL-DE-SAC backing to woods; Luxury REMODELED kit w...

  • Beds 4
  • Baths 3.0
  • MLS MC7939191

 

17408 MACDUFF AVENUE, Olney MD 20832

$519,999

17408 MACDUFF AVENUE, Olney

Stunning 4 BR, 3.5 BA Center-Hall Colonial. Gleaming Brazilian Cherry hardwood flooring. Main level family room with gas firepla...

  • Beds 4
  • Baths 4.0
  • MLS MC7946561

 

3104 REGINA DRIVE, Olney MD 20832

$515,000

3104 REGINA DRIVE, Olney

A must see! Lots of updates, 3 Frpls & wood stove, 4BRs., laundry rm, first floor bedroom & a full bath. Large fully finished ...

  • Beds 4
  • Baths 2.0
  • MLS MC7957020

 

2700 LINDENWOOD DRIVE, Olney MD 20832

$487,000

2700 LINDENWOOD DRIVE, Olney

BACK ON THE MARKET. Wonderful traditional colonial home in James Creek subdivision in great school district with 3 finished levels...

  • Beds 5
  • Baths 4.0
  • MLS MC7884525

 

18015 BILNEY DRIVE, Olney MD 20832

$475,000?

18015 BILNEY DRIVE, Olney

Immaculate! Large yard! Add >200 sq ft to interior public rec. 3 finished lvls, 4BR large 2 car gar,front porch w/swing, deck, fen...

  • Beds 4
  • Baths 3.0
  • MLS MC7911517
  • SqFt. 2,206

 

18428 OXFORDSHIRE TERRACE, Olney MD 20832

$474,900

18428 OXFORDSHIRE TERRACE, Olney

Oversized 3 level townhome with bump outs. Gourmet kitchen with granite counters with ceramic backsplash, and stainless steel appl...

  • Beds 3
  • Baths 4.0
  • MLS MC7905517

 

4628 BETTSWOOD DRIVE, Olney MD 20832

$474,000?

4628 BETTSWOOD DRIVE, Olney

Fantastic Home! 4 Bedrooms, 3 Full Baths, Large Rooms, Family Room, Separate Dining Room, Beautiful Living Room & Deck! Newer Roof...

  • Beds 4
  • Baths 3.0
  • MLS MC7882457

 

4113 QUEEN MARY DRIVE, Olney MD 20832

$469,000

4113 QUEEN MARY DRIVE, Olney

Williamsburg Village Rancher in tip top condition. Hardwoods exposed & refinished. Windows replaced. Kitchen & bathrooms remode...

  • Beds 4
  • Baths 4.0
  • MLS MC7914201

 

2004 BISHOPS CASTLE DRIVE, Olney MD 20832

$449,900?

2004 BISHOPS CASTLE DRIVE, Olney

ENJOY THE LAKE AND POOL! Brick front, colonial, former model home.Lake Hallowell neighborhood.Screened porch w/skylights & ceiling...

  • Beds 4
  • Baths 4.0
  • MLS MC7703142
  • SqFt. 3,216

 

19404 OLNEY MILL ROAD, Olney MD 20832

$429,000

19404 OLNEY MILL ROAD, Olney

Super olney mill split foyer in fantastic shape and shows very well with hardwood floors,updated kitchen and baths,lr bay window,n...

  • Beds 4
  • Baths 3.0
  • MLS MC7948978
  • SqFt. 2,180

 

18225 DARNELL DRIVE, Olney MD 20832

$420,000?

18225 DARNELL DRIVE, Olney

PRICE REDUCTION! Well maintained home with many superb amenities including great room with separate heat and ac, unique floor plan...

  • Beds 4
  • Baths 2.0
  • MLS MC7880141

 

19304 MADISON HOUSE STREET, Olney MD 20832

$419,000?

19304 MADISON HOUSE STREET, Olney

A very clean & neat split level with the largest floor plan in the fabulous & popular Olney Mill subdivision. Ample closet & stora...

  • Beds 4
  • Baths 4.0
  • MLS MC7950390

 

18309 WACHS TERRACE, Olney MD 20832

$399,000?

18309 WACHS TERRACE, Olney

JUST REDUCED 50K !!!! Absolutely Fabulous Light and Bright this lovely home in sought after Olney School District. Three Bedrooms...

  • Beds 3
  • Baths 2.0
  • MLS MC7947093
  • SqFt. 2,128

 

18401 QUEEN ELIZABETH DRIVE, Olney MD 20832

$399,000

18401 QUEEN ELIZABETH DRIVE, Olney

FHA PRE-APPROVED FINANCING FELL THRU. DOM irrelevant. Open floor plan boasts fenced rear yard for privacy & enjoyment - no HOA he...

  • Beds 4
  • Baths 3.0
  • MLS MC7894652
  • SqFt. 1,748

The listing content relating to real estate for sale on this web site is courtesy of MRIS. Listing information comes from various brokers who participate in the MRIS IDX. Properties listed with brokerage firms other than Real Estate Company. are marked with the MRIS Logo and detailed information about them includes the name of the listing brokers. The properties displayed may not be all the properties available. All information provided is deemed reliable but is not guaranteed and should be independently verified. All listing information copyright MRIS 2012. Last updated: October 15, 2012

 

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Olney Real Estate News & Market Updates for the week of 11/15/2012