Page 1

Real Estate

Facts & Trends Ruhl&Ruhl Realtors

Spring 2019

Spring Market Exploding Affordable Inventory Needed!

%ULWWQL :HEEHU Realtor

'XEXTXH2IILFH 6WDU%UHZHU\'ULYH6XLWH 'XEXTXH,$   EULWWQLZHEEHU#UXKOKRPHVFRP EULWWQLZHEEHUUXKOKRPHVFRP

Record breaking cold and snowfall slowed housing sales in the region during the ďŹ rst quarter of 2019. Across all of our markets, 5% fewer homes sold than last year. But there was considerable variation from market to market, as shown on our regional activity chart on page 2. Warm April weather has opened the oodgates, releasing pent up buyer demand. Unfortunately, affordable inventory isn’t coming onto the market as quickly as the buyers, so we have frustrated ďŹ rst time buyers with competing offers for lower priced homes. This is great news for sellers we just need more of them!

Mortgage Rates Lower than Last Year IN THIS ISSUE: page 4 Iowa Cropland Values Show Continued Stability

page 4 Home Price Appreciation Remains Steady

page 6 Ruhl&Ruhl Realtors Ranks as Iowa’s Largest Independently Owned Brokerage

Mortgage rates are actually lower than they were at this time last year. This was a pleasant surprise. As of April 15, mortgage rates with no points were: 15-year Conventional Fixed........3.750% 30-year Conventional Fixed......4.125% FHA/VA 30-year Fixed.................4.125% 5/1 ARM (Adjustable Rate Mortgage).....4.000% We also have excellent ďŹ rst time homebuyer programs with down payment assistance available in both Iowa and Illinois. ReďŹ nancing is once again a good option for borrowers seeking lower payments, or seeking cash to pay for home improvements or other needs, such as buying a rental property.

Buyer’s or Seller’s Market? We consider a buyer’s market to be more than 6 months of inventory and a seller’s market to be 3 months or less of inventory. Four to six months is a balanced market, favoring neither buyer nor seller. Location, price range, and buyer demand impact months of inventory. Market

Price

Months of Inventory

Cedar Rapids Area

< $400,000

2.0 months

> $400,000

7.3 months

Dubuque Area

< $350,000

2.3 months

> $350,000

9.8 months

Illinois Quad Cities Area

< $300,000

2.6 months

> $300,000

10.0 months

Iowa Quad Cities Area

< $450,000

1.6 months

> $450,000

8.1 months

Iowa City Area

< $300,000

5.1 months

> $300,000

9.2 months

We continue to have a bifurcated market, with a sellerâ&#x20AC;&#x2122;s market in the affordable price ranges and a buyerâ&#x20AC;&#x2122;s market in the upper price ranges, which vary by market. This bifurcation presents a great opportunity for move up buyers. They can sell in a sellerâ&#x20AC;&#x2122;s market and buy in a buyerâ&#x20AC;&#x2122;s market.


2019 Regional Real Estate Activity Through March Burlington Area Cedar Rapids Area Clinton/Camanche/Fulton Area DeWitt Area Dubuque Area Galena & Galena Territory Galesburg Area Illinois Quad Cities Iowa Quad Cities Iowa City Area Muscatine/Wilton Area Southwest Wisconsin Area 2019 Regional Total

Average 2019 Sales Price

% Change in Average Sales Price from 2018

2019 Number Sold

% Change in Number Sold from 2018

2019 Sales Volume

% Change in Sales Volume from 2018

Active Listing Count 2019

$103,200 $189,100 $97,100 $176,000 $154,700 $188,100 $94,500 $122,500 $216,400 $244,400 $136,800 $149,600 $175,400

-2% +6% +12% +17% -11% -1% +12% +1% +11% +7% -7% +9% +5%

186 773 89 28 254 28 99 364 439 433 98 85 2,876

-7% -4% +25% +40% +5% 0% -7% -18% +2% -13% -10% +1% -5%

$19,202,400 $146,161,500 $8,645,800 $4,927,400 $39,293,400 $5,267,900 $9,353,300 $44,578,500 $95,003,900 $105,829,300 $13,401,800 $12,717,900 $504,383,100

-8% +1% +40% +64% -7% -1% +4% -17% +13% -7% -17% +11% -1%

426 1,020 164 21 276 216 170 604 457 1,275 139 159 4,927

% Change in Active Listings Months of from 2018 Inventory

0% +1% -23% +11% -12% -16% -21% -1% +2% +7% +24% -7% -1%

7.2 2.3 3.5 3.1 2.9 30.8 5.0 2.8 1.9 6.1 3.5 6.8

Summary of Regional Real Estate Activity

Listing Inventory

Properties Sold

$146,161,500

$144,043,400

Average Residential Sales Price Sales Volume

Cedar Rapids Area Listing Inventory: There are 1,020 residential properties listed for sale in the Cedar Rapids area, which is 1% more compared to last year when there were 1,006 properties for sale. Properties Sold: Through March this year, 773 properties sold and closed, 2 • RuhlHomes.com

DeWitt Area Listing Inventory: DeWitt’s listing inventory is up 11% from 19 properties listed for sale in 2018 to 21 properties currently for sale.

Listing Inventory

2019

2018

2018

Properties Sold

$42,118,400

2019 $154,700

2018

254

2019

2019

$39,293,400

Dubuque Area

2018

$174,000

2018 2019

$189,100

2018 2019

$178,100

2019

773

2018

809

1,020

1,006

2018 2019

Listing Inventory: There was a 23% decrease in properties listed for sale in Clinton, Camanche and Fulton; comparing 164 current listings to 212 properties for sale at the same time last year. Properties Sold: 25% more properties sold and closed in the first quarter of 2019, an increase from 71 sales in 2018 to 89 sales in 2019. Average Sales Price: The average sales price through March 2019 was $97,100, a 12% increase from the average sales price of $86,900 through March 2018. Residential Sales Volume: Sales volume increased 40%, from $6,166,500 in the first quarter of 2018 to $8,645,800 in the first quarter of 2019.

242

Cedar Rapids Area

Clinton, Camanche & Fulton Area

Properties Sold: 28 properties sold and closed during the first quarter of 2019, which was a 40% increase from 20 during the first quarter of 2018. Average Sales Price: The average sales price of homes sold through March 2019 was $176,000, 17% more than the average sales price of $150,500 through March 2018. Residential Sales Volume: Sales volume increased 64% from $3,009,600 in the first quarter of 2018 to $4,927,400 through March 2019.

276

Listing Inventory: There are 426 properties for sale in the Burlington area, which is comparable to the same time last year when there were 427. Properties Sold: There was a decrease of 7% in the number of residential properties sold in 2019, comparing 199 sales through March of 2018 to 186 sales through March of 2019. Average Sales Price: The average sales price was $103,200 through first quarter of 2019, 2% lower than the 2018 average sales price of $104,800. Residential Sales Volume: Sales volume was down 8% through March, a decrease from $20,858,500 in 2018 to $19,202,400 in 2019.

which is 4% fewer than the 809 that were sold through March 2018. Average Sales Price: The average sales price was $189,100 through March 2019, 6% more than the average sales price of $178,100 through March 2018. Residential Sales Volume: Sales volume increased 1% from $144,043,400 in 2018 to $146,161,500 in 2019.

312

Burlington Area

Average Residential Sales Price Sales Volume

Dubuque Area Listing Inventory: There are 276 residential properties listed for sale in the Dubuque area. This is a 12% decrease from the same time last year when there were 312 residential properties listed for sale. Properties Sold: 5% more properties sold and closed in the first quarter of 2019, an increase from 242 closings in 2018 to 254 closings in 2019. Average Sales Price: The average sales price of homes sold through Summary continued on page 3


Galesburg Area Listing Inventory: There are 170 residential properties currently listed for sale in the Galesburg area, which is 21% fewer than the same time last year when 214 properties were listed for sale. Properties Sold: Sales have decreased 7% from 107 properties sold through March of 2018 to 99 properties sold through March 2019. Average Sales Price: The average sales price was $94,500 through March 2019, 12% more than the average sales price of $84,300 through March 2018. Residential Sales Volume: Sales volume increased 4% in the first quarter of 2019, from $9,025,000 in 2018 to $9,353,300.

Illinois Quad Cities Listing Inventory: The number of

Iowa Quad Cities

Listing Inventory

Properties Sold

2019

2019

$95,003,900

$83,805,200

2018

$216,400

2018 $194,400

2018 2019

439

2018 2019

431

Galena & Galena Territory Listing Inventory: There are 216 properties for sale in Galena and the Galena Territory; a 16% decrease in the number of properties for sale at the same time last year when there were 256 listings. Properties Sold: 28 residential properties sold in both the first quarter of 2018 and 2019, resulting in no change. Average Sales Price: The average sales price was $188,100 through March 2019, 1% lower than the $190,200 average sales price through March 2018. Residential Sales Volume: Sales volume was down 1%, a decrease from $5,324,500 through March 2018 to $5,267,900 through March 2019.

properties for sale is down 1% from the same time last year; a decrease from 610 listings in 2018 to 604 listings currently. Properties Sold: 18% fewer properties sold in the first quarter of 2019, comparing 364 sales this year to 443 sales through March 2018. Average Sales Price: The average sales price increased 1% from $120,800 through March 2018 to $122,500 through March 2019. Residential Sales Volume: Sales volume decreased by 17% in the first quarter of 2019, from $53,497,700 to $44,578,500.

457

March 2019 was $154,700, an 11% decrease from the average sales price of $174,000 through March 2018. Residential Sales Volume: Sales volume for the first quarter of 2019 was $39,293,400, down 7% from 2018’s first quarter sales volume of $42,118,400.

448

Summary continued from page 2

Average Residential Sales Price Sales Volume

Iowa Quad Cities Listing Inventory: There are 457 homes and condominiums listed for sale in the Iowa Quad Cities area, a 2% increase from the same time last year when there were 448 properties for sale. Properties Sold: 2% more properties sold and closed in the first quarter of 2019, an increase from 431 sales to 439 sales. Average Sales Price: The average sales price increased 11% from $194,400 through March 2018 to $216,400 through March 2019. Residential Sales Volume: Sales volume increased 13% in the first quarter, from $83,805,200 in 2018 to $95,003,900 in 2019.

Iowa City Area Listing Inventory: There are 7% more properties for sale in the Iowa City area, comparing 1,189 in 2018 to 1,275 homes and condominiums currently on the market. Properties Sold: Sales have decreased

by 13% from 496 properties sold through the first quarter of 2018 to 433 through March 2019. Average Sales Price: There was a 7% increase in the average sales price of homes sold in the first quarter of 2019, comparing a sales price of $229,200 in 2018 to $244,400 in 2019. Residential Sales Volume: Sales volume decreased 7%, from $113,688,000 through March 2018 to $105,829,300 through March 2019.

Muscatine & Wilton Area Listing Inventory: There are 139 homes and condominiums listed for sale currently in the Muscatine and Wilton area, 24% more than at the same time in 2018 when there were 112 properties for sale. Properties Sold: There were 10% fewer residential properties sold in the first quarter, comparing 109 sales in 2018 to 98 sales in 2019. Average Sales Price: The average sales price was $136,800 through March 2019, down 7% from the average sales price of $147,700 through the first quarter of 2018. Residential Sales Volume: Sales volume was down 17%, a decrease from $16,103,700 through March 2018 to $13,401,800 through March 2019.

Southwest Wisconsin Area Listing Inventory: There are 159 properties for sale in the southwest Wisconsin region, 7% fewer than the 171 properties listed for sale at the same time in 2018. Properties Sold: 1% more properties sold during the first quarter of 2019, an increase from 84 sales in 2018 to 85 sales in 2019. Average Sales Price: The average sales price of homes sold through March 2019 was $149,600, 9% more than the average sales price of $137,000 through March 2018. Residential Sales Volume: Sales volume increased by 11% in the first quarter, from $11,504,800 in 2018 to $12,717,900 in 2019.

Quad Cities MLS Statistics - Iowa & Illinois Combined Through March Current MLS Listings Average Sales Price Total Sales Volume Total # of Sales YTD

2015

2016

2017

2018

2019

1,449 $144,000 $114,177,600 793

1,305 $152,900 $127,222,800 832

1,160 $151,300 $137,235,300 907

1,058 $157,100 $137,302,900 874

1,061 $173,800 $139,582,400 803

% Change 2018 vs. 2019 +0.3% +10.6% +1.7% -8.1% RuhlHomes.com • 3


Iowa Cropland Values Show Continued Stability The Land Trends and Value Survey, presented by the Iowa Farm and Land Chapter #2 REALTORS Land Institute, reported a statewide average decrease of 1.0% for tillable cropland values from September 2018 to March 2019. In our east central district, high quality cropland is selling at $10,041 per acre, or at the second highest rate in the state. Timber is selling at $2,267 per acre. â&#x20AC;&#x153;Despite several years of low commodity prices the land market is remaining surprisingly strong,â&#x20AC;? said Eric Schlutz, ALC, Realtor and manager of the Ruhl&Ruhl Realtors Muscatine Office. â&#x20AC;&#x153;The tight supply and the appeal of land to long-term investors

has provided the support to keep prices relatively stable.â&#x20AC;? For the survey, participants are asked to estimate the average value of farmland as of March 1, 2019. These estimates are for bare, unimproved land with a sale price on a cash basis. Pasture and timberland values were also requested as supplemental information. Ruhl Farm&Land, a division of Ruhl&Ruhl Realtors, is focused on the sale, purchase and marketing of land, farms and acreages. For more information, and the price per acre of cropland in all nine Iowa districts, visit RuhlLand.com.

3ŕś&#x2030;ŕś&#x161;ŕś&#x153;ŕś&#x2014;ŕś&#x17D;,ŕś&#x2014;ŕś&#x;ŕś&#x2030;

ŕś?ŕś&#x2018;ŕś?ŕś?ŕś&#x2122;ŕś?ŕś&#x2030;ŕś&#x201D;ŕś&#x2018;ŕś&#x153;ඡ ŕś&#x2022;ŕś?ŕś&#x152;ŕś&#x2018;ŕś?ŕś&#x2022;ŕś&#x2122;ŕś?ŕś&#x2030;ŕś&#x201D;ŕś&#x2018;ŕś&#x153;ඡ ŕś&#x201D;ŕś&#x2014;ŕś&#x;ŕś&#x2122;ŕś?ŕś&#x2030;ŕś&#x201D;ŕś&#x2018;ŕś&#x153;ඡ ŕś&#x2039;ŕś&#x161;ŕś&#x2014;ŕś&#x2DC;ŕś&#x201D;ŕś&#x2030;ŕś&#x2013;ŕś&#x152; ŕś&#x2039;ŕś&#x161;ŕś&#x2014;ŕś&#x2DC;ŕś&#x201D;ŕś&#x2030;ŕś&#x2013;ŕś&#x152; ŕś&#x2039;ŕś&#x161;ŕś&#x2014;ŕś&#x2DC;ŕś&#x201D;ŕś&#x2030;ŕś&#x2013;ŕś&#x152;

ŕś&#x153;ŕś&#x2018;ŕś&#x2022;ŕś&#x160;ŕś?ŕś&#x161; ŕś&#x2DC;ŕś?ŕś&#x161;ŕś&#x2030;ŕś&#x2039;ŕś&#x161;ŕś?

East Central

$10,041/acre

$7,321/acre

$4,619/acre

$2,267/acre

Northeast

$9,434/acre

$7,207/acre

$4,707/acre

$2,814/acre

Southeast

$9,693/acre

$6,507/acre

$4,006/acre

$2,489/acre

Iowa Farm Land values in Dollars Per Acre for March 2019. See full chart at RuhlLand.com.

Through March

Burlington Area (Southeast Iowa Regional Board of Rea Cedar Rapids Area (Cedar Rapids Area Assoc. of Real Southeast Cedar Rapids Northeast Cedar Rapids Southwest Cedar Rapids Northwest Cedar Rapids Hiawatha & Robins Marion East of I-380: Mechanicsville, Anamosa, Mt. Vernon, Lis West of I-380: Walford, Fairfax, Atkins, etc. Corridor Area: Solon, Ely, Swisher Condominiums Clinton/Camanche/Fulton Area (Quad City Area Realt DeWitt Area (Quad City Area Realtors) Dubuque Area (East Central Iowa Association of Real Dubuque North, South and West Dubuque Illinois Wisconsin Galena & Galena Territory (Realtor Assoc. of Northwe

Galena Galena Territory Galesburg Area (Capital Area Association of Realtors) Illinois Quad Cities (Quad City Area Realtors) Rock Island Milan & Rural Rock Island County Moline

Home Price Appreciation Remains Steady Five-year home appreciation in our region was between 9.80% and 19.14% with almost all of our regional Metropolitan Statistical Areas experiencing a positive gain. â&#x20AC;&#x153;House prices rose throughout 2018 but at a slower rate than in recent years,â&#x20AC;? said Dr. William Doerner, Supervisory Economist, FHFA. â&#x20AC;&#x153;In the fourth quarter, house price appreciation hit one of the lowest levels in the past four years.â&#x20AC;? In the past year, home prices have changed: +1.27% in Dubuque; +5.40% in Iowa City; +3.59% in Cedar Rapids; and -0.62% in the Quad Cities. This Metropolitan Statistical Areas (MSAs)

Cedar Rapids, IA Davenport-MolineRock Island, IA-IL Des MoinesWest Des Moines, IA Dubuque, IA Iowa City, IA USA

compares to other cities: Des Moines +5.16% and Chicago +3.04%. Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more. â&#x20AC;&#x153;Although one-year home appreciation has slightly slowed across our region, home prices still remain stable,â&#x20AC;? said Caroline Ruhl, CEO of Ruhl&Ruhl Realtors. â&#x20AC;&#x153;We are still experiencing strong buyer demand in the affordable price points, so if you are looking to sell, contact a Ruhl&Ruhl agent for a free market analysis.â&#x20AC;?

Percent Change in House Prices 1 Year 5 Year

East Moline & Silvis Port Byron, Upper Rock Island County Mercer County Henry County Condominiums Iowa Quad Cities (Quad City Area Realtors) Davenport Bettendorf & Riverdale Blue Grass, Buffalo, Durant & Walcott LeClaire, Pleasant Valley & Princeton North Scott County Miscellaneous Condominiums Iowa City Area (Iowa City Area Assoc. of Realtors) Iowa City Coralville Northwest Iowa City

2018 4th Quarter National Ranking of 245 MSAs*

Northeast Iowa City Southwest Iowa City

Southeast Iowa City

+3.59%

+13.75%

196

-0.62%

+9.80%

242

+5.16%

+25.14%

160

Condominiums

+1.27% +5.40% +5.73%

+13.74% +19.14% +32.81%

231 153

Muscatine

Information courtesy of Federal Housing Finance Agency (FHFA) for fourth quarter 2018. FHFA stats always run one quarter behind. Their full report is accessible at www.fhfa.gov. *Rankings based on annual percentage change in house prices.

4 â&#x20AC;˘ RuhlHomes.com

Coal Valley, Rural Moline, Miscellaneous

Corridor Area Miscellaneous Muscatine & Wilton Area (Muscatine Board of Realtor Wilton Muscatine Outlying Condominiums

Southwest Wisconsin Area (S. Central Wisconsin MLS

7KLVUHSUHVHQWDWLRQLVEDVHGLQSDUWRQGDWDVXSSOLHGE\WKH5($/725$VVRFLDWL 7KHFRXQWLHVZHWUDFNIRUWKH%XUOLQJWRQ$UHDDUH'HV0RLQHV+HQU\DQG/HHLQ 7KHFLWLHVZHWUDFNIRUWKH'H:LWW$UHDDUH'H:LWW&DODPXVDQG:KHDWODQG7K


REGIONAL RESIDENTIAL REAL ESTATE ACTIVITY Current MLS Listings

altors)

tors)

bon, etc.

ors)

tors)

% of Active Listings

426

2019 Avg. Sales Price

2019 Sales Volume

2019 # Sold

$103,200

$19,202,400

186

% of Unit Sales

Sales/ List

2018 # Sold

2018 Avg. Sales Price

2018 Sales Volume

93%

199

$104,800

$20,858,500

$189,100

$146,161,500

773

98%

809

$178,100

$144,043,400

57

6%

143,800

10,495,000

73

9%

97%

75

133,900

10,046,000

83

8%

194,100

21,744,700

112

14%

98%

137

178,600

24,469,000

66

6%

162,300

11,358,500

70

9%

98%

87

163,300

14,208,000

39

4%

154,400

11,269,700

73

9%

100%

68

138,800

9,439,900

23

2%

264,300

3,435,700

13

2%

96%

19

282,500

5,366,700

100

10%

251,000

26,099,600

104

13%

98%

97

232,700

22,574,800

139

14%

159,700

12,299,600

77

10%

96%

68

139,400

9,478,500

131

13%

167,700

12,410,800

74

10%

96%

69

168,200

11,607,100

83

8%

331,100

15,560,100

47

6%

99%

43

331,000

14,233,500

299

29%

18%

1,020

165,300

21,487,800

130

99%

146

154,900

22,619,900

164

$97,100

$8,645,800

89

90%

71

$86,900

$6,166,500

21

$176,000

$4,927,400

28

99%

20

$150,500

$3,009,600

276

$154,700

$39,293,400

254

97%

242

$174,000

$42,118,400

149

54%

208,400

35,009,300

168

66%

96%

159

181,100

28,801,300

97

35%

152,400

1,020,900

67

27%

92%

65

172,300

11,198,600

24

9%

169,400

2,201,500

13

5%

97%

11

112,100

1,233,500

2%

177,000 $188,100

1,061,700 $5,267,900

6 28

2%

st IL)

6 216

93% 86%

7 28

126,400 $190,200

885,000 $5,324,500

24% 76%

149,500 213,000 $94,500

1,644,500 3,623,400 $9,353,300

11 17 99

39% 61%

)

51 165 170

81% 88% 95%

9 19 107

204,800 183,200 $84,300

1,843,000 3,481,500 $9,025,000

$122,500 98,400 151,200

$44,578,500 6,688,200 3,627,700

364 68 24

19% 7%

96% 95% 96%

443 84 23

$120,800 87,500 181,000

$53,497,700 7,350,000 4,164,000

s)

S Board)

604 110 40

18% 7%

135

22%

115,500

10,049,600

87

24%

97%

119

110,700

13,173,200

26

4%

140,800

2,675,900

19

5%

97%

23

155,000

3,564,100

73

12%

94,300

3,487,800

37

10%

93%

64

120,300

7,696,000

41

7%

222,600

4,897,000

22

6%

95%

22

184,000

4,047,900

42

7%

101,300

2,633,200

26

7%

96%

15

98,800

1,481,500

91

15%

129,300

8,013,800

17%

96%

66

125,600

8,291,800

46

8%

131,900

2,505,300

5%

96%

27

138,100

3,729,200

$216,400

$95,003,900

62 19 439

98%

431

$194,400

$83,805,200

457 200

44%

154,500

35,220,100

228

52%

98%

245

153,900

37,709,400

105

23%

336,700

32,663,600

97

22%

98%

106

277,400

29,404,200

21

5%

225,700

4,288,200

19

4%

99%

9

230,400

2,073,500

25

5%

308,600

8,023,100

26

6%

98%

20

296,300

5,925,000

27

6%

301,800

6,338,400

21

5%

99%

11

198,900

2,187,400

37

8%

169,400

2,371,000

14

3%

96%

13

150,300

1,953,700

42 1,275

9%

179,400 $244,400

6,099,500 $105,829,300

34

8%

433

98% 98%

27 496

168,600 $229,200

4,552,000 $113,688,000

298

23%

280,000

26,596,500

95

22%

97%

100

277,200

27,717,800

92

7%

359,200

12,213,800

34

8%

97%

24

313,200

7,516,600

145

11%

308,600

14,195,300

46

11%

98%

49

347,300

17,019,800

34

3%

187,200

1,497,400

8

2%

94%

11

187,600

2,063,900

14

1%

185,400

1,483,000

8

2%

98%

11

183,700

2,020,500

48

4%

174,200

5,747,300

33

8%

97%

23

192,000

4,415,800

27

2%

369,800

4,067,400

11

3%

103%

24

275,100

6,603,100

119

9%

201,500

13,701,200

68

16%

98%

100

166,200

16,621,800

498

40%

28%

100%

154

192,900

29,708,700

96%

109

$147,700

$16,103,700

139

202,500

26,327,400

130

$136,800

$13,401,800

98

92

66%

133,200

9,057,900

68

69%

96%

75

154,800

11,612,500

3

2%

206,600

1,446,000

7

7%

95%

9

151,700

1,364,900

40

29%

126,000

2,897,900

23

24%

97%

20

115,200

2,304,300

4

3%

0

0

0

0%

0%

5

164,400

822,000

$149,600

$12,717,900

85

93%

84

$137,000

$11,504,800

159

RQVRUWKHLU0XOWLSOH/LVWLQJ6HUYLFHV1HLWKHUWKH%RDUGVQRUWKHLU0/6JXDUDQWHHRULVLQDQ\ZD\UHVSRQVLEOHIRULWVDFFXUDF\'DWDPDLQWDLQHGE\WKH%RDUGVRUWKHLU0/6PD\QRWUHÃ&#x20AC;HFWDOOUHDOHVWDWHDFWLYLW\LQWKHPDUNHW Q,RZD+DQFRFNDQG+HQGHUVRQLQ,OOLQRLV7KHFLWLHVZHWUDFNIRUWKH&OLQWRQ&DPDQFKH)XOWRQ$UHDDUH&OLQWRQDQG&DPDQFKHLQ,RZD$OEDQ\)XOWRQDQG0RUULVRQLQ,OOLQRLV RuhlHomes.com HFRXQWLHVZHWUDFNIRUWKH*DOHVEXUJ$UHDDUH.QR[DQG:DUUHQ7KHFRXQWLHVZHWUDFNIRUWKH6RXWKZHVW:LVFRQVLQ$UHDDUH*UDQWDQG/DID\HWWH

â&#x20AC;¢5


Ruhl&Ruhl Realtors Ranks as Iowa’s Largest Privately-Owned Real Estate Company Ruhl&Ruhl Realtors has ranked once again as the largest privately-owned real estate company in Iowa. REAL Trends 500 ranks the Top 500 real estate companies in the country according to the number of residential transactions and sales volume. Ruhl&Ruhl Realtors ranks number 1 in Iowa and number 130 nationally based on 5,336 transactions closed in 2018. This places Ruhl&Ruhl Realtors in the top 1% nationally. REAL Trends 500 ranks companies on residential transactions only. When we add back in farm and land and commercial transactions, Ruhl&Ruhl Realtors closed 5,429 sides in 2018. On average, Ruhl agents closed 16.7 transactions per agent in 2018. “We are proud of the care, effort and hard work our agents and staff put in to earn this ranking,” said Chris Beason, President of Ruhl&Ruhl Realtors. “Our team is honored to help so many local families through such an important process in their lives.”

Ruhl&Ruhl Realtors residential sales volume was $890,487,624. When we include farm and land and commercial, the total sales volume was $917,973,157. Additionally, NAI Ruhl Commercial Company, a joint venture with Ruhl&Ruhl Realtors, sold $127,548,404 in sales volume in 2018. They have 18 commercial agents. NAI Ruhl Property Management manages just under 1.8 million square feet of space. Ruhl Mortgage, also a joint venture, closed $124,917,165 in loan volume, which was generated from 727 loans. Ruhl Mortgage ranks 18th nationally among real estate companies with affiliated mortgage companies according to the ranking of Top Firms by mortgage closings. Ruhl&Ruhl Realtors partners with American Home Shield to provide home warranties to buyers and sellers. In 2018, Ruhl sold 1,397 home warranty policies, which ranks the brokerage 12th nationally.

Transactions Rank

2018 Transactions

2017 Transactions

% Change

Residential Sales Volume*

Total Offices

E Iowa, NW Illinois & SW Wisconsin

130

5,336

5,267

+1.3%

$890,487,624

12

Mel Foster Co. Quad Cities

283

3,028

3,595

-15.8%

$516,419,027

8

Skogman Realty Cedar Rapids & Iowa City

260

2,686

3,216

-16.5%

$595,663,816

5

Coldwell Banker Mid-America Group, Realtors Des Moines

374

2,478

2,518

-1.6%

$434,749,662

5

Company Name

Ruhl&Ruhl Realtors

*REAL Trends 500 is based on residential transactions only. It excludes farms, land, and commercial properties.

Regional New Construction Inventory & Home Sales Through March Cedar Rapids Area Houses Condos/Villas Dubuque Area Houses Condos/Villas Illinois Quad Cities (Rock Island County) Houses Condos/Villas Iowa Quad Cities (Scott County) Houses Condos/Villas Iowa City Area Houses Condos/Villas Total Regional Combined 6 • RuhlHomes.com

Active Inventory 3/31/17

Active Inventory 3/31/18

Active Inventory 3/31/19

% Change in Inventory from 2018

Sales 2017

Sales 2018

170 82 88 65 44 21 12 6 6 95 65 30 364 164 200 706

138 98 40 70 42 28 9 5 4 99 71 28 424 172 252 740

161 85 76 41 23 18 7 3 4 79 58 21 424 191 233 712

+17% -13% +90% -41% -45% -36% -22% -40% 0% -20% -18% -25% 0% +11% -8% -4%

59 35 24 12 8 4 3 3 0 46 39 7 77 40 37 197

62 48 14 11 6 5 1 1 0 39 30 9 71 39 32 184

% Change in Sales Sales 2019 from 2018

59 42 17 23 9 14 4 3 1 54 38 16 60 24 36 200

-5% -13% +21% +109% +50% +180% +300% +200% +100% +38% +27% +78% -15% -38% +13% +9%


Tough Winter Slows Builders, but not Buyers

New Housing Starts Through March Burlington Area Burlington West Burlington Cedar Rapids Area Cedar Rapids Marion Rural Linn County Hiawatha Dubuque Area Dubuque East Dubuque Galena Jo Daviess County Peosta Surrounding Dubuque Area Illinois Quad Cities Moline & Coal Valley Rock Island East Moline & Hampton Colona Port Byron Geneseo Rural Rock Island County & Milan Silvis Whiteside County Iowa Quad Cities Davenport Bettendorf Rural Scott County Eldridge & Long Grove LeClaire & Princeton Blue Grass - city of Iowa City Area Iowa City Coralville North Liberty Rural Johnson County West Branch Williamsburg, Wellman & Kalona West Liberty & Tipton Muscatine Area Muscatine Muscatine County Wilton Other Areas Clinton, Camanche & Fulton DeWitt Maquoketa, Preston & Bellevue Total Regional Starts

2016 2008

2017

2018

2019

4 4 0 129 60 40 26 3 66 21 0 2 7 4 32 11 3 1 0 1 0 2 4 0 0 77 22 34 8 8 3 2 70 30 6 17 12 3 2 0 3 0 3 0 9 3 2 4 369

12 11 1 100 41 33 23 3 57 11 0 1 3 8 34 13 2 0 2 2 0 0 6 0 1 93 25 35 12 14 6 1 75 36 4 9 10 3 1 12 8 2 6 0 15 9 2 4 373

2 0 2 73 27 26 18 2 48 9 0 0 5 9 25 10 1 0 0 3 0 0 5 0 1 69 13 28 13 6 8 1 69 32 4 21 2 6 2 2 8 0 8 0 9 4 4 1 288

0 0 0 34 5 15 10 4 29 10 0 0 1 5 13 17 0 4 10 0 0 0 1 0 2 60 9 30 11 4 5 1 25 13 0 2 4 5 1 0 7 4 1 2 5 5 0 0 177

% Change 2018 vs. 2019 -100% 0% -100% -53% -81% -42% -44% +100% -40% +11% 0% 0% -80% -44% -48% +70% -100% +100% +100% -100% 0% 0% -80% 0% +100% -13% -31% +7% -15% -33% -38% 0% -64% -59% -100% -90% +100% -17% -50% -100% -13% +100% -88% +100% -44% +25% -100% -100% -39%

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

RUHLHOMES.COM Sign up for reports, search sold properties, discover our communities, and get info on buying or selling.

Access the full RuhlHomes.com website anytime, anywhere. Phones • Tablets • Computers

New home sales in the first quarter of 2019 ignored the frigid Midwest winter to post a 9% increase in unit sales over the first quarter of 2018. Multiple Listing Service stats reveal house sales were down 7%, but condo sales jumped 40% over the previous year. Strong sales, coupled with a 39% decrease in new starts, resulted in a 4% decrease in overall new home inventory, all of it in houses. Houses represented 58% of Q1 new construction sales and 51% of current inventory, while condos represented 42% of sales and 49% of inventory. Individual market results for new starts, inventory and sales are shown on the charts on pages 6 and 7. New homes accounted for 1 in every 9.5 home sales in the region YTD. The chart below demonstrates changes in selling prices over the past several years: Houses: YTD 2019 YTD 2018 YTD 2017 Below $300K 30% 31% 34% $300 - $400K 36% 40% 39% Above $400K 34% 29% 27% Condos: YTD 2019 YTD 2018 YTD 2017 Below $200K 31% 28% 38% $200 - $300K 54% 57% 47% Above $300K 15% 15% 15%

CEDAR RAPIDS: With area sales down 5% through March, this market mirrored the regional sales profile with house sales down 13% and condo sales up 21%. House sales below $300K accounted for 50% of all local market sales and 60% of regional new house sales below $300K. Cedar Rapids has a current overall supply of about 8 months of new homes, with 17% more units on hand than the same time last year. New starts are down 53%, compared with first quarter 2018. 1 in every 10 home sales was a new home. DUBUQUE: First quarter sales figures might lead you to believe that winter missed Dubuque this year. Q1 sales were up 109%, with houses up 50% and condo sales up 180%. 89% of house sales were below $400K and 65% of condo sales were below $300K. This sales activity resulted in a 45% reduction in new construction house inventory and a 36% reduction in condo inventory, with a combined new home supply of 5 months. New homes account for 1 in every 11 sales through March. IOWA CITY: Our region’s most active new homes market saw sales down 15% vs. the same quarter last year. Overall, new house sales were down 38%, while new condo sales rose 13%. The only market Tough Winter Slows continued on page 8

RuhlHomes.com • 7


Corporate Relocation Center 5403 Victoria Avenue, Suite 100 Davenport, IA 52807 RETURN SERVICE REQUESTED

Tough Winter Slows continued from page 7

segment to show an overall increase was Coralville-Tiffin, with a 12% increase, due to increased condo sales. Total new home inventory was exactly the same as last year, but displayed an 11% increase in houses and an 8% decrease in condos. The Iowa City market has a 21 month supply of new construction houses and condos combined. New home sales accounted for 1 in every 6 home sales in the area through March.

%ULWWQL :HEEHU Realtor

'XEXTXH2IILFH 6WDU%UHZHU\'ULYH6XLWH 'XEXTXH,$   EULWWQLZHEEHU#UXKOKRPHVFRP EULWWQLZHEEHUUXKOKRPHVFRP

QUAD CITIES: Combined ďŹ rst quarter sales were up 45% vs. ďŹ rst quarter 2018. House sales were up 32% and condos were up 89%. Higher sales resulted in inventory reductions of 20% in houses and 22% in condos, leaving the current supply of new homes at 4.5 months. Area sales accounted for 54% of all regional house sales above $400K and 46% of all condo sales above $300K. New home sales accounted for 1 in every 12 home sales through March.

Look for improved weather conditions and sustained demand to produce increased new starts. Also be on the watch for new builders on the regional scene introducing entry level products in several of our local markets to ďŹ ll the gap below $250K. Be aware that price increases for 2019 are predicted to match those of 2018. For any information on new home sales or housing starts, contact David Falk, Director of New Contruction and Development at 563-441-5220.

MOVE FROM THE LIFE YOU HAVE TO THE LIFE OF YOUR DREAMS Learn more at RuhlCareers.com. Follow Us Online At:

For further information or to be added to our mailing list, contact Caroline Ruhl or Veronica Pianca â&#x20AC;˘ 563.355.7474 5403 Victoria Avenue, Suite 100 â&#x20AC;˘ Davenport, Iowa 52807-3925 â&#x20AC;˘ CarolineRuhl@RuhlHomes.com or VeronicaPianca@RuhlHomes.com 8 â&#x20AC;˘ RuhlHomes.com

Profile for Ruhl&Ruhl REALTORS

Brittni Webber Facts and Trends Spring 2019  

Brittni Webber Facts and Trends Spring 2019  

Profile for ruhlhomes