Like many other prosperous communities located in the northern reaches of D.C., Olney has seen its home market accrue some nice upward values in 2013. In fact, in what has been a distinctive seller’s market for the better part of the year, it’s often been difficult for potential Olney home owners to navigate through the waters of the low inventory, rising prices and rapid turnaround that have characterized the market for much of this year. That’s why, despite a still-strong market, it should come as encouraging news to area buyers that a slight break in the action has been occurring recently, signaling potential opportunities for finding fantastic Olney properties that might not have been as easy to come by just a few short months ago.
Olney Home Value Trends for the Week of October 4th, 2013
California-based real estate data tracking company Altos Research listed the median asking price for Olney homes at $564,306 in an October 4th report. This number for the 90-day average had seen about a $15,000 drop from 2013 market highs achieved in August, but more tellingly in terms of the current state of the market, the seven-day average had dropped significantly in the past few weeks. In early September, the seven-day average for Olney homes came in around $573,000. As of the early October report, it was below $540,000, representing a $33,000-plus drop over a few weeks. Granted, this is a small data pool, and thus is prone to more price fluctuation over a short period of time, but at the very least this means that affordable opportunities for potential Olney home buyers are becoming more prevalent.
Olney Home Inventory Trends
The 34 Olney homes for sale that Altos reported in the October 4th data was completely in line with what that average has seen since mid-August. That said, the seven-day average once again performed in favor or buyers, with a handful of homes coming newly onto the market over the course of that week. All this said, an area where less than three dozen homes make up the market is still very desirable, and sellers should take comfort in this fact.
For more on the great opportunities on Olney homes for sale, please contact us today.