Facts & Trends Real Estate
Winter 2014 Ruhl&Ruhl REALTORS 2013 Was a Very Good Year
Dustin Plemmons Realtor (563) 288-2972 DustinPlemmons@RuhlHomes.com
dustinplemmons.ruhlhomes.com
IN THIS ISSUE: page 2
Real Estate Activity Chart
page 4
Ruhl&Ruhl Realtors Celebrates Record Year!
page 4
Regional Home Price Appreciation By Market
2013 was a good year in our region for real estate. Overall, sales and prices were up and inventory, while lower than we’d like, was balanced – meaning neither a buyer’s nor a seller’s market. However, there were significant differences from market to market, as shown on our Regional Real Estate Activity Chart on page 2. Probably the best measure of the strength of a market is months of 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. Most of our markets fell in the balanced range as of 12/31/13. Months of Inventory Burlington Area 5.5 months Cedar Rapids Area 6.1 months Clinton/Camanche/Fulton 8.4 months Dubuque Area 4.8 months Illinois Quad Cities 6.1 months Iowa Quad Cities 4.2 months Iowa City Area 6.2 months Muscatine/Wilton Area 4.7 months
page 6
Results for all 13 Multiple Listing Services (MLSs) that we belong to are shown on page 2 in the Regional Real Estate Activity Chart.
page 7
“Probably the best measure of the strength of a market is months of inventory.”
Ruhl&Ruhl Realtors Invests in NAI Ruhl Commercial Company New Home Sales and Starts in the Region
Ruhl&Ruhl Realtors had a record breaking year in 2013 – in number of properties sold, in revenue (aka gross commission income), and in new construction sales volume. See details on page 4.
Forecast for 2014
1. Flat Unit Sales: The housing market will likely not see the upward surge in 2014 that we experienced in 2012 and 2013. Rising (though still historically low) interest rates, and sluggishness in employment growth and household incomes will impact buyer confidence. Investor purchases will slow as prices climb.
“We hope rising prices will allow previously underwater sellers to finally be able to sell.”
2. More Difficult to Get Financing: Mortgage underwriting requirements are tighter than at any time in the past 15 years. In our opinion, Dodd-Frank and the rules emanating from the Consumer Finance Protection Bureau (CFPB) are in fact hurting consumers rather than protecting them. 3. Prices Will Continue to Go Up: As shown on page 4, prices are appreciating nicely in most of our markets. Sellers in markets with the lowest months of inventory can expect the greatest appreciation in 2014. We hope rising prices will allow previously underwater sellers to finally be able to sell their properties. 4. Opportunities in 2014: We see pent up demand, especially from first-time buyers, many of whom have been renting or living with family. As more jobs are created they can finally purchase homes. There is strong demand from buyers for affordable new construction homes but an insufficient number of spec homes. See new construction article on page 7. RuhlHomes.com • 1
2013 Regional Real Estate Activity Through December
Average 2013 Sales Price
% Change in Average Sales Price from 2012
$112,200 $166,800 $101,600 $144,400 $160,600 $171,200 $107,900 $179,000 $206,500 $108,900 $130,400 $112,400 $96,500
+8% +3% -2% -6% -2% -3% -3% +1% +7% -8% +2% -2% -5%
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
2013 Number Sold
581 4,199 438 105 1,046 135 1,930 2,344 2,825 171 515 475 152
% Change in Number Sold from 2012
+11% +10% -5% -11% -6% -7% +7% +8% +8% +27% +6% +7% -1%
2013 Sales Volume
$65,180,500 $700,339,500 $44,512,100 $15,164,400 $167,956,000 $23,112,900 $208,276,000 $419,618,900 $583,242,200 $18,622,800 $67,167,200 $53,386,800 $14,668,300
% Change in Sales Volume from 2012
+19% +16% -7% -16% -8% -10% +4% +9% +16% +16% +9% +4% -6%
Active Listing Count 2013
242 1,631 272 39 376 318 895 671 903 92 215 347 92
% Change in Active Listings from 2012
-13% -5% -13% +26% -18% -6% +7% -4% -9% +15% -9% +9% -19%
Months of Inventory
5.5 6.1 8.4 5.3 4.8 29.5 6.1 4.2 6.2 8.1 4.7 10.6 5.3
Summary of Regional Real Estate Activity Burlington Area
Listing Inventory: There are 242 properties for sale in Burlington, Iowa and the surrounding area, 13% fewer than the same time last year when there were 279 properties listed. Properties Sold: There was an 11% increase in the number of residential properties sold in 2013, comparing 526 sales in 2012 to 581 sales in 2013. Average Sales Price: The average sales price was $112,200 in 2013, 8% higher than the 2012 average sales price of $104,000. Residential Sales Volume: Sales volume was up 19%, an increase from $54,695,900 in 2012 to $65,180,500 in 2013.
there were 1,718 properties listed. Properties Sold: In 2013, 4,199 properties sold and closed, 10% more than the 3,825 properties that sold in 2012. Average Sales Price: The average sales price was $166,800 in 2013, 3% more than the average sales price of $162,500 in 2012. Residential Sales Volume: Residential sales volume increased 16%, from $603,914,200 in 2012 to $700,339,500 in 2013.
Clinton, Camanche & Fulton
Cedar Rapids Area
$65,180,500
$54,695,900
$112,200
$104,000
581
526
242
279
Listing Inventory: There are 13% fewer properties listed for sale in the Clinton, Camanche and Fulton area; comparing 272 properties currently for sale to 312 listings for sale at the same time last year. Burlington Area 2013 Properties Sold: A total of 438 2013 2012 2013 2012 properties sold in 2013, 5% less than in 2012 2013 2012 2012 when 463 properties sold. Average Sales Price: The average sales price in 2013 was $101,600, 2% less than the 2012 average sales price of $103,300. Residential Sales Volume: Sales shrank 7%, from $47,806,300 in 2012 Listing Properties Average Residential Inventory Sold Sales Price Sales Volume to $44,512,100 in 2013. This follows a 22% increase from 2011 to 2012.
Listing Inventory: There are 1,631 residential properties currently listed for sale in the Cedar Rapids area, 5% less than the same time last year when 2 • RuhlHomes.com
DeWitt
Listing Inventory: DeWitt’s listing inventory is up 26%, from 31 properties listed for sale last year to 39 properties currently for sale.
Properties Sold: 105 properties sold and closed in 2013, a decrease of 11% from 2012, when 118 properties sold. Average Sales Price: The average sales price of homes sold in 2013 was $144,400, 6% less than in 2012 when the average sales price was $153,000. Residential Sales Volume: Sales volume decreased 16% in 2013, from $18,055,300 in 2012 to $15,164,400 in 2013.
Dubuque Area
Listing Inventory: There are 376 residential properties currently listed for sale in the Dubuque region, 18% less than the same time last year when there were 457 properties for sale. This follows a 19% decrease from 2011 to 2012. Properties Sold: 6% fewer properties sold and closed in 2013, a decrease from 1,111 closings in 2012 to 1,046 closings in 2013. Average Sales Price: The average sales price of homes sold in 2013 was $160,600, 2% less than the 2012 average sales price of $164,600. Residential Sales Volume: Sales volume in 2013 was $167,956,000, down 8% from $182,897,100 in 2012.
Galena & Surrounding Area
Listing Inventory: There are 318 properties for sale in Galena, Illinois and the surrounding area; 6% fewer than the same time last year when there were 337 properties for sale.
Summary continued on page 3
Summary continued from page 2
Iowa Quad Cities
Listing Inventory: There are 671 homes and condominiums currently listed for sale in the Iowa Quad Cities, a 4% decrease from the same time last year when there were 697 properties for sale. Properties Sold: 8% more properties sold and closed in 2013, an increase from 2,173 sales last year to 2,344 sales this year. Average Sales Price: The average sales price is up 1% in 2013; from $177,500 in 2012 to $179,000 in 2013. Residential Sales Volume: Sales volume increased 9% from $385,710,100 in 2012 to $419,618,900 in 2013.
Listing Inventory
Properties Sold
2012 $385,710,100
2012 2013
2013
Listing Inventory
$583,242,200
$503,247,300
$206,500
$193,200
2,825
2,605
Properties Sold
Average Residential Sales Price Sales Volume
Maquoketa, Preston & Bellevue
Listing Inventory: There are 92 properties currently for sale in the Maquoketa, Preston, and Bellevue area; 15% more than the same time last year when there were 80 properties for sale. Properties Sold: 27% more properties sold in 2013, an increase from 135 sales in 2012 to 171 sales in 2013. Average Sales Price: The average sales price of homes sold in 2013 was $108,900, 8% less than the 2012 average sales price of $118,900. Residential Sales Volume: Sales volume increased 16%, from $16,046,600 in 2012 to $18,622,800 in 2013.
Muscatine & Wilton Area
$179,000
Listing Inventory: There are 215 homes and condominiums currently listed for sale in the Muscatine and Wilton area, 9% less than the same time last year when there were 235 Average Residential properties for sale. Sales Price Sales Volume Properties Sold: 515 properties sold in $177,500
2013
2,344
2012
2,173
2013
671
697
2012
$419,618,900
Iowa Quad Cities
903
990
Listing Inventory
Properties Sold
2012
2013 $67,167,200
2012 2013
$61,857,800
2013
$130,400
2013
2012
$127,300
2012
515
Listing Inventory: There are 895 residential properties currently listed for sale in the Illinois Quad Cities, 7% more than the same time last year when there were 838 properties for sale. Iowa City Area Properties Sold: In 2013, 7% more 2013 2013 2012 2013 2012 properties sold, comparing 1,811 sales 2012 2013 2012 last year to 1,930 sales this year. Average Sales Price: The average sales price decreased 3%, from $110,700 in 2012 to $107,900 in 2013. Residential Sales Volume: Sales volume grew 4%, from $200,503,000 in 2012 to $208,276,000 in 2013.
Muscatine & Wilton Area
486
Listing Inventory: The number of properties for sale in Iowa City decreased 9%; from 990 properties for sale at this time in 2012 to 903 properties currently on the market. Properties Sold: The number of properties sold increased 8%, from 2,605 properties sold in 2012 to 2,825 properties sold in 2013. Average Sales Price: The average sales price of homes sold increased 7%, from $193,200 in 2012 to $206,500 in 2013. Residential Sales Volume: Sales volume was $583,242,200 in 2013, a 16% increase from the 2012 sales volume of $503,247,300.
2013, 6% more than in 2012 when 486 properties sold. Average Sales Price: The average sales price was $130,400 in 2013, 2% more than in 2012 when the average sales price was $127,300. Residential Sales Volume: Sales volume increased 9%, from $61,857,800 in 2012 to $67,167,200 in 2013.
215
Illinois Quad Cities
Iowa City Area
235
Properties Sold: There was a 7% decrease in the number of residential properties sold in 2013, comparing 145 sales in 2012 to 135 sales in 2013. This follows a 41% increase from 2011 to 2012. Average Sales Price: The average sales price was $171,200 in 2013, 3% lower than the 2012 average sales price of $176,200. Residential Sales Volume: Sales volume was $23,112,900 in 2013, down 10% from 2012 when it was $25,548,900.
Average Residential Sales Price Sales Volume
Southwest Wisconsin
Listing Inventory: There are 347 properties currently for sale in the southwest Wisconsin region, a 9% increase from the same time last year when there were 319 listings. Properties Sold: There was a 7% increase in the number of residential properties sold, comparing 445 sales in 2012 to 475 sales in 2013. Average Sales Price: The average sales price was $112,400 in 2013, 2% lower than the 2012 average sales price of $115,000. Residential Sales Volume: Sales volume was up 4%, an increase from $51,182,300 in 2012 to $53,386,800 in 2013. This follows a 17% increase from 2011 to 2012.
Washington Area
Listing Inventory: There are 92 properties for sale in Washington, Iowa and the surrounding area; a 19% decrease from the same time last year when there were 114 listings. Properties Sold: In 2013, 1% fewer properties sold, comparing 153 sales in 2012 to 152 sales in 2013. Average Sales Price: The average sales price decreased 5%, from $102,100 in 2012 to $96,500 in 2013. Residential Sales Volume: Sales volume decreased 6%, from $15,620,400 in 2012 to $14,668,300 in 2013. RuhlHomes.com • 3
Reg
Ruhl&Ruhl Realtors Celebrates Record Year! Ruhl&Ruhl Realtors broke some records in 2013, even following remarkable growth in 2012. 1. Record Number of Properties Sold: Ruhl&Ruhl Realtors sold 5,374 properties in 2013, as either listing agent or selling agent. This was 4% more transactions than 2012. And 2012 transactions were up 24.5% over 2011. 2. Residential Sales Volume Flat: Ruhl’s sales volume in 2013 was $806,347,735, just slightly down from 2012’s sales volume of $807,533,527. 2012’s volume was up 36.2% over 2011. 3. Commercial Sales Volume: NAI Ruhl Commercial Company, a new venture between Ruhl&Ruhl Realtors and John Ruhl, sold over $138,000,000 in commercial real estate in 2013 and had 49.3% market share in the region. 4. Record Revenue: Revenue in a real estate company is primarily gross commission income (GCI). Ruhl’s GCI was a record $24,156,181, or 2.6% up from 2012. And 2012 GCI was up 34.2% over 2011. 5. Nationally Ranked Per Agent Productivity: On average our agents closed 18.7 transactions in 2013, which is up from 18.1 in 2012 and 15.1 in
2011. This is the highest per agent productivity in the region and more than double the national average of 7 transactions per agent per year. 6. More Great Agents and Staff: We ended 2013 with 287 agents, up from 286 in 2012 and 275 in 2011. In addition 66 employees work for the company, equating to 54 full-time staff. 7. Ruhl Mortgage: Ruhl Mortgage, previously Shelter Mortgage, closed $120,891,880 in loan volume in 2013, including 67% purchase loans and 33% refinances. 27.2% of Ruhl&Ruhl Realtors’ buyers with financing worked with Ruhl Mortgage. 20.6% of Ruhl buyers paid cash. 8. New Construction Sales Volume Up: Ruhl&Ruhl agents sold 333 new construction homes or condos in 2013, three fewer than in 2012 but still up significantly from 243 sales in 2011. The average sales price was up to $321,326 from $313,163 resulting in higher sales volume of $107,001,594. 9. Insurance Referrals Sold: Ruhl agents referred clients resulting in 722 policies being sold by the Nelson Brothers Agency, Ruhl&Ruhl Realtors’ affiliated insurance company.
Regional Home Price Appreciation By Market Nationally home prices have increased only 0.15% in the last five years; however, larger increases are found in all of our local markets with home prices up: 9.71% in Dubuque; 5.32% in Iowa City; 1.33% in Cedar Rapids; and 3.93% in the Quad Cities. This compares to other cities: Des Moines, IA down 0.50%; and Chicago, IL down 15.17%. In the past year our prices did not appreciate as much as prices in many other markets. This is because our home prices didn’t fall as drastically as other areas of the county. A continued shortage Metropolitan Statistical Areas (MSAs)
Cedar Rapids, IA Davenport-MolineRock Island, IA-IL Des MoinesWest Des Moines, IA Dubuque, IA Iowa City, IA USA
of listings and low, but rising interest rates may impact home prices locally. According to the Federal Housing Finance Agency, of the 287 MSAs (Metropolitan Statistical Areas) ranked by home price appreciation, all of our markets in eastern Iowa ranked in the top 68% in the nation – Cedar Rapids at 194th, Quad Cities at 170th, Dubuque at 123rd and Iowa City at 108th. Our local markets continue to provide a much more stable environment for purchasing homes and investing in real estate than most other markets nationally.
2013 3rd Quarter National Ranking of 287 MSA’s*
194
Percent Change in House Prices 1 Year 5 Year
+1.19%
+1.33%
170
+1.67%
+3.93%
160
+2.09%
-0.50%
123 108
+3.08% +3.74% +8.44%
+9.71% +5.32% +0.15%
Information courtesy of Federal Housing Finance Agency (FHFA) for third 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.
4 • RuhlHomes.com
Through December 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
Clinton, Camanche & Fulton (Clinton Board of Real DeWitt (Quad City Area Realtor Assoc.) Dubuque Area (Dubuque Board of Realtors) 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 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
2013 Avg. Sales Price
2013 Sales Volume
2013 # Sold
% of Unit Sales
Sales/ List
2012 # Sold
2012 Avg. Sales Price
2012 Sales Volume
242
$112,200
$65,180,500
581
94%
526
$104,000
$54,695,900
1,631
$166,800
$700,339,500
4,199
98%
3,825
$162,500
$603,914,200
159
9%
156,200
54,828,600
351
8%
96%
296
147,000
43,504,200
213
13%
170,600
108,174,600
634
14%
97%
556
166,700
92,674,000
160
10%
142,700
54,068,000
379
9%
98%
362
139,000
50,329,500
122
7%
136,700
44,283,200
324
7%
98%
330
124,700
41,148,200
32
2%
248,400
26,823,200
108
2%
98%
96
224,700
21,569,700
167
10%
196,600
102,622,200
522
12%
99%
474
190,400
90,237,700
201
12%
150,300
64,779,300
431
10%
96%
477
156,500
74,653,000
151
9%
144,400
45,914,300
318
7%
96%
342
138,900
47,511,700
102
6%
274,300
74,068,400
270
6%
98%
177
244,900
43,352,100
324
22%
144,800
124,777,700
862
25%
99%
715
138,400
98,934,100
$103,300
$47,806,300
272
$101,600
$44,512,100
438
94%
463
39
$144,400
$15,164,400
105
94%
118
$153,000
$18,055,300
376
$160,600
$167,956,000
1,046
94%
1,111
$164,600
$182,897,100
243
65%
162,900
131,441,700
807
77%
94%
828
163,600
135,477,200
96
26%
150,200
26,733,000
178
17%
92%
227
173,100
39,289,200
24
6%
150,900
4,677,800
31
3%
91%
34
140,500
4,775,800
13
3%
170,100
5,103,500
30
3%
89%
22
152,500
3,354,900
$171,200
$23,112,900
135
81%
145
$176,200
$25,548,900
thwest IL)
318
.)
895
$107,900
$208,276,000
1,930
95%
1,811
$110,700
$200,503,000
140
16%
87,500
30,442,500
348
18%
96%
317
89,800
28,476,900
49
5%
121,300
18,552,000
153
8%
95%
130
137,100
17,825,200
186
21%
102,000
45,412,000
445
23%
95%
420
106,300
44,641,500
32
4%
143,200
11,459,500
80
4%
96%
64
165,900
10,619,200
143
16%
94,700
21,311,400
225
12%
95%
223
94,500
21,071,400
33
4%
168,600
14,672,000
87
5%
96%
69
179,900
12,415,900
60
7%
107,400
12,244,400
114
6%
94%
104
93,700
9,744,900
186
20%
109,900
39,549,800
360
19%
93%
363
116,000
42,094,000
66
7%
5%
96%
121
112,500
13,614,000
97%
2,173
$177,500
$385,710,100
97%
1,074
131,900
141,698,500
671 325
48%
124,000
14,632,300
118
$179,000
$419,618,900
2,344
138,900
166,996,300
1,202
51%
113
17%
286,300
133,695,500
467
20%
98%
486
274,000
133,153,700
25
4%
171,900
16,843,400
98
4%
96%
82
168,200
13,792,500
41
6%
236,800
27,473,700
116
5%
98%
90
254,400
22,899,300
27
4%
211,700
24,345,400
115
5%
98%
112
221,300
24,788,200
44
7%
102,000
6,836,600
67
3%
94%
60
105,500
6,330,800
96
14%
155,700
43,428,000
279
12%
98%
269
160,000
43,047,100
$206,500
$583,242,200
2,825
98%
2,605
$193,200
$503,247,300
164
18%
255,700
170,312,800
666
24%
97%
600
238,200
142,930,100
45
5%
302,600
62,639,200
207
7%
97%
172
281,400
48,406,300
83
9%
281,700
83,391,400
296
10%
99%
280
249,200
69,763,600
32
4%
153,000
10,713,200
70
2%
97%
65
138,100
8,979,700
27
3%
153,000
7,346,100
48
2%
96%
59
144,900
8,546,400
64
7%
155,500
23,019,600
148
5%
96%
135
161,100
21,749,200 25,833,400
903
41
5%
284,700
31,607,200
111
4%
97%
103
250,800
204
23%
149,800
50,933,800
340
12%
96%
352
144,400
50,822,100
26%
152,600 $108,900
143,278,900 $18,622,800
939 171
34%
MLS)
243 92
99% 94%
839 135
150,400 $118,900
126,216,500 $16,046,600
tors)
215
consin)
$130,400
$67,167,200
515
95%
486
$127,300
$61,857,800
130
60%
129,000
46,582,300
361
70%
95%
330
123,400
40,708,400
15
7%
127,400
5,350,200
42
8%
96%
38
112,400
4,270,200
18%
95%
99
144,900
14,346,300
4%
97%
19
133,300
2,532,900
58
27%
131,300
12,343,700
94
12
6%
160,600
2,891,000
18
92
$96,500
$14,668,300
152
94%
153
$102,100
$15,620,400
347
$112,400
$53,386,800
475
N/A
445
$115,000
$51,182,300
TOR Associations or their Multiple ListÂing 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 December 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 12/31/11
198 108 90 59 44 15 24 7 17 90 47 43 162 51 111 533
Active Inventory 12/31/12
137 91 46 47 37 10 27 6 21 91 48 43 159 89 70 461
Active Inventory 12/31/13
162 102 60 37 31 6 14 3 11 112 65 47 159 105 54 484
% Change in Inventory from 2012
Sales 2011
+18% +12% +30% -21% -16% -40% -48% -50% -48% +23% +35% +9% 0% +18% -23% +5%
330 217 113 58 55 3 21 9 12 207 138 69 347 173 174 963
Sales 2012
341 213 128 98 92 6 17 12 5 250 174 76 438 226 212 1,144
Sales 2013
342 223 119 68 66 2 9 7 2 255 197 58 443 247 196 1,117
% Change in Sales from 2012
0% +5% -7% -31% -28% -67% -47% -42% -60% +2% +13% -24% +1% +9% -8% -2%
Ruhl&Ruhl Realtors Invests in NAI Ruhl Commercial Company Ruhl&Ruhl Realtors and John Ruhl have joined forces to create a new commercial real estate company – NAI Ruhl Commercial Company. They acquired the assets of the former NAI Ruhl & Ruhl Commercial Company and merged in Premier Partners, the 3rd largest firm in the market. NAI Ruhl Commercial Company is the largest commercial real estate company in the region, with a 49.3% market share in 2013 and over $138,000,000 in closed sales. Their property management department, led by Laurie Peters, manages 56 properties for a total of 1,576,673 total managed square
feet. The company has 19 highly experienced real estate brokers, a maintenance staff of five, a growing property management and accounting team of seven, and four professional staff members. “We have an energized team ready to take 2014 by storm,” John Ruhl Caroline Ruhl Chris Beason President President Partner notes John Ruhl, President NAI Ruhl Commercial Ruhl&Ruhl NAI Ruhl Commercial of NAI Ruhl Commercial Company Realtors Company Company. NAI Ruhl Commercial Company is the and serving eastern Iowa, western region’s leading commercial real estate Illinois and southwest Wisconsin. We firm specializing in commercial real reach markets worldwide with our estate brokerage, consulting, corporate partnership with NAI Global, which services, property allows our agents to market properties management, nationally and internationally. development, and For further information, please visit: maintenance services RuhlCommercial.com, MyRuhl.com, with offices in the or RuhlHomes.com. Quad Cities region,
Combined Iowa & Illinois Quad Cities MLS Statistics Through December Current MLS Listings Average Sales Price Total Sales Volume Total # of Sales YTD 6 • RuhlHomes.com
2009
2010
2011
2012
2013
1,688 $138,400 $525,336,800 3,796
1,857 $141,300 $502,880,800 3,558
1,788 $137,600 $480,686,900 3,493
1,535 $147,100 $586,213,100 3,984
1,566 $146,900 $627,893,900 4,274
% Change 2012 vs. 2013 +2% 0% +7% +7%
New Housing Starts Through December 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 Des Moines Area**
2010 2008
2011
2012
2013
N/A N/A N/A 608 358 161 72 17 330 87 1 2 32 16 192 132 18 5 6 7 5 4 48 5 34 372 108 119 62 36 36 11 296 110 34 84 40 13 15 0 28 11 16 1 39 23 15 1 N/A 1,805
8 7 1 509 290 138 62 19 319 114 1 1 30 11 162 120 23 4 8 8 4 7 29 13 24 334 95 131 40 40 19 9 355 89 55 164 34 1 8 4 25 10 13 2 28 15 7 6 N/A 1,698
18 17 1 489 251 164 58 16 363 139 2 0 43 8 171 125 18 25 5 9 1 9 25 2 31 498 128 145 93 41 83 8 472 146 63 171 65 9 18 0 32 14 16 2 37 7 9 16 5 2,034
36 32 4 514 228 188 72 26 358 107 2 1 37 19 192 134 14 12 7 24 2 2 34 8 31 711 114 169 199 51 174 4 411 174 52 93 70 8 13 1 33 4 26 3 30 4 6 15 5 2,227
N/A
716
1,872
2,367
% Change 2012 vs. 2013 +100% +88% +300% +5% -9% +15% +24% +63% -1% -23% 0% +100% -14% +138% +12% +7% -22% -52% +40% +167% +100% -78% +36% +300% 0% +43% -11% +17% +114% +24% +110% -50% -13% +19% -17% -46% +8% -11% -28% +100% +3% -71% +63% +50% -19% -43% -33% -6% 0% +9% +26%
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 Down After Slow 4th Quarter New home sales across the region, as reported in the Multiple Listing Service, fell by 2% in 2013 when compared to the previous year. A chilly 4th quarter saw sales drop nearly 16% from 2012, erasing modest sales increases through the 3rd quarter. Overall inventory levels continued a slow recovery and stood at 5% more units than at the end of 2012. For local details, see the chart on page 6. For 2013 the price breakdown for new house and condo purchases is as follows: Houses: Condos: Below $300K = 52% Below $200K = 70% $300-400K = 29% $200-300K = 24% Above $400K = 19% Above $300K = 6% House purchases increased 3% in 2013, accounting for 66% of sales versus 34% for condos, continuing a trend toward preference for houses that began in 2010. New condo sales dropped nearly 12% from 2012. Among house buyers - ranches accounted for 78% of sales, while 2 story homes made up only 15% of all sales, of those 57% were in Scott County, Iowa. New home purchases across the region represented about 1 in every 11 homes sold. Local markets vary widely, with the Iowa City market selling 1 new home for every 4.4 existing homes and Dubuque selling 1 new home for every 15.7 existing homes. Low new housing inventory still plays a key role in holding down sales. New housing starts are detailed on the chart to the left. Following is a brief summary of 2013 activity in each of the major market areas: CEDAR RAPIDS: House sales were up 5%, while condos fell 7%, leaving total sales virtually unchanged, despite an increase in inventory of 18%. New house sales above $400K increased by 155%. DUBUQUE: After an upward spike in 2012, this market saw a 31% decrease in overall sales, although sales of new houses $300-400K were up 25%. New condo sales were weak, but look to rebound in 2014, based on some new affordable product. Overall inventory dropped about 21% versus the end of 2012. IOWA CITY: The regional sales leader saw an increase of 9% in house sales and a decrease of 8% in condo sales, equating to a 1% increase in unit sales for 2013. Inventory levels are unchanged from a year ago. Condos still enjoy a 44% market share in the area, but are slowly
New Home Sales continued on page 8 RuhlHomes.com • 7
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New Home Sales continued from page 7
losing ground to houses. House sales above $400K were up 110%. QUAD CITIES: Overall sales in Scott County were up 2% with an increase in inventory of 23%. House sales jumped 13%, while condos were down 24%, with
houses below $175K increasing 82%. Rock Island County saw sales down 47% and inventory drop by 48%. Across both counties, there were 13 existing homes sold for every 1 new home sold. House sales of $400-500K were up by 65%. 2014: Expect 2013’s 15% cost increases
to slow, but rising costs are expected to continue to fuel rising new home prices. For most of the region, we see continued caution on the part of lenders and builders, despite the fact that over 50% of homebuyers surveyed expressed a desire for a new home over an existing home.
The Largest Privately-Owned Real Estate Company in Iowa!
Find Out What Your Neighbor’s Home Sold For! The
search
way to
for SOLDs.
Dustin Plemmons Realtor (563) 288-2972 DustinPlemmons@RuhlHomes.com
dustinplemmons.ruhlhomes.com
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
The Congratulations
way. 2013 Award Winners Congratulations 2013 Award Winners Top Award Winners Ruhl&Ruhl Realtors is proud to congratulate our 2013 company award winners. Thank you to all our clients for your business. And thank you to our associates and staff for your hard work and wonderful service.
2013
Our Clients Come First!
“We are committed to providing our clients their best real estate experience ever. Our agents and staff are passionate about great customer service. The Ruhl&Ruhl Difference is found in the compassion, expertise and commitment of our people.�
Mark Miller
Top Excellence in Service Award Gold Club Burlington Office ~ 319.752.9933 MarkMiller@RuhlHomes.com
Kurt Johnson
Diane Nelson
Bettendorf Office ~ 563.441.5038 KurtJohnson@RuhlHomes.com
Davenport Office ~ 563.441.5156 DianeNelson@RuhlHomes.com
Moline Office ~ 309.743.8040 GaryWilliams@RuhlHomes.com
Ken Paper
Benjamin Poock
Top Residential Associate of the Year Masters Club
Top New Associate of the Year Platinum Club
Gary Williams
Extraordinary Production Award Double Diamond Club
Caroline Ruhl President
Ray McDevitt
Top Ruhl Mortgage Associate of the Year Double Diamond Club Bettendorf Office ~ 563.441.5228 RayMcDevitt@RuhlHomes.com
Top Associate of the Year - Farm Division Double Diamond Club
Davenport Office ~ 563.441.5161 KenPaper@RuhlHomes.com
Employee of the Year IT Tech
Corporate Office ~ 563.441.5210 BenjaminPoock@RuhlHomes.com
www.RuhlHomes.com/News
Achieveme
2013 Masters Club Kurt Johnson
Triple Diamond Club
Top Residential Associate of the Year; Top Lister; Top Sales; Bettendorf Office
Tom Bracey
Top Lister; AHS Award Davenport Office
Sara Carlson
Top Lister; Top Sales; Ruhl Mortgage Award; AHS Award Muscatine Office
Connie Coster Bettendorf Office
Aaron Healey
Top Lister; Ruhl Mortgage Award; Nelson Brothers Award; AHS Award Dubuque Office
Peg Hopkins
Bettendorf Office
Jon Loquist
Top Sales; Top Referral Associate Moline Office
Sharon Tahere AHS Award Bettendorf Office
Diamond Club Kathy Louvar
Tim Martin
Ray McDevitt
Excellence in Service Cedar Rapids Office
Bettendorf Office
Sally Kent
LuAnn Lavine Moline Office
Bettendorf Office
George Granberg
Katie Hartrich
Rich Hartsock
Bettendorf Office
Muscatine Office
Moline Office
Top Ruhl Mortgage Associate of the Year Bettendorf Office
Joe Lindsay
Nelson Brothers Award Muscatine Office
Nancy McElhiney
Jill Monnahan
Janet Munck
Brent Scogland Pete Stopulos
Chris Taylor
Bettendorf Office
Bettendorf Office
Rich Hatch
Iowa City Office
Top Lister; Top Sales; AHS Award Cedar Rapids Office
Top Referral Associate Davenport Office
Bob Hilbert
Davenport Office
Top Lister; Top Sales; AHS Award Clinton Office
Excellence in Service; Ruhl Mortgage Award; AHS Award Moline Office
Marna Nowack
Ken Paper
Bettendorf Office
Top Associate of the Year - Farm Division Davenport Office
Jeff Wehr
Pam Wendt
Bettendorf Office
Moline Office
Gary Williams
Extraordinary Production Award; Top Lister Moline Office
Ron Whan
Debbie White
Lisa Lynes
Tiffany Mangler
Bettendorf Office
Wendi Ingram Stacie Johnson
Mindy Kruse Moline Office
Iowa City Office
Carole Benson / Dana Benson
Davenport Office
Emilie Blindt
Ruhl Mortgage Award; AHS Award; Community Involvement Award Iowa City Office
Kathy Carpenter
Laura Reynolds
Stephanie Rodruck
Gina Rowland / Kate Franzen
Muscatine Office
Cedar Rapids Office
Moline Office
Top Lister; Top Sales; Ruhl Mortgage Award Maquoketa Office
Gold Club Dennis Stolk
Davenport Office
Melissa Korte
Cindy VanHooreweghe Davenport Office
Mark Miller
Bettendorf Office
Top Excellence in Service Award; Top Sales; Top Referral Associate; AHS Award Burlington Office
Barb Falk
Julie Flater
Bettendorf Office
Community Involvement Award Dubuque Office
Kim Wilkins
Community Involvement Award Davenport Office
Kelley Myers
Iowa City Office
Don Gibeault
Davenport Office
Rose Wulgaert Moline Office
Community Involvement Award Cedar Rapids Office
Jolean Charlie Puchta Overton-Austin Bettendorf Office Excellence in Service Davenport Office
Darrin Huggins Beth RobertsonMuscatine Office Jackson New Associate of the Year Bettendorf Office
Janet Berger
Davenport Office
Bettendorf Office
Joe Janssen
Suzy Koelker
Moline Office
Dubuque Office
Bettendorf Office
Ray Lind
Moline Office
Mary Dircks
Cedar Rapids Office
Nelson Brothers Award Bettendorf Office
Claudia Sage
Elaine Smithson
Lisa Maller
Kathy Meyer
Community Involvement Award Moline Office
Bettendorf Office
AHS Award Maquoketa Office
Moline Office
ent
Clubs
Melissa Wegener
Double Diamond Club
Top Sales; Ruhl Mortgage Award; Nelson Brothers Award Davenport Office
Nancy Billups
Bettendorf Office
Kim Broders
2013
Ryan Anglese
Jane Bauman
Jeff Dellitt
Top Sales; Top Referral Associate; AHS Award Dubuque Office
Davenport Office
Bettendorf Office
Callie Brown
Marybeth Chupka
Gretchen Cordt
Top Lister & Sales; Top Referral Associate; AHS, Ruhl Mortgage, Nelson Brothers, Community Involvement Awards DeWitt Office
Dubuque Office
Jared Althoff
Harry Blewett
Bettendorf Office
Excellence in Service Bettendorf Office
Penny Egert Moline Office
Dan Dolan
Scott Egger Moline Office
Jim Farber
Deb Hooks
Dubuque Office
Paula Firth
Davenport Office
Bettendorf Office
Nelson Brothers Award Moline Office
Lesa Buck
Morse Burington
Barb Cartwright
Connie Larsen
Alicia Lillyblade
Top Lister; Top Sales Iowa City Office
Davenport Office
Regen Johnson
Connie Kassewitz
Davenport Office
Bettendorf Office
Brian Gavin
Stephanie Graham
Platinum Club Dubuque Office
Jane Mason Excellence in Service DeWitt Office
Sean Eckhardt Davenport Office
Dollie Means
Davenport Office
Paul Ellis
Iowa City Office
Dubuque Office
Diane Nelson
Top New Associate of the Year Davenport Office
Pat Fennelly
Davenport Office
Shueree Boley Beth Brockette Davenport Office
Otto Nobis
Davenport Office
Top Referral Associate; Ruhl Mortgage Award Cedar Rapids Office
Lisa Noel
Excellence in Service Dubuque Office
Angie Fullmer Fred Harris, Jr. Property Management Department
Davenport Office
Greg Rediger
Bettendorf Office
Pete Hatfield
Muscatine Office
Bill Robertson
Moline Office
Matt Schwind
Dubuque Office
Candy Shamsie
Bettendorf Office
Bettendorf Office
Rick Hernandez
David & Gretchen Horan
Darcy Jacks
Moline Office
Top Referral Associate Bettendorf Office
Top Referral Associate Muscatine Office
Moline Office
Cedar Rapids Office
Bettendorf Office
Steve Arp
Gary Bettenhausen
Dubuque Office
Jim Blaine
Jim Cannon
Top Referral Associate; Excellence in Service Iowa City Office
Merlin Conrad
Kate Sager
Monta Ponsetto
Cherokee Render
Bettendorf Office
Marc Simpson Nelson Brothers Award Iowa City Office
Pat Johnson
Davenport Office
Silver Club Diana Waldorf Top Referral Associate Clinton Office
Doris MosleyJohnson
Top Lister; Ruhl Mortgage Award Burlington Office
Suzi Webb
Muscatine Office
Kim Mueller
Bettendorf Office
Tammy Williams
Bettendorf Office
Bettendorf Office
Liz Nash
Ruhl Mortgage Award; Nelson Brothers Award Clinton Office
Craig Newcomb
Bettendorf Office
Chris Nixon Clinton Office
Bettendorf Office
Sheri & Greg Paper
Davenport Office
Excellence in Service Clinton Office
Moline Office
DeWitt Office
Cedar Rapids Office
Peg Cretin
Cedar Rapids Office
Bill Rose
Iowa City Office
Achievement Clubs - continued
2013
Joyce Roth
Burlington Office
Cassandra Ryan
Lisa Schaeffer Moline Office
Davenport Office
Gwen Schwindt
Debbie Sellers
Eric Bartelt
Teresa Grimes Beck
Bettendorf Office
Moline Office
David Sodemann
Bettendorf Office
Scott Spalding
Excellence in Service; Community Involvement Award Maquoketa Office
Mikki VrbanKrantz Moline Office
2013
Jake Ward
Brittni Webber
Sabrina Chandler
Annette Clevenger
Davenport Office
Dubuque Office
Bronze Club Bridgette Wedekind
Muscatine Office
Tina DeMay
Jim Williams DeWitt Office
Muscatine Office
Glenn Eakes
Kathy Fox
Jodi Furnald
Moline Office
Davenport Office
Moline Office
Dan Konrardy
Jerry Lancaster
Muscatine Office
Dubuque Office
Randy Richter
Steve Riojas
Phyllis Roxlau
Bettendorf Office
Bill Ramsey
Muscatine Office
Moline Office
Kim Latta
Cedar Rapids Office
Clinton Office
Bettendorf Office
Ann Gavin
Terry Beert
Betttendorf Office
Davenport Office
Davenport Office
Austin Maas
Scott Olinger
Cedar Rapids Office
Holly Lovell
Maureen Linnabery
Muscatine Office
Marie Schulte
Janel Shimak
Burlington Office
Nelson Brothers Award Cedar Rapids Office
Iowa City Office
Stan Goodyear Linda Grunder
Burlington Office
Moline Office
Sherry Berrier
Cedar Rapids Office
DeWitt Office
Tricia Shy
Davenport Office
Moira Brown
Bettendorf Office
Davenport Office
Bettendorf Office
Dubuque Office
Stephanie Huggins
New Associate of the Year Muscatine Office
Bettendorf Office
Beth Parker
Theresa Patrick
Bettendorf Office
Tracy Smyser
Jude Steil
Heather Hawkinson
Cedar Rapids Office
Moline Office
Raymond Sickles
Davenport Office
New Associate of the Year Cedar Rapids Office
Sandra Kaas
Randy Peters
Community Involvement Award Bettendorf Office
Additional Award Winners Pam Stewart Community Involvement Award Clinton Office
Beth Hartman
New Associate of the Year Burlington Office
Denny Wachs Iowa City Office
Lisa Waste
Nelson Brothers Award; Community Involvement Award Burlington Office
Marlys Marko
Top Referral Associate Corporate Office
Kris Whalen Clinton Office
Jessica Maxwell Top Referral Associate DeWitt Office
Hillary Walker Moline Office
Dustin Plemmons
Excellence in Service Muscatine Office
Nettie Willey
Bettendorf Office
Benjamin Poock Employee of the Year Corporate Office
Anna Wilson Cedar Rapids Office
Chris Schneider Nelson Brothers Award Ruhl Mortgage Bettendorf Office
Kathy Winner
Ashley Bollaert New Associate of the Year Moline Office
Dubuque Office
Tammy Sloan New Associate of the Year Iowa City Office
Samantha Spooner
New Associate of the Year Clinton Office
Angie Weikert Community Involvement Award Muscatine Office