Issuu on Google+

Facts & Trends Real Estate

Ruhl&Ruhl REALTORS

Spring 2014

Home Prices Rising In Our Markets

Deb Hooks Realtor (563) 690-4216 DebHooks@RuhlHomes.com

DebHooks.com

IN THIS ISSUE: page­ 3

Ruhl&Ruhl Realtors Ranked Iowa’s Largest

page­ 4

Iowa Farmland Value Decreases, but Demand Stays Strong

page­ 6

Ruhl&Ruhl Launches New Farm and Land Website, RuhlLand.com

page­ 7

New Home Sales Show Modest Increase Under Harsh Conditions

In the past year, home prices have risen in most of our markets. See the percent change by market on page 4, as reported by the Federal Housing Finance Agency (FHFA). The increases have been driven by declining inventory and pent up buyer demand. The Regional Real Estate Activity Chart on page 2 also shows the percent change in average sales price comparing first quarter of 2014 to first quarter of 2013. There is tremendous variation from market to market in our region. The Iowa City Area has the highest average sales price of $209,700, and the Burlington Area has the lowest at $88,900.

Great Time to Sell

After a sluggish first quarter due to record breaking cold and snowfall, buyers are active and eager to buy before interest rates go up. Activity in some of our markets is being held back by a shortage of listing inventory. We consider a buyer’s market to be more than 6 months of inventory, a seller’s market to be up to 3 months of inventory and a balanced market to be 4-6 months of inventory. The following is a sampling of our markets’ months of inventory, which we show for all markets in the activity chart on page 2. Months of Inventory Burlington Area 5.6 months Cedar Rapids Area 4.6 months Dubuque Area 4.4 months Illinois Quad Cities 4.2 months Iowa Quad Cities 2.9 months Iowa City Area 8.2 months Muscatine/Wilton Area 4.4 months Homes are selling faster than they are coming on the market. So for sellers waiting for the “best time to list their properties,” the time is right.

Interest Rates Attractive

Interest rates are still at historically low levels.

As of April 17, conventional 30-year fixed rates are around 4.375%, 15-year fixed are still a great value at 3.5%, and VA/FHA is approximately 4.25%. Adjustable Rate Mortgages (ARMs) are becoming popular again, particularly for buyers not planning to live in their homes for more than 5-7 years. The 5-year ARM is remaining around 3.0% and the 7-year ARM is about 3.375%. Credit requirements remain somewhat strict and are more problematic than interest rates.

­Burlington Area

Listing Inventory: There are 221 properties for sale in Burlington, Iowa and the surrounding area, a 5% decrease from the same time last year when there were 233 properties for sale. Properties Sold: There was an 8% decrease in the number of residential properties sold in 2014, comparing 105 sales in 2013 to 97 sales in 2014. Average Sales Price: The average sales price was $88,900 in 2014, 11% lower than the 2013 average sales price of $100,200. Residential Sales Volume: Sales volume was down 19% in the area, a decrease from $10,532,400 in 2013 to $8,495,600 in 2014.

Cedar Rapids Area

Listing Inventory: There are 1,669 residential properties listed for sale in the Cedar Rapids area, a 7% decrease from the same time last year when there was 1,788 properties for sale. Properties Sold: Through March this year, 593 properties sold and closed, 17% less than the 713 that were sold through March 2013. Average Sales Price: The average sales price was $157,600 through March 2014, 2% less than the average sales price of

Home Prices Rising continued on page 2 RuhlHomes.com • 1


2014 Regional Real Estate Activity Through March Burlington Area Cedar Rapids Area Clinton/Camanche/Fulton DeWitt Dubuque Area Galena & Surrounding Area Illinois Quad Cities Iowa Quad Cities Iowa City Area Maquoketa/Preston/Bellevue Muscatine/Wilton Area Southwest Wisconsin Washington Area

Average 2014 Sales Price

% Change in Average Sales Price from 2013

$88,900 $157,600 $99,200 $163,900 $146,900 $192,000 $98,300 $179,200 $209,700 $119,600 $117,700 $122,200 $93,300

-11% -2% +20% +14% +2% +5% -2% +9% +16% +5% -5% +19% +21%

Home Prices Rising continued from page 1

$161,300 through March 2013. Residential Sales Volume: Sales volume fell 19%, from $115,030,100 in the first quarter of 2013 to $93,449,600 in the first quarter of 2014.

Clinton, Camanche & Fulton

Listing Inventory: There was a 6% decrease in properties listed for sale in the Clinton, Camanche and Fulton area; comparing 279 current listings to 298 properties for sale at the same time last year. Properties Sold: 12% more properties sold and closed in the first quarter of 2014, an increase from 67 sales in 2013 to 75 sales in 2014. Average Sales Price: The average sales price through March 2014 was $99,200, a 20% increase from the average sales price of $83,900 through March 2013. Residential Sales Volume: Sales volume increased 32%, from $5,623,200 in the first quarter of 2013 to $7,443,400 in the first quarter of 2014.

DeWitt

Listing Inventory: DeWitt’s listing inventory is up 21%, from 39 properties listed for sale in 2013 to 47 properties currently for sale. Properties Sold: 20 properties sold and closed during the first quarter of 2014, compared to 14 sales in 2013, a 43% increase. This follows a 39% decrease from first quarter of 2012 compared to the first quarter of 2013. Average Sales Price: The average sales price of homes sold through March 2014 was $163,900, 14% more than last year’s average sales price of $143,500. 2 • RuhlHomes.com

2014 Number Sold

97 593 75 20 120 21 359 397 303 25 86 75 26

% Change in Number Sold from 2013

-8% -17% +12% +43% -14% +11% -6% -13% -12% -11% -24% -18% +8%

2014 Sales Volume

$8,495,600 $93,449,600 $7,443,400 $3,277,500 $17,626,100 $4,031,400 $35,299,100 $71,126,600 $63,531,400 $2,989,400 $10,123,500 $9,166,600 $2,425,000

Residential Sales Volume: Sales volume increased 63%, from $2,009,700 in 2013 to $3,277,500 in 2014.

Dubuque Area

Listing Inventory: There are 392 residential properties listed for sale in the Dubuque region. This is a 23% decrease from the same time last year when there were 507 properties for sale. Properties Sold: 14% fewer properties sold and closed in the first quarter of 2014, a decrease from 140 closings through March 2013 to 120 closings through March 2014. Average Sales Price: The average sales price of homes sold through March 2014 was $146,900, a 2% increase from the average sales price of $143,700 through March 2013. Residential Sales Volume: Sales volume for the first quarter of 2014 was $17,626,100, down 12% from 2013’s first quarter sales volume of $20,118,000.

Galena & Surrounding Area

Listing Inventory: There are 319 properties for sale in Galena, Illinois and the surrounding area; a 12% decrease in the number of properties for sale at the same time last year when there were 362 listings. Properties Sold: There was an 11% increase in the number of residential properties sold in the first quarter, comparing 19 sales in 2013 to 21 sales in 2014. Average Sales Price: The average sales price was $192,000 through March 2014, 5% higher than the $183,200 average sales price through March 2013. Residential Sales Volume: Sales volume was up 16%, an increase from

% Change in Sales Volume from 2013

-19% -19% +32% +63% -12% +16% -8% -5% +2% -6% -28% -2% +31%

Active Listing Count 2014

221 1,669 279 47 392 319 797 659 1,336 87 205 382 99

% Change in Active Listings from 2013

Months of Inventory

-5% -7% -6% +21% -23% -12% +1% -1% -7% +13% -10% +5% -9%

5.6 4.6 7.4 3.9 4.4 62.0 4.2 2.9 8.2 9.0 4.4 17.6 7.3

$3,480,300 through March 2013 to $4,031,400 through March 2014.

Illinois Quad Cities

Listing Inventory: The number of properties for sale is up 1% from the same time last year; an increase from 792 listings to 797 listings currently for sale. Properties Sold: In the first quarter of 2014, 6% fewer properties sold, comparing 382 sales through March 2013 to 359 sales through March this year. Average Sales Price: The average sales price decreased 2%, from $100,100 through March 2013 to $98,300 through March 2014. Residential Sales Volume: Sales volume decreased 8% in the first quarter of 2014, from $38,242,800 to $35,299,100.

Iowa Quad Cities

Listing Inventory: There are 659 homes and condominiums listed for sale in the Iowa Quad Cities, a 1% decrease from the same time last year when there were 663 properties for sale. Properties Sold: 13% fewer properties sold and closed in the first quarter of 2014, a decrease from 454 sales to 397 sales. Average Sales Price: The average sales price increased 9%; from $164,800 through March 2013 to $179,200 through March 2014. Residential Sales Volume: Sales volume went down 5%, from $74,820,700 in the first quarter of 2013 to $71,126,600 in the first quarter of 2014.

Iowa City Area

Listing Inventory: There are 7% fewer properties for sale in Iowa City, with 1,443

Home Prices Rising continued on page 3


Home Prices Rising continued from page 2

listings in 2013 to 1,336 homes and condominiums currently on the market. Properties Sold: Sales have decreased 12%, from 345 properties sold through the first quarter of 2013 to 303 sales closed through March 2014. Average Sales Price: There was a 16% increase in the average sales price of homes sold in the first quarter of 2014, comparing a sales price of $180,700 in 2013 to $209,700 in 2014. Residential Sales Volume: Sales volume increased 2%, from $62,349,400 through March 2013 to $63,531,400 through March 2014.

Maquoketa, Preston & Bellevue

Listing Inventory: There are 87 properties for sale in the Maquoketa, Preston, and Bellevue area, 13% more than the same time last year when there was 77 properties for sale. Properties Sold: 11% fewer properties sold during the first quarter of 2014, a decrease from 28 sales in 2013 to 25 sales in 2014. Average Sales Price: The average sales price of homes sold through March 2014 was $119,600, 5% more than the average sales price of

$114,100 through March 2013. Residential Sales Volume: Sales volume declined 6%, from $3,193,500 in the first quarter of 2013 to $2,989,400 in the first quarter of 2014.

Muscatine & Wilton Area

Listing Inventory: There are 205 homes and condominiums currently listed for sale in the Muscatine and Wilton area, 10% fewer than the same time in 2013 when there were 228 properties for sale. Properties Sold: There were 24% fewer residential properties sold in the first quarter of 2014, comparing 113 sales last year to 86 sales in the first quarter of 2014. Average Sales Price: The average sales price was $117,700 through March 2014, a 5% decrease from the $124,300 average sales price in the first quarter of 2013. Residential Sales Volume: Sales volume was down 28%, a decrease from $14,049,200 through March 2013 to $10,123,500 through March 2014.

Southwest Wisconsin

Listing Inventory: There are 382 properties for sale in the southwest Wisconsin region, 5% more than the 364 properties listed for sale at the same time in 2013.

Properties Sold: 18% fewer properties sold during the first quarter of 2014, a decrease from 91 sales in 2013 to 75 sales in 2014. Average Sales Price: The average sales price of homes sold through March 2014 was $122,200, 19% more than the average sales price of $102,800 through March 2013. Residential Sales Volume: Sales volume decreased 2%, from $9,356,700 in the first quarter of 2013 to $9,166,600 in the first quarter of 2014.

Washington Area

Listing Inventory: There are 99 properties for sale in Washington, Iowa and the surrounding area, 9% fewer than at the same time last year when there were 109 properties for sale. Properties Sold: Sales increased 8% from 24 properties sold through the first quarter of 2013 to 26 sales closed through March 2014. Average Sales Price: The average sales price was $93,300 through March 2014, 21% more than the average sales price through March 2013 of $77,200. Residential Sales Volume: Sales volume grew 31%, from $1,851,600 through March 2013 to $2,425,000 through March 2014.

Ruhl&Ruhl Realtors Ranked Iowa’s Largest Privately Owned Real Estate Company Ruhl&Ruhl Realtors was once again ranked the largest privately-owned real estate company in Iowa, according to RISMedia’s 2014 Power Broker Report. The report ranks the top 500 real estate companies in the country according to the number of transactions and sales volume. Ruhl&Ruhl ranked 97th in the country for the number of home sale transactions closed, which was 5,287 in 2013. Ruhl&Ruhl’s all-inclusive sales Company Name

Ruhl&Ruhl Realtors Coldwell Banker Mid-America Group, Des Moines

volume was $825,946,000. Including non-residential transactions, Ruhl&Ruhl Realtors closed 5,374 deals or 18.7 transactions per agent which places Ruhl&Ruhl agents among the most productive in the country. The National Association of Realtors reports an average of 7 sales per agent nationally. Additionally, NAI Ruhl Commercial Company, a joint venture with Ruhl&Ruhl Realtors, sold over $138,000,000 in commercial real estate in 2013, and Ruhl

Transactions Rank

97

(2012 – 82)

179

(2012 – 183)

Transactions

5,287

(2012 – 5,089)

3,501

(2012 – 2,900)

Mortgage, also a joint venture, closed $120,891,880 in loan volume in 2013. “We are excited and proud to earn this ranking,” said Caroline Ruhl, President of Ruhl&Ruhl Realtors. “I have been blessed to be surrounded by the best people in our business. At the end of the day, it always comes down to having the right people.” To view the 2014 Power Broker Report, visit this link, http://remag.rismedia.com/i/284184.

Sales Volume*

Total Offices

Total Agents

Transactions Per Agents

$780,711,249

12

287

(2012 – 17.1)

$623,653,734

6

179

(2012 – $749,811,624)

(2012 – $482,936,760)

18.4 19.6

(2012 – 15.1)

Mel Foster Co., 181 3,439 $509,926,401 15.1 227 10 (2012 – 152) (2012 – 3,225) (2012 – $472,597,438) (2012 – 14.4) Quad Cities Skogman Realty, 183 3,421 $624,778,097 15.5 221 5 (2012 – 128) (2012 – 3,780) (2012 – $626,111,380) (2012 – 17.3) Cedar Rapids *The RIS ranking and report is based on residential sales only. It excludes farms, land, commercial and other non-residential properties.

RuhlHomes.com • 3


Reg

Home Prices Appreciating in our Region Home prices are going up! This is being caused primarily by pent up buyer demand and rapid absorption of our listing inventory. According to the Federal Housing Finance Authority (FHFA), in 2013 home prices increased 0.46% in the Cedar Rapids MSA (Metropolitan Statistical Area), in the Quad Cities prices went up 1.13%, in Dubuque they were up 0.92% and in Iowa City they increased by 3.60%. The chart below Metropolitan Statistical Areas (MSAs)

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

also shows the change in home prices over the past 5 years. The appreciation in our region is less than the 7.69% change nationally. This is because home prices in our markets didn’t fall nearly as much as they did in many other parts of the country. We continue to enjoy a modest but steady gain locally. “I, for one, prefer less drama and more stability,” said Caroline Ruhl, President of Ruhl&Ruhl Realtors.

Percent Change in House Prices 1 Year 5 Year

2013 4th Quarter National Ranking of 283 MSA’s*

Through March Burlington Area (Burlington Board of Realtors)

Cedar Rapids Area (Cedar Rapids Area Assoc. of R Southeast Cedar Rapids Northeast Cedar Rapids Southwest Cedar Rapids Northwest Cedar Rapids Hiawatha & Robins Marion

East of I-380: Mechanicsville, Anamosa, Mt. Vernon, Li West of I-380: Walford, Fairfax, Atkins, etc. Corridor Area: Solon, Ely, Swisher Condominiums

+0.46%

+0.69%

204

Clinton, Camanche & Fulton (Clinton Board of Real

+1.13%

+2.89%

180

Dubuque Area (Dubuque Board of Realtors)

+2.38%

-0.87%

135

+0.92% +3.60% +7.69%

+6.78% +5.27% +4.18%

186 113

Information courtesy of Federal Housing Finance Agency (FHFA) for fourth quarter 2013. 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.

DeWitt (Quad City Area Realtor Assoc.) Dubuque North, South and West Dubuque Illinois Wisconsin

Galena & Surrounding Area (Realtor Assoc. of Nort

Illinois Quad Cities (Quad City Area Realtor Assoc. Rock Island Milan & Rural Rock Island County

Iowa Farmland Value Decreases, but Demand Stays Strong Despite a decrease in the value of cropland across the state of Iowa, there continues to be high demand for certain types of land. In our east central district, high quality cropland is selling at $11,283 per acre. Timber is selling at $2,372 per acre. The Land Trends and Value Survey, presented by the Iowa Farm and Land Chapter #2 REALTORS Land Institute, reported a statewide average decrease of cropland values of 4.2% for the year from March 1, 2013 to March 1, 2014. This follows an increase of 17.1% for the year from March 2012 to March 2013; and an average increase of 23.7% for the year from March 2011 to March 2012. This is the first reported statewide decrease since March 2008 through March 2009. “Although lower commodity prices have put some downward pressure on low and medium quality farms, we are still seeing strong demand for high quality farms and have seen renewed interest in non-tillable land,” said Eric Schlutz, Accredited Land Consultant with Ruhl Farm&Land and Muscatine Manager for Ruhl&Ruhl Realtors. “Strong beef prices have increased 4 • RuhlHomes.com

demand for pasture land along with the strong investor demand for recreational parcels.” The survey attributed the current decrease in land values to higher input costs, increasing interest rates, government regulation uncertainty, and uncertainty of the U.S. and world economy. For the survey, participants are asked to estimate the average value of farmland as of March 1, 2014. 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. “I see no movement in high quality tillable land,” said Ken Paper, Accredited Land Consultant with Ruhl Farm&Land and Realtor with Ruhl&Ruhl Realtors. “Many farmers are in a good cash position coming out of a strong commodity market. There will probably be some stress on the low quality parcels, but all in all I think it is too soon to make any judgments on the land market.” For price per acre of cropland in all nine Iowa districts, visit RuhlLand.com/Value.

Moline Coal Valley, Rural Moline, Miscellaneous East Moline & Silvis Port Byron, Upper Rock Island County Mercer County Henry County Condominiums Iowa Quad Cities (Quad City Area Realtor Assoc.) 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 Northeast Iowa City Southeast Iowa City Southwest Iowa City Corridor Area Miscellaneous

Condominiums Maquoketa, Preston & Bellevue (Jackson County M

Muscatine & Wilton Area (Muscatine Board of Realt Muscatine Wilton Muscatine Outlying Condominiums Washington Area* (English River MLS)

Wisconsin - Grant & Lafayette Co. (S. Central Wisc

(This representation is based in part on data supplied by the REALT MLS) responsible for its accuracy. Data maintained by the Boards or their


gional Residential Real Estate Activity Current MLS Listings

Realtors)

isbon, etc.

ltors)

% of Active Listings

2014 Avg. Sales Price

2014 Sales Volume

2014 # Sold

% of Unit Sales

Sales/ List

2013 # Sold

2013 Avg. Sales Price

2013 Sales Volume

221

$88,900

$8,495,600

97

N/A

105

$100,200

$10,523,400

1,669

$157,600

$93,449,600

593

97%

713

$161,300

$115,030,100

145

8%

153,400

9,972,900

65

11%

94%

55

159,300

8,762,000

207

12%

148,700

11,599,600

78

13%

96%

102

182,600

18,629,200

140

8%

145,600

10,188,700

70

11%

97%

75

134,700

10,103,300

110

6%

143,000

8,149,100

57

9%

97%

54

123,100

6,647,200

29

2%

234,000

2,106,300

9

1%

96%

19

224,100

4,258,300

188

11%

198,200

14,863,700

75

12%

98%

97

183,500

17,795,000

196

11%

121,700

6,569,700

54

9%

96%

66

147,800

9,753,700

172

10%

108,000

4,427,500

41

7%

96%

72

136,800

9,851,000

109

6%

283,900

11,924,400

42

7%

99%

35

249,100

8,718,000

373

26%

133,800

13,647,800

102

20%

100%

138

148,600

20,512,400

$99,200

$7,443,400

75

94%

67

$83,900

$5,623,200

90%

14

$143,500

$2,009,700

93%

140

$143,700

$20,118,000

279 47

$163,900

$3,277,500

20

392

$146,900

$17,626,100

120

254

65%

145,500

14,112,300

97

81%

93%

100

151,700

15,166,000

96

24%

159,600

2,713,900

17

14%

94%

31

128,300

3,976,400

30

8%

136,300

544,900

4

3%

86%

3

89,000

267,000

12

3%

127,500

255,000

2

2%

90%

6

118,100

708,500

$192,000

$4,031,400

21

82%

19

$183,200

$3,480,300

thwest IL)

319

.)

797

$98,300

$35,299,100

359

94%

382

$100,100

$38,242,800

94

12%

77,100

5,396,300

70

19%

95%

68

82,900

5,637,900

51

6%

100,800

3,125,800

31

9%

93%

28

108,400

3,034,700

156

20%

99,100

7,930,500

80

22%

95%

98

101,200

9,920,600

31

4%

96,100

1,153,500

12

3%

97%

16

109,900

1,759,000

107

13%

97,800

5,478,900

56

16%

95%

40

96,100

3,845,900

31

4%

150,700

2,410,500

16

4%

95%

15

149,700

2,244,900

73

9%

99,300

2,084,900

21

6%

92%

20

97,600

1,951,900

196

25%

85,000

5,294,300

55

15%

91%

76

89,500

6,803,700

58

7%

134,700

2,424,400

18

6%

95%

21

145,000

3,044,200

$179,200

$71,126,600

397

97%

454

$164,800

$74,820,700

126,700

25,221,500

199

96%

243

125,200

30,426,700

659 323

49%

50%

116

18%

301,700

25,042,500

83

21%

98%

76

300,000

22,798,500

28

4%

186,300

1,863,500

10

3%

96%

24

153,600

3,686,000

39

6%

266,600

6,932,000

26

7%

94%

17

253,300

4,306,800

29

4%

222,400

4,448,400

20

5%

96%

29

211,300

6,128,500

34

5%

76,400

1,069,300

14

4%

96%

19

83,100

1,578,900

90

14%

145,500

6,549,400

45

10%

97%

46

128,200

5,895,300

$209,700

$63,531,400

303

97%

345

$180,700

$62,349,400

1,336 299

22%

238,000

18,088,800

76

25%

97%

74

249,500

18,460,500

93

7%

334,000

5,009,300

15

5%

96%

20

201,700

4,033,900

136

10%

285,100

10,549,600

37

12%

99%

31

243,500

7,549,600

43

3%

157,600

945,400

6

2%

94%

9

136,300

1,226,500

38

3%

115,100

460,300

4

1%

99%

5

74,500

372,400

77

6%

147,700

3,396,400

23

8%

95%

27

130,900

3,533,700 4,435,700

48

4%

396,200

3,962,200

10

3%

99%

15

295,700

201

15%

171,800

8,591,600

50

17%

96%

61

131,400

8,012,800

30%

152,800 $119,600

12,527,800 $2,989,400

82 25

27%

MLS)

401 87

98% 93%

103 28

143,000 $114,100

14,724,300 $3,193,500

tors)

205

consin)

$117,700

$10,123,500

86

95%

113

$124,300

$14,049,200

107

52%

120,900

7,133,100

59

67%

95%

77

125,700

9,675,200

14

7%

126,600

1,013,100

8

10%

94%

12

115,700

1,388,300

14%

92%

16

106,400

1,701,600

9%

96%

8

160,500

1,284,100

76

37%

83,900

1,007,300

12

8

4%

138,600

970,000

7

99

$93,300

$2,425,000

26

95%

24

$77,200

$1,851,600

382

$122,200

$9,166,600

75

88%

91

$102,800

$9,356,700

TOR Associations or their Multiple List­ing Services. Neither the Boards nor their MLS guarantee or is in any way MLS may not reflect all real estate activity in the market.) *Washington Area includes Mount Pleasant and Fairfield.

RuhlHomes.com • 5


Regional New Construction 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

Active Inventory 3/31/12

212 127 85 76 52 24 23 7 16 104 57 47 198 95 103 613

Active Inventory 3/31/13

161 102 59 42 34 8 20 4 16 91 50 41 274 151 123 588

Active Inventory 3/31/14

160 96 64 58 36 22 6 1 5 114 64 50 329 181 148 667

% Change in Inventory from 2013

Sales 2012

-1% -6% +8% +38% +6% +175% -70% -75% -69% +25% +28% +22% +20% +20% +20% +13%

65 42 23 11 10 1 7 6 1 46 35 11 53 23 30 182

Sales 2013

71 46 25 14 14 0 1 1 0 39 34 5 38 17 21 163

Sales 2014

62 37 25 16 16 0 1 1 0 43 37 6 43 31 12 165

% Change in Sales from 2013

-13% -20% 0% +14% +14% 0% 0% 0% 0% +10% +9% +20% +13% +82% -43% +1%

Ruhl&Ruhl Realtors Launches RuhlLand.com The public will now have a new resource to search for farms, land, and ranches for sale, as well as those that have recently sold. Ruhl Farm&Land, a division of Ruhl&Ruhl Realtors, recently launched, RuhlLand.com, a new website catering to those specifically interested in the purchase and sale of farms, land, and ranches. In addition to being able to search all farms, land, and ranches currently on the market, the public can also see what properties sold for. “We have always had expertise in brokerage of farms and land,” said Caroline Ruhl, President of Ruhl&Ruhl Realtors. “This new website just focuses on that knowledge by sharing information specific to buying and selling land. We also are excited to be able to provide sold data – so the public can search properties that have recently sold.” “This new website better serves the public and our clients,” said Eric Schlutz, Realtor with Ruhl Farm&Land

and Muscatine Manager for Ruhl&Ruhl Realtors. “This will be a one-stop-shop for those interested in purchasing land and will give properties for sale more exposure.” Ruhl Farm&Land listings will be featured on the homepage of RuhlLand. com. Ruhl&Ruhl Realtors’ website, RuhlHomes.com, which has nearly 3,700 visitors per day, will link to the new site to help the public find more specific information about farms and land. “This website will be a complete resource for all of those interested in buying or selling farms or land,” Schlutz said.

RuhlLand.com Features: • A new county search to search farms, land, and ranches across 29 counties in eastern Iowa, western Illinois and southwest Wisconsin. • Ability to refine your search by price and number of acres. • Ability to search farms, land, and ranches that have sold in our markets in the last six months, providing more information to owners on the potential value of their farms and land.

• Resources for buying, selling and auctioning farms, land, and ranches. • Information on 1031 exchanges and links to recent Land Value Surveys.

Example of RuhlLand.com

• Choose a knowledgeable Land Consultant, a Realtor who is a recognized expert in land brokerage transactions.

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

2010

2011

2012

2013

2014

1,887 $130,300 $82,355,400 632

1,869 $120,400 $75,259,800 625

1,666 $136,500 $100,903,800 739

1,456 $135,200 $113,063,400 836

1,456 $140,800 $106,425,700 756

% Change 2013 vs. 2014 0% +4% -6% -10%


New Housing Starts Through March

2011 2008

2012

2013

2014

Burlington Area* Burlington West Burlington Cedar Rapids Area Cedar Rapids Marion Rural Linn County Hiawatha & Mechanicsville Areas 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 Muscatine Area Muscatine Muscatine County Wilton Other Areas Clinton DeWitt Maquoketa, Preston & Bellevue Washington Area* Total Regional Starts

N/A N/A N/A 109 69 23 13 4 57 13 0 0 2 2 40 27 5 0 0 1 1 3 6 10 1 72 18 37 5 9 1 2 61 22 5 29 3 0 0 2 1 1 0 0 7 4 1 2 N/A 334

2 2 0 79 44 26 7 2 55 15 0 0 4 0 36 28 5 10 1 0 0 1 5 1 5 74 20 27 12 6 9 0 95 35 10 39 6 2 3 0 3 2 0 1 4 1 1 2 N/A 340

3 3 0 69 33 22 11 3 60 16 0 0 4 3 37 16 0 3 3 5 1 1 1 0 2 78 12 28 15 7 15 1 73 25 2 33 10 1 2 0 7 1 6 0 4 2 2 0 0 310

4 3 1 58 35 15 5 3 45 11 6 0 4 4 20 8 1 1 0 2 0 0 4 0 0 84 16 31 17 7 11 2 65 32 4 20 7 0 2 0 1 0 1 0 12 2 2 8 0 277

Des Moines Area**

N/A

299

350

310

% Change 2013 vs. 2014 +33% 0% +100% -16% +6% -32% -55% 0% -25% -31% +600% 0% 0% +33% -46% -50% +100% -67% -100% -60% -100% -100% +300% 0% -100% +8% +33% +11% +13% 0% -27% +100% -11% +28% +100% -39% -30% -100% 0% 0% -86% -100% -83% 0% +200% 0% 0% +800% 0% -11% -11%

Source: Municipal offices. There may be additional new homes built which are not included with this data. *Burlington Area, Des Moines Area and Washington Area were recently added and little or no past data is available. **Des Moines Area is comprised of Adel, Altoona, Ankeny, Clive, Des Moines, Indianola, Johnston, Pleasant Hill, Polk City, Urbandale, Waukee, & West Des Moines.

New Home Sales Show Modest Increase Under Harsh Conditions Even record cold, snow and frost depths were unable to dampen the spirits and efforts of some buyers and builders this winter. Despite many weather related schedule delays, overall regional new home sales managed a 1% increase over the same period last year, accounting for 1 in every 9.4 home sales during the first quarter. New home starts for the same period are detailed in the chart to the left. There was a 13% increase in regional inventory compared with the same time last year. Houses represent 74% of new home sales for the period and 57% of current inventory, while condos comprise 26% of sales and 43% of inventory. New house prices continued a steady rise during the quarter, as shown below: Below $300,000 = 44% of house sales $300,000 - $400,000 = 35% of house sales Above $400,000 = 21% of house sales These figures differ greatly from the 60% of house sales below $300,000 and the 15% above $400,000 reported in the first quarter last year, as ranch style homes remained the strong regional preference. In new condo sales, over 74% of sales fell below $200,000. DUBUQUE: The Dubuque area reported 14% more new house sales than 2013, but condo sales remained non-existent in the market. Dubuque saw a small increase in new house inventory, but available condo inventory has nearly tripled since the same time last year. CEDAR RAPIDS: While overall unit sales totals were down 13% vs. 2013, house sales were the main cause – dropping 20%, while condo sales remained unchanged. Area inventories of available new houses are down 1% vs. last year, while condo inventory is up 8%. IOWA CITY: Area sales were up 13% over the first quarter last year, with strong house sales showing an 82% increase, from 17 to 31 units. Unfortunately, condo sales for the period dropped by 43% compared with last year. Both house and condo inventories in the market are 20% above this time in 2013, reflecting the confidence of builders and buyers. QUAD CITIES: As Scott County unit sales grew by 10%, increases were reported in both house and condo sales. Rock Island County sales remained unchanged, at 1, from the first quarter of 2013 continuing to reflect a stagnant New Homes Sales continued on page 8 RuhlHomes.com • 7


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

New Home Sales continued from page 7

new homes market for that area. In Scott County, the new house inventory increased by 28% and condo inventory increased by 22% compared to this time last year. Conversely, Rock Island County inventories are down by a combined 70% vs. last year, helping to perpetuate a lack of sales for

that segment of the market. It is noteworthy that less than 40% of all sales in the QCA metro area were ranch style houses. On a very positive note, coming out of one of the most extreme winters in recent memory, it is obvious that a number of market segments did not experience a complete loss of momentum. Overall, we

have both increased sales and increased available inventory, when compared with the same time in 2013. We look for the overall confidence in our region to remain consistent and activity to pick-up as we head into the “normal” building/selling cycle.

The Largest Privately-Owned Real Estate Company in Iowa!

Find Out What Your Neighbor’s Home Sold For! The

Deb Hooks Realtor (563) 690-4216 DebHooks@RuhlHomes.com

DebHooks.com

search

way to

for SOLDs.

RuhlHomes.com is the only area website to provide information on properties that have recently sold! Get details about days on market, sale price, list price, sold date, and photos. This information is provided exclusively for Ruhl Premier Access members. Register for free today!

RuhlHomes.com/SOLDs Check Us Out Online At:

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


Deb Hooks