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Real Estate

Facts & Trends Ruhl&Ruhl

R E A LT O R S • S p r i n g 2 0 0 9

The Real Estate Market is Back!

Mike Boge

Realtor 563.599.3494 MikeBoge@RuhlHomes.com

RuhlHomes.com In this issue: page 3 Spring Has Sprung in New Construction

page 4 Quad Cities - Second Most Affordable in Country

page 4 Ruhl&Ruhl 100th Largest Broker in Country

page 4 See Ruhl&Ruhl’s New Blog

page 6 Our Region’s Home Prices Stable

After six months of wondering if we would ever sell another house, the real estate market is back! Hallelujah! The regional real estate market slowed dramatically during the fourth quarter of 2008 and the first quarter of 2009. Real estate pending sales were down as much as 50% compared to the prior year during some months. Prospective buyers were paralyzed with fear due to the troubled economy, and concerns about whether or not they would have a job. This downturn is reflected in the 2009 Regional Real Estate Trends chart on page 2. As shown, first quarter sales volume was up 32% in Dubuque, but down in all of our other markets, with the drop from first quarter 2008 as follows: Cedar Rapids . . . . . . . . . . . . . .  17% Clinton . . . . . . . . . . . . . . . . . . .  53% DeWitt . . . . . . . . . . . . . . . . . . .  69% Dubuque . . . . . . . . . . . . . . . . . .  32% Illinois Quad Cities. . . . . . . . . .  19% Iowa Quad Cities . . . . . . . . . . .  28% Iowa City . . . . . . . . . . . . . . . . .  20% Maquoketa/Preston/Bellevue . .  43% Muscatine . . . . . . . . . . . . . . . . .  19% In most markets the percent drop in number of properties sold is less than the percent drop in sales volume because sales in upper price ranges have been more negatively impacted by market conditions than sales in lower price ranges. First time buyers, motivated by historically low interest rates and the First Time Buyer Tax Credit, are able to buy without waiting for their current homes to sell, which is part of the hold up for move up buyers.

Housing Turnaround Began in March Our regional market began to improve

in March. At Ruhl&Ruhl, our new sales pending in March were only down 0.8% from March of 2008. And the first two weeks of April have been up 43% over the same weeks in 2008. In fact, nationally March results also showed for the first time that housing sales started to gain traction in all regions of the country.

Positive Factors Causing Better Real Estate Sales Many factors are contributing to the improving real estate market: 1.Mortgage Interest Rates at Record Low - interest rates are at their lowest level since 1947. In the 1980’s we said “if interest rates would just get below 12%, we can sell homes again...” Now interest rates are below 5%. 2.Housing Affordability is at an All Time High - housing affordability is at its highest level since the government started measuring it in the 1970’s. 3.First Time Buyer Tax Credit Programs - of 2008 and 2009, offering up to $7,500 and $8,000 incentives to first time buyers, identified as persons who have not owned a principle residence in the three years prior to purchase. 4.Positive News in the Media - this has been as much a “fear session” as a recession, with negative press coverage eroding buyer confidence. Many economic conditions were worse in the 1980’s, but we only had the news on TV at 7:00 a.m. and 5:30 p.m. Now the public is bombarded with bad news 24/7 on TV and the internet. Thankfully some in the media are beginning to localize their news and even running some positive stories. 5.FHA Loans Easier and Affordable - the – Continued on page 2 RuhlHomes.com ~

1


2009 Regional Real Estate Trends Through March Cedar Rapids Area Clinton/Camanche/Fulton DeWitt

Average 2009 Sales Price

% Change in Average Sales Price from 2008

2009 Number Sold

% Change in Number Sold from 2008

2009 Sales Volume

% Change in Sales Volume from 2008

Active % Change Listing In Active Count Listings 2009 from 2008

$140,800

-7%

578

-12%

$81,360,800

-17%

1,577

-19%

$85,700

-19%

50

-43%

$4,284,900

-53%

163

-33%

$99,000

-19%

8

-62%

$791,600

-69%

81

+33%

Dubuque Area

$144,800

-2%

162

+30%

$23,452,000

+32%

549

+35%

Illinois Quad Cities

$111,600

-3%

302

-17%

$33,705,800

-19%

896

-3%

Iowa Quad Cities

$147,400

-10%

330

-20%

$48,649,600

-28%

991

-6%

Iowa City Area

$181,000

-4%

260

-16%

$47,054,300

-20%

1,799

+6%

Maquoketa/Preston/Bellevue

$113,500

+9%

12

-48%

$1,361,500

-43%

74

-29%

Muscatine/Wilton

$118,500

-2%

82

-17%

$9,720,800

-19%

274

-3%

– Continued from page 1 loosening of underwriting guidelines for FHA loans and their requirement for only a 3.5% downpayment has made mortgages feasible for many buyers. Other benefits of FHA loans include easy loan modifications for borrowers who fall behind, easy refinancing plans if rates decline, and low interest rates overall - which don’t increase if the borrower has a low credit score. There are no income restrictions on FHA loans, so even borrowers with high incomes may find them attractive. Plus the loan limit in our markets is $271,050, making it high enough to use on the vast majority of our home sales. Ruhl&Ruhl’s sister company, 1862 Mortgage, is doing 60% of our business as FHA loans. FHA loans still require an inspection of the home, but the process is much easier than it used to be. 6.Economic Stimulus Programs - the government’s massive spending via the stimulus plans will have a positive effect on the housing market, giving a shot in the arm to the economy and creating jobs and/or reducing job losses - all leading to better buyer confidence. Lawrence Yun, Chief Economist for the National Association of Realtors, predicts home sales in the second half of 2009 will be better than the first half of the year for all of the above reasons. At a March Realty Alliance meeting he reported to a group of brokers that sales

2 ~ RuhlHomes.com

in California were up 100% in units in February. Brokers are referring to the surge of pent up demand coming into the market as a “herd mentality.” Once buyers became more confident and willing to re-enter the market, other buyers didn’t want to miss out, and everyone jumped in. As our markets are now entering a housing recovery, we need to urge buyers who have been sitting on the sidelines to seize the great investment opportunities and good inventories available now, before the “herd jumps in.” The volatile economic picture will obviously continue to impact homebuying. Rising unemployment will continue to put a brake on how fast housing can recover. But for now, it appears that regional consumers are regaining confidence and taking advantage of low interest rates and good investment opportunities.

Residential Sales Volume: Sales volume fell by 28% from $67,695,100 to $48,649,600.

Illinois Quad Cities Listing Inventory: The number of properties for sale is down 3% from the first quarter last year, a decrease from 923 listings last year to 896 listings this year. Properties Sold: In 2009, 17% fewer properties sold during the same period as in 2008, comparing 302 sales this year to 364 sales last year. Average Sales Price: The average sales price decreased 3% from $114,500 through March of 2008 to $111,600 through March of 2009. Residential Sales Volume: Sales volume shrank by 19% from $41,683,600 in 2008 to $33,705,800 in 2009. 40% of Quad Cities’ sales volume was sold on the Illinois side, compared to 38% during the same period in 2008.

Iowa Quad Cities

Cedar Rapids Area

Listing Inventory: There were 991 homes and condominiums listed for sale as of March 31, 2009, which is a 6% decrease from last year when there were 1,052 properties for sale. Properties Sold: 20% fewer properties sold and closed in the first quarter of 2009 compared to 2008, a drop from 412 sales last year during this quarter to 330 sales this quarter. Average Sales Price: The average sales price in the Iowa Quad Cities fell by 10%, from $164,300 in 2008 to $147,400 in 2009.

Listing Inventory: There were 1,577 residential properties listed for sale on March 31, 2009, 19% less than at the same time last year when there were 1,953 properties listed. Properties Sold: 578 properties sold and closed during the first quarter of 2009, 12% fewer than the 654 that were sold through March of 2008. Average Sales Price: The average sales price in the Cedar Rapids region was $140,800 through March 2009, 7% less than the average sales price of $150,700 Cedar Rapids – Continued on page 7


New Housing Starts Through March

% Change from 2008

2006

2007

2008

2009

141 43

94 26

67 15

39 14

-42% -7%

Bettendorf & Riverdale

46

21

19

14

-26%

Rural Scott County Eldridge & Long Grove

28 14

18 12

16 7

5 2

-69% -71%

LeClaire & Princeton

10

14

9

4

-56%

Iowa Quad Cities Davenport

Blue Grass - City of

0

3

1

0

-100%

58 9

36 4

16 2

14 1

-12% -50%

Rock Island East Moline & Hampton

8 7

2 1

2 1

0 0

-100% -100%

Colona

4

2

1

0

-100%

Port Byron Geneseo

1 4

1 4

0 1

0 0

0% -100%

12

11

5

10

+100%

Illinois Quad Cities Moline & Coal Valley

Rural Rock Island County & Milan Silvis

2

4

1

1

0%

Whiteside County

11

7

3

2

-33%

Iowa City Area Iowa City

155 28

132 31

67 23

73 18

+9% -22%

22

14

3

15

+400%

North Liberty

88

72

32

30

-6%

Rural Johnson County

12

7

5

6

+20%

West Branch Williamsburg & Wellman

4 0

1 5

1 3

3 1

+200% -67%

West Liberty

1

2

0

0

-0%

Coralville

Cedar Rapids Area

142

119

93

65

-30%

Cedar Rapids Marion

75 46

70 37

41 41

40 20

-2% -51%

Rural Linn County

19

11

10

5

-50%

2

1

1

0

-100%

100 12

81 20

48 13

57 16

+19% +23%

East Dubuque

2

0

0

0

0%

Galena

2

1

0

1

+100%

23

8

12

5

-58%

3

5

0

2

+200%

Surrounding Dubuque Area Muscatine Area Muscatine

58 21 7

47 10 4

23 10 2

33 7 5

+50% -30% +150%

Muscatine County

12

5

7

2

-71%

2

1

1

0

-100%

10

14

14

5

-64%

1 4

1 3

1 1

1 0

0% -100%

632

490

317

261

-18%

Hiawatha & Mechanicsville Areas Dubuque Area Dubuque

Jo Daviess County Peosta

Wilton

Other Areas – Clinton, DeWitt & Maquoketa Clinton DeWitt Area Maquoketa, Preston & Bellevue Total Regional Starts

(Source: Municipal offices. There may be additional new homes built which are not included with this data.)

Ruhl Property Management Full Service Property Management and Tenant Placement Service with knowledge and experience Y OU C AN T RUST !

563.441.523 0

Spring Has Sprung in New Construction BY: DAVID FALK - Director, New Construction and Development DavidFalk@RuhlHomes.com Spring is here… and none too soon! After a harsh winter, that showed up early and stayed late, builders and buyers alike are sensing both a change in season and a change in attitude. Just as winter eases into spring, and spring into summer, people’s attitudes toward the new home market are starting to show signs of life. Incentives for first-time and other buyers are starting to attract attention to the other positive factors present – very low interest rates and lots of choice in styles and price ranges of new construction homes. Builders are continuing to do a very good job of differentiating the value of their product from that of existing homes. Innovations in building products and techniques have had a very positive impact on lowering the cost of ownership for new homes, while updated space planning has allowed the creation of interiors which are more adaptable to “trans-generational” use. Even though many first-time buyers may not be prospects for new construction at all price points, builders know that they will free pent up demand by “move-up” buyers who have not had confidence in their ability to sell their existing homes. An improbable factor in a resurgence of new home buying is the status of new construction inventories in our various regional markets. Several of our markets suffer from inventories which are imbalanced for today’s market – meaning they have too many, or too few, standing units of a product type or price point that buyers in the market are seeking. As an example, the Iowa Quad Cities market has seen a surge of purchases in two story freestanding homes over the last 15 months. In that time frame, about 50% of the homes purchased have been two story homes, while previously 30-35% of the market would have been the norm in recent years. New Construction – Continued on page 6 RuhlHomes.com ~

3


Military Service Member Homeownership Assistance The Military Service Member Homeownership Assistance program administered by the Iowa Finance Authority provides up to $5,000 that may be used toward a down payment or closing costs on a primary residence. The service member must have served in active duty after September 11, 2001. Contact 1862 Mortgage to obtain the details and close on your new home!

563.441.1862

Info@1862Mortgage.com

866.441.1862

Regi 2009 Through March

Iowa Quad Cities (Quad City Area Realtor Assoc.) Davenport Bettendorf & Riverdale Blue Grass, Buffalo & Walcott Pleasant Valley & LeClaire North Scott Miscellaneous Condominiums

Illinois Quad Cities (Quad City Area Realtor Assoc

Quad Cities - Second Most Affordable in the Country

Rock Island Milan & Rural Rock Island County Moline Coal Valley, Rural Moline, Miscellaneous

Forbes.com has listed the Quad Cities area as second in the nation for low cost of living expenses in its “Best Places for Business and Careers” survey. In its survey of the 200 largest metropolitan areas in the U.S., released the week of March 25, 2009, the magazine website listed the Davenport MSA (Metropolitan Statistical Area),

which includes the Quad Cities area, with a population of 377,000. The Quad Cities also ranked: • 30th for cost of doing business • 85th for income growth and • 101st for job growth projected It showed our median home price at $91,700.

East Moline & Silvis Colona, Green Rock, Port Byron, Upper Rock Island Mercer County Henry County South Henry County North, Geneseo, Whiteside Condominiums

Iowa City Area (Iowa City Area Assoc. of Realtors) Iowa City Coralville North Liberty, Oxford, Tiffin & Conroy Tipton & West Branch West Liberty, Lone Tree & Hills

Ruhl&Ruhl 100th Largest Broker in the Country

Williamsburg, Kalona, Wellman & Riverside Corridor Area Miscellaneous Cedar Rapids Area (Cedar Rapids Area Assoc. of

Of nearly 8,000 real estate companies in the country, Ruhl&Ruhl REALTORS was just ranked the 100th largest broker in the U.S. by REAL Trends in their annual Big Broker report. This continues a steady climb – from 146th in 2005 to 113th in 2006 and 100th based on 2007 and 2008 results. Brokers are ranked based on the number of residential transaction sides closed during the prior year. Ruhl&Ruhl closed 3,602 listings and/or sales during 2008, nearly 10 deals per day. Ruhl agents each closed an average of 16 transactions in 2008, compared to 7

deals per agent which is the national average. Ruhl&Ruhl agents ranked among the best in the country for per agent productivity. Company President, Caroline Ruhl observed, “Our agents’ high productivity reflects Ruhl&Ruhl’s philosophy of associating with the highest quality agents in the marketplace. We are dedicated to providing the best service to our clients by the best agents in the business. Our ongoing training and marketing technology enables our agents to be highly productive.”

South East Cedar Rapids North East Cedar Rapids South West Cedar Rapids North West Cedar Rapids Marion Hiawatha & Robins East of I-380: Mechanicsville, Anamosa, Mt. Vernon, West of I-380: Walford, Fairfax, Atkins, etc. Corridor Area: Solon, Ely, Swisher Dubuque Area (Dubuque Board of Realtors) Dubuque North, South and West Dubuque Illinois Wisconsin Muscatine Area (Muscatine Board of Realtors) Muscatine Wilton Muscatine Outlying

See Ruhl&Ruhl’s New Blog

Condominiums Clinton, Camanche, Fulton Areas (Clinton Board DeWitt Area (Quad City Area Realtor Assoc.)

We have two new ways for you to receive information about real estate. Visit our blog at RuhlBlog.com or, if you are on Facebook, search

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for Ruhl&Ruhl REALTORS and become a “fan.” We will keep you up to date on real estate happenings in all of the communities we serve!

Maquoketa, Preston & Bellevue Area (Jackson Co Wisconsin (South Central Wisconsin MLS) Grant County

Lafayette County (NOTE: This representation is based in part on data su Data maintained by the Boards or their MLS may not r


ional Residential Real Estate Ac tiv i ty Current MLS Listings

% of Active Listings

991

c.)

)

Realtors)

Lisbon, etc.

2009 # Sold

% o Unit Sales

Sale/ List

2008 # Sold

2008 Avg. Sales Price

2008 Sales Volume

$147,400

$48,649,600

330

96%

412

$164,300

$67,695,100

45%

110,700

18,930,500

171

52%

95%

226

125,900

28,447,500

157

16%

220,300

15,864,300

72

22%

95%

91

242,800

22,090,600

57

6%

150,900

1,961,700

13

4%

95%

8

146,400

1,170,900

54

5%

219,800

2,637,200

12

4%

96%

14

236,200

3,306,100

57

6%

175,100

2,976,700

17

5%

97%

26

205,300

5,338,200

16

2%

84,900

424,500

5

2%

87%

4

176,500

705,900

209

20%

146,400

5,854,700

40

11%

97%

43

154,300

6,634,000

95%

364

$114,500

$41,683,600

19%

93%

52

75,400

3,919,800

896

$111,600

$33,705,800

302

15%

92,700

5,374,600

58

51

6%

100,900

2,017,400

20

7%

93%

21

170,600

3,582,800

152

17%

91,600

6,777,000

74

25%

94%

91

99,700

9,074,700

48

5%

173,700

2,258,100

13

4%

97%

18

131,400

2,364,300

87

10%

102,300

3,172,500

31

10%

95%

43

99,300

4,271,800

36

4%

237,000

2,607,400

11

4%

94%

23

165,500

3,805,700

88

10%

82,400

1,482,600

18

6%

96%

24

86,600

2,078,100

45

5%

93,800

1,407,100

15

5%

95%

14

99,000

1,386,600

127

14%

133,300

5,866,200

44

15%

95%

54

134,100

7,242,700

129

14%

5%

96%

24

164,900

3,957,000

94%

311

$188,000

$58,471,500 22,626,300

1,799

152,400

2,743,000

18

$181,000

$47,054,300

260

690

38%

206,800

17,995,100

87

33%

94%

110

205,700

259

14%

232,800

7,216,300

31

12%

95%

36

278,800

10,037,100

353

20%

156,300

11,407,500

73

28%

98%

59

179,400

10,581,600

61

3%

134,300

1,342,900

10

4%

95%

12

153,000

1,836,100

40

2%

178,200

1,247,400

7

3%

95%

7

178,700

1,250,900

137

8%

140,300

2,244,000

16

6%

90%

17

158,100

2,687,700

78

5%

206,300

1,444,300

7

3%

97%

15

208,700

3,130,800

181

10%

143,300

4,156,800

29

11%

87%

55

114,900

6,321,000 $98,530,800

1,577

$140,800

$81,360,800

578

96%

654

$150,700

195

12%

121,800

8,771,300

72

12%

96%

77

$128,700

9,913,200

174

11%

156,100

17,485,600

112

20%

96%

104

$133,900

13,921,600

179

11%

135,500

13,008,600

96

17%

98%

98

$135,500

13,281,300

92

6%

104,900

3,986,100

38

7%

91%

62

$141,500

8,770,700

213

14%

172,500

16,908,500

98

17%

98%

116

$177,500

20,594,400

44

3%

186,200

2,234,100

12

2%

97%

12

$308,100

3,697,500

364

23%

127,800

9,713,900

76

13%

94%

86

$151,100

12,996,500

172

11%

110,500

5,301,700

48

8%

92%

67

$128,900

8,639,500

144

9%

152,000

3,951,000

26

4%

98%

32

$209,900

6,716,100

549

$144,800

$23,452,000

162

93%

125

$142,600

$17,818,700

350

64%

146,100

17,091,200

117

72%

94%

93

149,600

13,914,400

131

24%

160,000

4,481,000

28

18%

92%

24

125,900

3,021,900

34

6%

89,000

623,400

7

4%

88%

3

133,500

400,500

34 274 164

6%

1,256,400 $9,720,800 6,998,800

10 82 59

6%

60%

125,600 $118,500 118,600

86% 93% 92%

5 99 69

96,400 $121,300 122,800

482,000 $12,012,200 8,473,800

28

10%

96,500

289,600

3

4%

91%

9

117,100

1,054,000

62

23%

92,600

1,574,900

17

20%

97%

18

108,100

1,945,400

20

7%

4%

of Realtors) 163

ounty MLS)

2009 Sales Volume

441

133

Co.

2009 Avg. Sales Price

72%

285,800

857,500

3

90%

3

179,700

539,000

$85,700

$4,284,900

50

93%

87

$105,900

$9,212,600

81

$99,000

$791,600

8

90%

21

$122,900

$2,580,500

74

$113,500

$1,361,500

12

91%

23

$104,000

$2,392,700

$159,300

$10,513,400

66

90%

50

$203,200

$10,160,400

137,900

7,306,400

53

86%

45

215,700

9,706,400

381 287

75%

80%

94 25% 246,700 3,207,000 13 20% 90% 5 90,800 454,000 upplied by the REALTOR Associations or their Multiple Listing Services. Neither the Boards nor their MLS guarantee or is in any way responsible for its accuracy. reflect all real estate activity in the market.)

RuhlHomes.com ~

5


Our Region’s Home Prices Stable ~ We Are “An Isolated Pocket of Strength” The headlines of the Federal Housing Finance Agency’s news release read: Record Home Price Declines in Fourth Quarter; Isolated Pockets of Strength. We are happy to report that our region is one of the “isolated pockets of strength.” Nationally, prices fell 8.2% from the fourth quarter of 2007 to the fourth quarter of 2008. In our markets, as shown to the right, prices either increased during the same timeframe: 0.85% in the Quad Cities; 0.57% in Dubuque; 0.69% in Cedar Rapids; or they decreased only slightly 1.63% in Iowa City and 1.48% in DesMoines. Furthermore, of the 294 MSA’s (Metropolitan Statistical Areas) ranked by appreciation, our markets all ranked highly - the Quad Cities at 61st, Cedar

CHANGE IS GOOD. Finally, it’s your turn. Be an entrepreneur. Be in control of your own destiny. Find out about a real estate career.

FREE Real Estate Career Seminars Wednesday, May 20, 2009 7:00 pm - 8:30 pm • Davenport

Thursday, June 25, 2009 7:00 pm - 8:30 pm • Moline

For a reservation, go to RuhlHomes.com/Careers or call Darcy Holle, Director of Career Development

563.441.5102

Metropolitan Statistical Areas Cedar Rapids, IA

National Ranking by Appreciation of 294 MSA’s*

Percent Change in House Prices 1 Year 5 Years

70

+0.69%

+12.56%

Davenport - Moline Rock Island, IA - IL DesMoines West DesMoines, IA

61

+0.85%

+17.57%

138

-1.48%

+14.10%

Dubuque, IA

76

+0.57%

+17.86%

Iowa City, IA

143

-1.63%

+15.37%

-8.24

+12.99

USA

Information courtesy of Office of Federal Housing Enterprise Oversight (OFHEO). OFHEO stats always run one quarter behind. Their full report is accessible at www.ofheo.gov. *Rankings based on annual percentage change in house prices.

Rapids 70th, Dubuque 76th, and Iowa City 143rd. If you compare our appreciation in

home prices over one year to the 40% drop in stock values, real estate continues to be a great investment in our region.

New Construction – Continued from page 3

buyers, builders, lenders and even agents can view a market if they do not look closely enough. Buyers see generalized numbers and may incorrectly think that an overstuffed market is ripe for bargain hunting. Builders need to look for the correct niche to take advantage of an under-built price point or style, and lenders need to be ready to look beyond what has not sold well to support builders who are lining up with the expressed needs of the marketplace, wherever or whatever that might be. Location, style, price and the appropriate quality of construction for each are still the key factors in determining success in new construction sales. Spring is here! Let’s take advantage of the change in season and the change in attitudes to BUILD toward a Great 2009!

However, at the end of the first quarter, only 34% of new homes in inventory were two story homes. This is true in the best selling price range of $225$300,000 and is consistent in the other price ranges as well. However, by contrast, in the Illinois Quad Cities only 10% of sales and 10% of current inventory are two story homes. In the same QCA market, attached homes / townhomes / villas accounted for 33% of the market sales in 2008, but represent 46% of the standing inventory at the end of the first quarter in 2009. These are just two examples of the imbalance in inventories experienced in a number of our regional markets, but they can have a serious impact on how

Combined Iowa & Illinois Quad Cities MLS Statistics Through March

Current MLS Listings Average Sales Price Total Sales Volume Total # of Sales YTD

6 ~ RuhlHomes.com

2005

2006

2007

2008

2009

1,690 $127,800

1,880 $136,400

1,911 $135,200

1,975 $141,000

1,887 $130,300

$115,382,000

$126,759,000

$119,146,000

$109,378,700

$82,355,400

903

929

881

776

632


Cedar Rapids – Continued from page 2 through March 2008. Residential Sales Volume: Sales volume fell 17%, from $98,530,800 in the first quarter of 2008 to $81,360,800 through March 31, 2009.

Clinton, Camanche & Fulton Listing Inventory: There are 33% fewer properties listed for sale in March this year than last, comparing 245 listings in March 2008 to 163 properties for sale in March 2009. Properties Sold: 43% fewer properties sold and closed through 2009, a decrease from 87 sales in 2008 to 50 sales in 2009. Average Sales Price: The average sales price in Clinton and Camanche during 2009 was $85,700, a 19% decrease from the average sales price of $105,900 through March of 2008. Residential Sales Volume: Sales volume was down 53% through the first quarter of 2009 from $9,212,600 in 2008 to $4,284,900.

DeWitt Listing Inventory: DeWitt’s listing inventory is 33% more than the first quarter last year, an increase from 61 listings in 2008 to 81 properties for sale in March of 2009. Properties Sold: 8 properties sold and closed during the first quarter of 2009 compared to 21 sales in 2008, a 62% decrease. Average Sales Price: The average sales price of homes sold through March 2009 was $99,000, 19% less than last year’s average sales price of $122,900. Residential Sales Volume: Sales volume

in DeWitt shrank by 69% from last year, a decrease from $2,580,500 to $791,600.

Dubuque Listing Inventory: There were 549 residential properties listed for sale in Dubuque at the end of March 2009. This is a 35% increase over last year’s 359 properties. Properties Sold: 30% more properties sold and closed in 2009 compared to last year, a climb from 125 closings in 2008 to 162 closings through March of this year. Average Sales Price: The average sales price of homes sold through March 2009 was $144,800 compared to the average sales price of $143,400 through the first quarter of 2008, a 2% decline. Residential Sales Volume: Sales volume for 2009 of $23,452,000 was up 32% from last year’s sales volume of $17,818,700.

Iowa City Listing Inventory: There is an increase of 6% in properties for sale, a step up from 1,701 last year to 1,799 homes and condominiums currently on the market in March of this year. Properties Sold: Sales have decreased 16% from 311 properties sold through the first quarter of 2008 to 260 sales closed through March of 2009. Average Sales Price: The average sales price of homes sold in the Iowa City region decreased by 4% from $188,000 through March of 2008 to $181,000 through March of 2009. Residential Sales Volume: Sales volume shrank 20%, decreasing from $58,471,500 through the first quarter of 2008 to $47,054,300 through the first

quarter of 2009.

Maquoketa, Preston & Bellevue Listing Inventory: There are 74 properties for sale in the Maquoketa, Preston, and Bellevue area, 29% less than the 104 properties listed in March of 2008. Properties Sold: 48% fewer properties sold through the first quarter of 2009 than 2008, a decrease from 23 sales last year to 12 sales this year. Average Sales Price: The average sales price of homes sold through March of 2009 was $113,500, 9% more than the average sales price of $104,000 through March of last year. Residential Sales Volume: Sales volume shrank by 43%, from $2,392,700 through March of 2008 to $1,361,500 through March of 2009.

Muscatine & Wilton Area Listing Inventory: There were 274 homes and condominiums listed for sale at the end of March in the Muscatine and Wilton area, 3% less than the same time in 2008 when there were 283 properties for sale. Properties Sold: There were 17% fewer residential properties sold through the first quarter of 2009 than 2008, comparing 82 sales this year to 99 sales last year. Average Sales Price: The average sales price in the Muscatine area was $118,500 as of March 31, 2009, 2% lower than the $121,300 average sales price last year during this time period. Residential Sales Volume: Sales volume is down 19% in the Muscatine area through March of 2009, a decrease from $12,012,200 to $9,720,800.

Quad Cities New Construction Home Sales Through March Scott County Houses Condos/Villas Rock Island County Houses Condos/Villas Scott & Rock Island Counties Combined Houses Condos/Villas

Sales 2007 53 32 21 11 7 4 64 39 25

Active Inventory 3/31/07 303 180 123 105 49 56 408 229 179

Sales 2008 58 43 15 12 6 6 70 49 21

Active Inventory 3/31/08 254 143 111 117 45 72 371 188 183

Sales 2009 37 24 13 11 2 9 48 26 22

Active Inventory 3/31/09 206 128 78 65 19 46 271 147 124

Sales 2009 vs. 2008 -36% -44% -13% -8% -67% +50% -31% -47% +5%

(Source: Quad City Area REALTOR Association Multiple Listing Service. Data may not reflect all real estate activity in the market.)

RuhlHomes.com ~

7


Corporate Relocation Center 5403 Victoria Avenue, Suite 100 Davenport, IA 52807-3925 ADDRESS SERVICE REQUESTED

Mike Boge

Realtor 563.599.3494 MikeBoge@RuhlHomes.com

Relocation & Recruiting Assistance Call Ruhl&Ruhl’s Relocation Center We provide FREE help with recruiting and relocation services: Visit our website at RuhlHomes.com for real estate listings and community information.

Mortgage Services ~ 1862 Mortgage 866.441.1862 • info@1862Mortgage.com

Welcome Packets: Community Overview

Housing Information

Community Tour

Free Market Analysis of Home

School Information

Cost of Living Comparison

contact

Veronica Pianca, Vice President Relocation & Business Development

800.346.8389 or 563.355.7474 VeronicaPianca@RuhlHomes.com

For further information or to be added to our mailing list, contact Caroline Ruhl or Veronica Pianca 563.355.7474 • 5403 Victoria Avenue, Suite 100 • Davenport, Iowa 52807-3925 CarolineRuhl@RuhlHomes.com or VeronicaPianca@RuhlHomes.com

8 ~ RuhlHomes.com


Regional Residential Real Estate Ac tiv i ty 2009 Through March

Current MLS Listings

% of Active Listings

2009 Avg. Sales Price

2009 Sales Volume

2009 # Sold

% o Unit Sales

Sale/ List

2008 # Sold

2008 Avg. Sales Price

2008 Sales Volume

Iowa Quad Cities (Quad City Area Realtor Assoc.)

991

$147,400

$48,649,600

330

96%

412

$164,300

$67,695,100

Davenport

441

45%

110,700

18,930,500

171

52%

95%

226

125,900

28,447,500

Bettendorf & Riverdale

157

16%

220,300

15,864,300

72

22%

95%

91

242,800

22,090,600

Blue Grass, Buffalo & Walcott

57

6%

150,900

1,961,700

13

4%

95%

8

146,400

1,170,900

Pleasant Valley & LeClaire

54

5%

219,800

2,637,200

12

4%

96%

14

236,200

3,306,100 5,338,200

North Scott

57

6%

175,100

2,976,700

17

5%

97%

26

205,300

Miscellaneous

16

2%

84,900

424,500

5

2%

87%

4

176,500

705,900

Condominiums

209

20%

146,400

5,854,700

40

11%

97%

43

154,300

6,634,000 $41,683,600

Illinois Quad Cities (Quad City Area Realtor Assoc.)

896

$111,600

$33,705,800

302

95%

364

$114,500

Rock Island

133

15%

92,700

5,374,600

58

19%

93%

52

75,400

3,919,800

51

6%

100,900

2,017,400

20

7%

93%

21

170,600

3,582,800

152

17%

91,600

6,777,000

74

25%

94%

91

99,700

9,074,700

48

5%

173,700

2,258,100

13

4%

97%

18

131,400

2,364,300

East Moline & Silvis

87

10%

102,300

3,172,500

31

10%

95%

43

99,300

4,271,800

Colona, Green Rock, Port Byron, Upper Rock Island Co.

36

4%

237,000

2,607,400

11

4%

94%

23

165,500

3,805,700

Mercer County

88

10%

82,400

1,482,600

18

6%

96%

24

86,600

2,078,100

Henry County South

45

5%

93,800

1,407,100

15

5%

95%

14

99,000

1,386,600

Henry County North, Geneseo, Whiteside

127

14%

133,300

5,866,200

44

15%

95%

54

134,100

7,242,700

Condominiums

129

14%

152,400

2,743,000

18

5%

96%

24

164,900

3,957,000

$181,000

$47,054,300

260

94%

311

$188,000

$58,471,500

Milan & Rural Rock Island County Moline Coal Valley, Rural Moline, Miscellaneous

Iowa City Area (Iowa City Area Assoc. of Realtors)

1,799

Iowa City

690

38%

206,800

17,995,100

87

33%

94%

110

205,700

22,626,300

Coralville

259

14%

232,800

7,216,300

31

12%

95%

36

278,800

10,037,100

North Liberty, Oxford, Tiffin & Conroy

10,581,600

353

20%

156,300

11,407,500

73

28%

98%

59

179,400

Tipton & West Branch

61

3%

134,300

1,342,900

10

4%

95%

12

153,000

1,836,100

West Liberty, Lone Tree & Hills

40

2%

178,200

1,247,400

7

3%

95%

7

178,700

1,250,900 2,687,700

Williamsburg, Kalona, Wellman & Riverside

137

8%

140,300

2,244,000

16

6%

90%

17

158,100

Corridor Area

78

5%

206,300

1,444,300

7

3%

97%

15

208,700

3,130,800

Miscellaneous

181

10%

143,300

4,156,800

29

11%

87%

55

114,900

6,321,000 $98,530,800

Cedar Rapids Area (Cedar Rapids Area Assoc. of Realtors)

$140,800

$81,360,800

578

96%

654

$150,700

South East Cedar Rapids

195

12%

121,800

8,771,300

72

12%

96%

77

$128,700

9,913,200

North East Cedar Rapids

174

11%

156,100

17,485,600

112

20%

96%

104

$133,900

13,921,600

South West Cedar Rapids

179

11%

135,500

13,008,600

96

17%

98%

98

$135,500

13,281,300

North West Cedar Rapids

92

6%

104,900

3,986,100

38

7%

91%

62

$141,500

8,770,700

213

14%

172,500

16,908,500

98

17%

98%

116

$177,500

20,594,400

Marion Hiawatha & Robins

1,577

44

3%

186,200

2,234,100

12

2%

97%

12

$308,100

3,697,500

364

23%

127,800

9,713,900

76

13%

94%

86

$151,100

12,996,500

West of I-380: Walford, Fairfax, Atkins, etc.

172

11%

110,500

5,301,700

48

8%

92%

67

$128,900

8,639,500

Corridor Area: Solon, Ely, Swisher

144

9%

152,000

3,951,000

26

4%

98%

32

$209,900

6,716,100

East of I-380: Mechanicsville, Anamosa, Mt. Vernon, Lisbon, etc.

Dubuque Area (Dubuque Board of Realtors)

549

$144,800

$23,452,000

162

93%

125

$142,600

$17,818,700

Dubuque

350

64%

146,100

17,091,200

117

72%

94%

93

149,600

13,914,400

North, South and West Dubuque

131

24%

160,000

4,481,000

28

18%

92%

24

125,900

3,021,900

Illinois

34

6%

89,000

623,400

7

4%

88%

3

133,500

400,500

Wisconsin

34

6%

125,600

1,256,400

10

6%

86%

5

96,400

482,000

274 164

60%

$118,500 118,600

$9,720,800 6,998,800

82 59

72%

93% 92%

99 69

$121,300 122,800

$12,012,200 8,473,800

Wilton

28

10%

96,500

289,600

3

4%

91%

9

117,100

1,054,000

Muscatine Outlying

62

23%

92,600

1,574,900

17

20%

97%

18

108,100

1,945,400

Condominiums

20

7%

285,800

857,500

3

4%

90%

3

179,700

539,000

$85,700

$4,284,900

50

93%

87

$105,900

$9,212,600 $2,580,500

Muscatine Area (Muscatine Board of Realtors) Muscatine

Clinton, Camanche, Fulton Areas (Clinton Board of Realtors) 163 DeWitt Area (Quad City Area Realtor Assoc.)

81

$99,000

$791,600

8

90%

21

$122,900

Maquoketa, Preston & Bellevue Area (Jackson County MLS)

74

$113,500

$1,361,500

12

91%

23

$104,000

$2,392,700

Wisconsin (South Central Wisconsin MLS)

381

$159,300

$10,513,400

66

90%

50

$203,200

$10,160,400

Grant County

287

137,900

7,306,400

53

86%

45

215,700

9,706,400

75%

80%

Lafayette County 94 25% 246,700 3,207,000 13 20% 90% 5 90,800 454,000 (NOTE: This representation is based in part on data supplied by the REALTOR Associations or their Multiple Listing Services. Neither the Boards nor their MLS guarantee or is in any way responsible for its accuracy. Data maintained by the Boards or their MLS may not reflect all real estate activity in the market.)


Ruhl&Ruhl Spring'09 Facts & Trends