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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.

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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

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Cheryl Piersall Facts and Trends Spring 2019  

Cheryl Piersall Facts and Trends Spring 2019  

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