There are buses that run between Olu deniz, Hisaronu, and Fethiye all day and well into the night to. They are three separate resorts each with there own personality. I would not say you walk between the places.
right from olu deniz you go up the mountain turn left it is the village of hisaronu and kaya koy turn right you have ovacik these are all just 10 mins on a dolmus and fethiye the main town is 20 mins on a dolmus or calis is approx 30mins alot of people prefer to stay in hisaronu and ovacik than olu because it is a little cooler and has a slight breeze