Olney neighborhoods with price improvements

Posted by BJ Matson on Wednesday, December 7th, 2016 at 4:08pm.

Olney neighborhood performances

According to above chart, we see price improvements from one year ago in at least four neighborhoods.
1.70%  Olney Mill
7.80%  Barnsley Manor Estates
12.6%  Hallowell
32.7%  Williamsburg Village

The others for the most part were flat... but Olney Square took a hit.
Let's dig into this
Olney Mill
32 single family detached homes sold in this 12 month period, through Oct 2016
27 homes closed between 400k to 500k
Only 5 of these sales were above $500,000.  509, 520, 525, 529, and 584.5
They were sold on average in 22 days, with three selling in 0 days.  Over HALF sold in 6 days or less!
A 1% seller subsidy was the average given to buyers.  Although HALF were sold with NO seller subsidy at all.

Barnsley Manor Estates
12 homes sold, 6 detached and 6 townhomes
The single family detached closed between 645k and 714k.  Townhomes 459 to 515k.
Detached sold in 12 days average... Half of these selling in 8 days or less. The other half no more than 23.
The townhomes took longer.  One sold in 4 days. Two in close to 30, and the remaining 60-90 days.
Three of the detached averaged a 4k seller subsidy while two of them gave $0 to the buyers.
All but one of the Townhomes gave $0 help to the Buyers.
Detached:  Sold Price - Subsidy
$714,400   $23,644
$695,000   $0
$691,900   $0
$675,000   $3,000
$673,000   $4,000
$645,000   $5,750

Hallowell
46 homes sold of which 23 were Townhomes
Townhomes sold from 279 to 463k. 18 townhomes sold between 300 to 400k.
Days on market average is 11 days less than the houses, at 28 days. Ten sold in 7 days or less.
9 townhomes gave $0 buyer help.
The houses went from 449 to 765k. Although only 4 went over $600,000.  The majority sold between 500-600.
Days on market averaged 39, but there were a few homes that were way up there.  However, 11 homes sold in 10 days or less.
There were also 11 houses that gave $0 seller subsidy to the buyers. Just as many (10) gave double digit buyer help.

Williamsburg Village
21 total homes old, of which 5 were townhomes
14 of these 16 houses went from 415 to 600k
Days on market was higher than the other neighborhoods. Average of 59 days. This was skewed by 4 homes with a very long for-sale period. Only 4 sold in 8 days or less.
Once again, HALF the houses sold did not give a seller subsidy to their Buyers.
The 5 townhouses sold between 328 and 353k. 3 sold in 4 days or less.
Two of them did not give a credit to their Buyers;
Sold Price
- Subsidy±
$328,500   $3,000
$330,000   $0
$360,000   $0
$350,000   $5,000
$353,000   $10,000


This is a very broad overview.  By all means, let me know your specific questions as they relate to your circumstances.  Olney in general is a strong sellers market.  Great location, great schools, it really is a community with that community feel.  I've made great friendships with many people here.  There is no shortage of friendly, good people.  It's no wonder so many want to put their roots here.

By BJ Matson
Olney, Maryland
301-881-8900  call / text
bj@bjmatson.com

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