Olney MD 20832 Real Estate - Montgomery County

By Roy Kelley

Industry Observer with Retired

January 13, 2010 05:50 AM

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