What do Double Dutch Jump Roping & Real Estate Have in Common? A Market Analysis for Blue Ridge, GA

By
Real Estate Agent with Century 21 In the Mountains

DDEver watch Double Dutch? It's not your mother's jump roping! The sport involves at least three people and two ropes. One person jumps while the other two rotate the ropes. More than one person can jump at the same time, and there is often some kind of gymnastics or breakdancing involved in the jumping. It is a real kick to watch!

The key to Double Dutch is timing.  Enter the furiously rotating ropes at exactly the right time, and you can be a star. Enter at the wrong time and you wind up with a tangle of rope around your ankles, or, worse, on your butt.

The same can be said of real estate. Timing is king!

In analyzing year-to-date statistics for residential sales in Fannin County, we can see that average sale prices are down 25% over last year. Upon seeing these statistics, a potential buyer might be tempted to wait and let the market go down even more before buying. 

HOWEVER...I did the same analysis for July 2008 versus July 2007. The downward pricing trend slowed considerably--only down 8% from July 2007. (In the interest of full disclosure: I threw out the highest priced July 2007 sale--$2,900,000--because it was an atypical sale that was skewing the average price.)

Could we be nearing the end of the price correction that has been taking place over the last two years--down from the artificially high prices of 2005 and 2006? Perhaps. One thing is certain, there are a lot of great bargains on the market right now in Fannin County. Wait much longer, and you might miss out on some real steals.

Bottom Line? NOW IS THE TIME TO BUY!   

Wait much longer and you just might wind up with a tangle of ropes around your ankle--or on your butt.

  

1/1/07 - 7/31/07

1/1/08 - 7/31/08

Variation

Total Units Sold

237

210

-11%

Avg. Days on Market

130

132

 <1>

Sold Price

 

 

 

   Average

$323,531

$244,121

-25%

   Highest

$2,900,000

$1,620,000

-44%

   Total Volume

$76,676,909

$51,265,366

-33%

 

  

July 2007

July 2008

Variation

Total Units Sold

34

28

-18%

Avg. Days on Market

145

159

 10%

Sold Price

 

 

 

   Average

$276,521

$254,418

-8%

   Highest

$1,125,000

$550,000

-51%

   Total Volume

$9,125,181

$7,123,700

-22%

 

 Watch Double Dutch in action!!

 

 

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Location:
Georgia Fannin County Blue Ridge
Groups:
Century 21 Network
Vacation and Second homes
Posts to Localism
GEORGIA REAL ESTATE INVESTORS
Localism Success and Accountability Group
Tags:
market conditions
north georgia mountain real estate
blue ridge real estate
kim southern

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Ambassador
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Kim, this might be the best-written market report I've seen on Active Rain!  Good work!

Aug 09, 2008 02:34 AM #1
Rainmaker
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Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Patricia: WOW!!! I am so flattered!  That is really saying something!!! Honestly, I wasn't sure if people would "get" my analogy. I'm so glad you did. 

Thanks for stopping by!

Aug 09, 2008 06:35 AM #2
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Rainmaker
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Kim Southern- "Sold" with Southern Hospitality

Greetings from the North Georgia Mountains!
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