Real Estate
Facts & Trends Ruhl&Ruhl Realtors
Summer 2020
Residential Real Estate Market is Booming - Listings Needed!
Jan Jaeger Realtor
%XUOLQJWRQ 2I¿FH 403 S Gear Avenue, Suite 105 Burlington, IA 52655 (319) 759-8589 JanJaeger@RuhlHomes.com JanJaeger.RuhlHomes.com
IN THIS ISSUE: page 3 Housing Prices Continue to Appreciate
page 3 Mortgage Rates Below 3.0
page 4 Do You Know the Value of Your Home?
page 6 Putting Your Safety First
Home sales came roaring back in June! After a strong first quarter (closed sales volume in the region was up 11%), COVID-19 hit and second quarter closed volume in the region was down 2%. Some markets were down more - the Quad Cities sales were down 12%, Muscatine was down 14%, Burlington was down 14%. But in late May, our buyers came back and since, we’ve been very busy. Ruhl&Ruhl Realtors’ new sales pended in June 2020 were up 33.8% over sales volume pended in June 2019, and other companies are equally busy. The frenzy has continued: Ruhl’s new sales pended were up 21% the first two weeks of July compared to last year. Properly priced listings are selling quickly and many see multiple offers. Yet this can’t continue unless more sellers put their properties on the market.
Sellers - Best Time to Sell Ever! We are experiencing a serious shortage of listings in our affordable price ranges. Listing inventory compared to this time last year is down 19%, and we had a shortage last summer as well. As shown on our regional activity chart on page 2, some markets are hurting more than others in terms of listing declines, notably: Illinois Quad Cities: down 39% Iowa Quad Cities: down 24% Clinton/Camanche/Fulton: down 27% Dubuque: down 29%
Our mantra to sellers is: If You List It, It Will Sell.
Seller’s Market or Buyer’s Market? Seller’s Market: < 4 months of inventory Balanced Market: 4-6 months of inventory Buyer’s Market: > 6 months of inventory
Market
Price
Months of Inventory 2020
Cedar Rapids Area
< $600K
1.6
> $600K
5.8
Dubuque Area
< $500K
1.4
> $500K
5.6
Illinois Quad Cities
< $300K
1.4
> $300K
9.8
Iowa Quad Cities
< $900K
1.4
> $900K
5.0
Iowa City Area
< $300K
3.5
> $300K
4.9
Months of inventory for all of our markets is shown on the activity chart on page 2. The vast majority have a seller’s market in affordable price ranges and a balanced market for expensive properties. Illinois Quad Cities has a buyer’s market for homes over $300,000 with 9.8 months of inventory. Residential Real Estate continued on page 2
Residential Real Estate continued from page 1
Homes Still Appreciating
What Do We Expect for the Rest of 2020?
Home prices are still going up in our region. Over the past year, appreciation has ranged from 2.5% in Cedar Rapids to 3.42% in Dubuque. See more information on page 3 for other markets. Appreciation is greater in the affordable price ranges and less for expensive homes due to supply and demand, as is reďŹ&#x201A;ected in months of inventory.
If we can encourage more owners to put their properties on the market, 2020 will come close to 2019 in terms of closed sales volume. A second round of Coronavirus in the fall could slow us down. We have learned how to stay safe and we will navigate the rest of the year better. Right now the market wants to run and we are just trying to keep up.
2020 Regional Real Estate Activity Through June 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 2020 Regional Total
Average 2020 Sales Price
% Change in Average Sales Price from 2019
2020 Number Sold
% Change in Number Sold from 2019
$115,400 $206,500 $105,800 $156,900 $210,900 $189,500 $91,800 $128,900 $217,900 $257,700 $154,500 $156,900 $193,500
-2% +7% -6%* -14%* +6% +8% -5% -1%* -1%* +5% +4% +3% +3%
455 2,307 270 67 614 87 231 1,016 1,160 1,562 234 248 8,251
-3% +1% -4%* -12%* +1% +43% -8% +4%* -9%* +2% -9% +12% 0%
2020 Sales Volume
% Change in Sales Volume from 2019
Active Listing Count 2020
$52,511,300 $476,462,500 $28,563,300 $10,510,800 $129,474,900 $16,482,800 $21,204,800 $130,920,700 $252,781,400 $402,520,000 $36,146,800 $38,905,200 $1,596,484,500
-5% +8% -10%* -24%* +7% +54% -12% +3%* -10%* +7% -6% +15% +3%
463 973 196 27 244 139 140 430 408 1,287 140 159 4,606
% Change in Active Listings Months of from 2019 Inventory
-1% -20% -27%* -33%* -29% -50% -29% -39%* -24%* +1% -10% -22% -19%
5.8 1.6 1.7 1.4 1.5 2.8 2.8 1.6 1.4 3.9 2.4 2.3
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Properties Sold
Listing Inventory
Properties Sold
Average Residential Sales Price Sales Volume
Listing Inventory
Properties Sold
$10,510,800
$13,795,700
$181,500
$156,900
76
2019 2020
Average Residential Sales Price Sales Volume
Properties Sold
$130,920,700
2019 2020
$127,074,600
$130,300
2019 2020
$128,900
975
1,016
430
Listing Inventory
2019 2020
Average Residential Sales Price Sales Volume
Southwest Wisconsin Area
Average Residential Sales Price Sales Volume
Listing Inventory
Properties Sold
$38,905,200
2019 2020
$33,952,700
2019 2020
$152,900
2019 2020
$156,900
2019 2020
248
$36,146,800
2019 2020
$38,479,500
$149,100
2019 2020
2019 2020
706
$21,204,800
$24,148,100
$96,600
Average Residential Sales Price Sales Volume
$154,500
2019 2020
234
2019 2020
Properties Sold
2019 2020
Illinois Quad Cities 2019 2020
159
Properties Sold
2019 2020
$91,800
231
250
2019 2020
2019 2020
67
27
Listing Inventory
204
Listing Inventory
156
$375,850,600
DeWitt Area 2019 2020
40
$28,563,300
$31,734,700
$112,500
270
$105,800
Average Residential Sales Price Sales Volume
Muscatine/Wilton Area 2019 2020
$402,520,000
$257,700
2019 2020
140
2019 2020
196
$10,730,400
Average Residential Sales Price Sales Volume
$245,200
2019 2020
2019 2020
Galesburg Area
2019 2020
$16,482,800
$189,500
$175,900
2019 2020
Properties Sold
2019 2020
222
Listing Inventory
2019 2020
282
196
268
$441,088,200
$476,462,500
$206,500
$193,800
2,307
Properties Sold
1,562
1,287
2019 2020
1,274
$281,145,500
Average Residential Sales Price Sales Volume
2 â&#x20AC;˘ RuhlHomes.com
Average Residential Sales Price Sales Volume
2019 2020
Iowa City Area 2019 2020
$252,781,400
$217,900
2019 2020
$220,000
1,160
1,278
408
538
Listing Inventory
2019 2020
Clinton/Camanche/Fulton Area
2019 2020
140
Listing Inventory
2019 2020
87
276
$120,665,400
$129,474,900
$210,900
Average Residential Sales Price Sales Volume
2019 2020
Iowa Quad Cities 2019 2020
2019 2020
Galena & Galena Territory 2019 2020
1,533
Properties Sold
2019 2020
$198,500
614
608
244
342
Listing Inventory
2019 2020
Properties Sold
61
Dubuque Area 2019 2020
973
Listing Inventory
2019 2020
258
Average Residential Sales Price Sales Volume
2019 2020
1,223
$55,145,300
$52,511,300
$115,400
Cedar Rapids Area 2019 2020
139
Properties Sold
2019 2020
$117,800
455
468
463
469
Listing Inventory
2019 2020
2,276
Burlington Area 2019 2020
Average Residential Sales Price Sales Volume
Housing Prices Continue to Appreciate Despite Economic Slowdown Five-year home appreciation in our region was between 13.65% and 19.18% with all of our regional Metropolitan Statistical Areas experiencing a positive gain. In the past year, home prices have increased: +3.42% in Dubuque; +3.29% in Iowa City; +2.50% in Cedar Rapids; and +3.35% in the Quad Cities. This compares to other cities: Des Moines up 2.52% and Chicago up 2.99%. Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more and expensive properties appreciating less, if at all. “Home price growth in the first quarter outpaced annual growth from the same period a year ago as falling interest Metropolitan Statistical Area (MSA)
rates and shrinking inventories for sale led prices higher just prior to the crisis,” said Dr. Lynn Fisher, Deputy Director of the Division of Research and Statistics at Federal Housing Finance Agency (FHFA). “Because of the lag between contract signing and sale closing when our data are recorded, we judge the first quarter’s housing statistics were relatively unaffected by the COVID-19 outbreak.” “This data shows that real estate remains a solid long-term investment strategy,” said Caroline Ruhl, CEO of Ruhl&Ruhl Realtors. “Our investors continue to benefit from the steady rise in home price appreciation. Contact your Ruhl&Ruhl Realtor if you are interested in purchasing an investment property.”
Percent Change in House Prices 1 Year 5 Year
Rank (out of 234)
Cedar Rapids, IA
+2.50%
+14.34%
222
Davenport-Moline-Rock Island, IA-IL
+3.35%
+13.65%
201
Des Moines-West Des Moines, IA
+2.52%
+23.70%
221
Dubuque, IA
+3.42%
+16.55%
200
Iowa City, IA
+3.29%
+19.18%
203
USA
+5.72%
+33.43%
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Mortgage Rates Below 3.0%! Freddie Mac has confirmed the 30 year mortgage rate has hit an all time low! Be sure to check your current rate it may be smart to refinance. On July 13 interest rates from Ruhl Mortgage were: 15-year Conventional Fixed.................2.250% = 2.438% APR* 30-year Conventional Fixed................2.750% = 2.944% APR* FHA/VA/USDA........................................2.875% = 3.070% APR* 5/1 ARM(Adjustable Rate Mortgage)....3.750% = 3.955% APR* *APR is Annual Percentage Rate Check out your options on Ruhl Mortgage’s website or apply online at www.RuhlMortgage. com. It is easy to use with your phone, tablet or computer. Or call 866-441-1862.
$5,000 Grant for Iowa Veterans or Service Members The state of Iowa wants to thank you for your service by offering the Military Home Ownership Assistance Program. This is a $5,000 grant for down payment and closing cost assistance on qualifying home purchases. The Iowa Finance Authority (IFA) administers the program.
Illinois Assistance Program For first-time buyers in Illinois the Illinois Housing Development Authority (IHDA) offers down payment assistance programs that allow eligible clients to achieve homeownership with very little out of pocket monies. The IHDA funds can be used for both downpayment and closing costs associated with the home purchase. Ask your Ruhl agent to connect you with a participating lender to verify eligibility.
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Do You Know the Value of Your Home?
Visit www.RuhlHomes.com/HomeValue Although you may not think about it on a regular basis, the national, regional and local real estate markets affect the value of your home. Whether or not you are looking to sell, this is a great time to start getting familiar with how the market is performing around your home, as it is likely one of your largest ďŹ nancial investments. The good news is that we are seeing homes continue to appreciate across our region, see page 3. To ďŹ nd out what is happening speciďŹ cally in your neighborhood, your Ruhl&Ruhl Realtor can conduct an annual review of your real estate holdings. You can schedule an in-person or video meeting to discuss:
â&#x20AC;˘ Real estate values in our region and your neighborhood â&#x20AC;˘ Financing options â&#x20AC;˘ Property improvements and how they affect your homeâ&#x20AC;&#x2122;s market value â&#x20AC;˘ Investment opportunities, if you are interested Reach out to your Ruhl&Ruhl Realtor to schedule a time to learn more. Your agent can also provide you with a monthly email update of market trends in your neighborhood, called a Neighborhood Report. Learn more by contacting your agent or visiting RuhlHomes.com.
Mid-Year Comparison of Quad Cities Real Estate Activity Sales
Sales Volume
Listings
2020
IA 1,160
IL 1,016
Totals 2,176
IA 408
IL 430
Totals 838
IA $252,781,400
IL $130,920,700
Totals $383,702,100
2019
1,305
959
2,264
538
706
1,244
$290,527,700
$124,731,600
$415,259,300
2018
1,270
1,092
2,362
522
669
1,191
$260,135,900
$140,977,100
$401,113,000
2017
1,280
1,136
2,416
550
739
1,289
$255,342,100
$134,964,400
$390,306,500
2016
1,291
1,040
2,331
602
819
1,421
$239,495,100
$121,738,500
$361,233,600
2015
1,075
1,048
2,123
743
883
1,626
$204,068,200
$122,677,500
$326,745,700
2014
1,059
909
1,968
750
899
1,649
$193,316,000
$96,317,100
$289,633,100
2013
1,140
874
2,014
743
893
1,636
$201,995,200
$93,575,200
$295,570,400
2012
977
840
1,817
934
949
1,883
$169,497,700
$90,021,500
$259,519,200
2011
901
733
1,634
973
1,133
2,106
$140,154,300
$76,577,800
$216,732,100
2010
1,064
833
1,897
972
1,067
2,039
$167,888,300
$90,869,600
$258,757,900
2009
884
749
1,633
957
981
1,938
$138,320,100
$85,676,200
$223,996,300
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Regional Residential Real Estate Activity Through June
Current MLS % of Active 2020 Avg. Listings Listings Sales Price
2020 Sales Volume
2020 # Sold
% of Unit Sales/ Sales List
2019 Avg. Sales Price
2019 Sales Volume
2019 # Sold
Burlington Area
463
$115,400
$52,511,300
455
95%
$117,800
$55,145,300
468
Cedar Rapids Area Southeast Cedar Rapids
973
$206,500
$476,462,500
2,307
99%
$193,800
$441,088,200
2,276
54
6%
181,600
35,040,600
193
8%
97%
159,500
29,825,300
187
Northeast Cedar Rapids
86
9%
203,900
67,069,900
329
14%
99%
193,000
58,865,400
305
Southwest Cedar Rapids
51
5%
170,500
40,913,300
240
10%
99%
174,400
40,287,100
231
Northwest Cedar Rapids
28
3%
174,800
31,290,700
179
8%
101%
156,700
31,820,200
203
2%
99%
283,300
13,315,000
47
Hiawatha & Robins Marion
22
2%
286,600
12,609,300
44
69
7%
237,300
68,805,900
290
13%
100%
235,800
65,080,100
276
Mechanicsville, Anamosa, Mt. Vernon, Lisbon, etc.
123
13%
204,800
48,136,000
235
10%
96%
176,200
41,056,700
233
Walford, Fairfax, Atkins, etc.
121
12%
194,000
44,625,500
230
10%
97%
174,300
38,692,300
222
84
9%
343,000
47,676,000
139
6%
98%
333,500
42,690,200
128
Condominiums
335
34%
187,600
80,295,300
428
19%
99%
179,000
79,455,900
444
Clinton/Camanche/Fulton Area
196
$105,800
$28,563,300
270
91%
$112,500
$31,734,700
282
27
$156,900
$10,510,800
67
98%
$181,500
$13,795,700
76
244
$210,900
$129,474,900
614
95%
$198,500
$120,665,400
608
Corridor Area: Solon, Ely, Swisher
DeWitt Area Dubuque Area Dubuque
112
46%
221,600
91,071,800
411
67%
96%
214,300
91,274,900
426
North, South and West Dubuque
107
44%
190,800
31,490,200
165
27%
94%
161,500
22,929,100
142
171,900
4,298,000
25
4%
92%
158,500
4,912,700
31
2%
95% 85%
172,100 $175,900
1,548,700 $10,730,400
61
89% 84%
135,300 192,900
2,434,900 8,295,500
18 43
Illinois Wisconsin
15
6%
201,100
2,614,900
13
$189,500
$16,482,800
87
19% 81%
194,700 187,100
5,257,400 11,225,400
140
$91,800
$21,204,800
27 60 231
430 96 34
22% 8%
$128,900 107,000 158,000
$130,920,700 19,909,400 12,641,500
1,016 186 80
Moline
70
16%
122,000
29,894,400
Coal Valley, Rural Moline, Miscellaneous
16
4%
216,700
6,284,900
East Moline & Silvis
36
8%
107,900
Port Byron, Upper Rock Island County
40
9%
Mercer County
33
8%
Henry County
67
16%
38
9%
10
Galena & Galena Territory Galena Galena Territory
139
Galesburg Area Illinois Quad Cities Rock Island Milan & Rural Rock Island County
Condominiums
27 112
Iowa Quad Cities
408
Davenport
158
Bettendorf & Riverdale
104
Blue Grass, Buffalo, Durant & Walcott
42
4%
31% 69%
9
91%
$96,600
$24,148,100
250
18% 8%
97% 97% 97%
$130,300 103,500 150,000
$127,074,600 18,425,200 8,248,100
975 178 55
245
24%
96%
123,500
29,885,200
242
29
3%
96%
197,700
5,139,700
26
16,825,100
156
15%
97%
119,900
16,546,600
138
185,500
10,389,400
56
6%
98%
221,800
9,979,900
45
115,100
8,980,500
78
8%
96%
124,700
9,978,800
80
145,000
20,736,600
143
14%
97%
142,100
21,030,200
4%
95%
124,500
7,840,900
148 63
98%
$220,000
$281,145,500
1,278
122,300
5,258,900
43
$217,900
$252,781,400
1,160
39%
169,300
104,146,100
615
53%
98%
163,600
103,201,200
631
25%
326,200
80,250,500
246
21%
99%
336,400
103,612,000
308
11%
178,800
12,874,900
72
7%
98%
182,300
18,779,300
103
52
4%
98%
289,300
17,648,000
61
LeClaire, Pleasant Valley & Princeton
26
6%
305,200
15,868,900
North Scott
44
11%
289,300
19,384,200
67
6%
99%
301,400
21,700,300
72
34 1,287
8%
187,600
20,256,800
108
9%
99%
$257,700
$402,520,000
1,562
98%
157,300 $245,200
16,204,700 $375,850,600
103 1,533
Iowa City
312
24%
312,700
113,500,600
363
23%
98%
296,300
108,757,400
367
Coralville
76
6%
319,800
26,864,600
84
5%
98%
337,800
36,815,500
109
Northwest Iowa City
139
11%
343,200
54,911,200
160
10%
99%
314,300
45,254,700
144
Northeast Iowa City
27
2%
195,300
6,445,800
33
2%
97%
184,600
6,831,100
37
Southeast Iowa City
11
1%
183,100
4,943,500
27
2%
98%
183,700
4,041,500
22
Southwest Iowa City
52
4%
227,300
18,640,200
82
5%
98%
190,500
16,003,700
84
Corridor Area
56
4%
375,300
22,893,300
61
4%
97%
363,700
14,182,600
39
Miscellaneous
107
9%
207,200
53,669,500
259
17%
99%
202,000
44,434,400
220
Condominiums
507
39%
32%
99%
194,800
99,529,700
511
Muscatine & Wilton Area
140
96%
$149,100
$38,479,500
258
66%
97%
147,600
26,423,000
179
182,900
2,378,000
13
Condominiums Iowa City Area
Muscatine Wilton Muscatine Outlying Condominiums Southwest Wisconsin Area
204,200
100,651,300
493
$154,500
$36,146,800
234
95
68%
148,700
23,044,000
155
2
1%
163,200
2,447,500
15
6%
97%
36
26%
164,100
8,699,600
53
23%
95%
145,400
9,308,500
64
7
5%
177,800
1,955,700
11
5%
97%
185,000
370,000
2
$156,900
$38,905,200
248
94%
$152,900
$33,952,700
222
159
RuhlHomes.com â&#x20AC;˘ 5
Putting Your Safety First
To ensure the safety of you, our agents and our community, we have a variety of digital resources to help you continue your journey home. Whether it is through electronic signatures, virtual meetings or walk-throughs, our agents are prepared to conduct business safely.
Safety Checklist We have a safety checklist available for display at any home, which reminds those who visit to be respectful. Our agents are also prepared to take every step necessary to ensure your safety throughout the transaction.
Virtual Meetings We have video meeting technology and online resources to help advise you as you prepare to buy or sell. Specifically, we offer a virtual buyers’ consultation, which prepares you for what to expect before you even start searching for properties. We also offer the same service for sellers, where we can ask questions and talk with you remotely, so you are prepared to get your home ready to sell.
Virtual Property Tours Visit RuhlHomes.com/Virtual to experience virtual tours of properties currently on the market. Walk through a home a 3D tour or video tour.was You Five-year homewith appreciation inaour region can also consider a virtual tour if you are selling to between 13.65% and 19.18% with all of our regional minimize the number of people through your home. Metropolitan Statistical Areas experiencing a positive gain.
Virtual Mortgage Tools Ruhl Mortgage, our mortgage loan partner, has many virtual tools available to help you get started financially, including loan pre-qualification, applying for a loan, a mortgage rate calculator and much more. Just visit RuhlMortgage.com.
Electronic Transaction Paperwork For several years, Ruhl&Ruhl Realtors has managed their offer and listing paperwork electronically. This allows our agents and clients to edit, complete, sign and share documents remotely without ever needing to print, fax, or email. Your Realtor is dedicated to serving you and making long-term investment strategy,”and said Caroline Ruhl, sure that you feel comfortable safe throughout CEO Ruhl&Ruhl Realtors. “Our investors continue your of real estate journey. to benefit from the steady rise in home price appreciation. Contact your Ruhl&Ruhl Realtor if you are interested in purchasing an investment property.”
Regional New Construction Inventory & Home Sales
In the past year, home prices have increased: +3.42% in Dubuque; +3.29% in Iowa City; +2.50%Active in Active Inventory Inventory Through June Cedar Rapids; and +3.35% in the Quad Cities. This compares to other cities: Des Moines06/30/18 up 2.52%06/30/19 and 138 138 Cedar Rapids Area Chicago up 2.99%. Of course, there is considerable 80 100 Houses variation based on price range and location 58 38 Condos/Villas ofDubuque properties, with more affordable properties 59 60 Area appreciating more and expensive properties 35 37 Houses appreciating less, if at all. 24 23 Condos/Villas Illinois Quad Cities (Rock Island County)
3
12
“Growth end of1 7 Housesin U.S. home prices stabilized at the 2019 with fourth quarter prices increasing 5.1 percent 2 5 Condos/Villas from the same period a year ago. The revised 93 103 Iowa Quad Cities (Scott County) measure 80 quarter 84 Houses of home price growth in the third wasCondos/Villas also 5.1 percent,” according to Dr. Lynn 23 Fisher, 9 Deputy of the Division of Research 409 and 359 Iowa CityDirector Area Statistics 170 148 Houses at FHFA. Condos/Villas Total data Regional Combined “This shows that 6 • RuhlHomes.com
real estate
261 722a remains
solid
189 652
Active Inventory 06/30/20
% Change in Inventory from 2019
Sales 2018
Sales 2019
154 75 79 54 35 19 5 4 1 92 75 17 388 143 245 693
+12% -6% +36% -9% 0% -21% +67% +300% -50% -1% -11% +89% +8% -16% +30% +6%
157 114 43 40 29 11 4 4 0 122 95 27 255 130 125 578
168 112 56 53 27 26 6 5 1 113 82 31 213 101 112 553
% Change in Sales Sales 2020 from 2019
135 104 31 42 30 12 4 4 0 100 75 25 214 103 111 495
-20% -7% -45% -21% +11% -54% -33% -20% -100% -12% -9% -19% +1% +2% -1% -11%
New Homes Market Remains Stable
New Housing Starts Through June 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
2017 2008
2018
2019
2020
17 15 2 281 104 90 76 11 133 31 1 1 11 17 72 67 33 0 2 2 0 3 18 1 8 193 56 81 17 25 10 4 174 79 6 34 18 4 10 23 21 6 15 0 45 32 6 7 931
6 4 2 241 87 76 70 8 134 33 0 1 13 12 75 50 15 2 0 4 0 4 13 1 11 178 39 62 35 21 18 3 161 59 5 50 26 11 7 3 21 3 18 0 30 15 9 6 821
5 5 0 186 67 63 45 11 99 36 0 0 9 13 41 43 3 10 17 0 1 0 4 2 6 211 88 70 22 16 13 2 82 31 4 21 17 8 1 0 21 6 12 3 48 9 36 3 695
5 5 0 190 46 92 44 8 84 19 0 0 15 9 41 24 3 0 0 2 0 1 8 0 10 154 20 67 38 12 10 7 181 27 5 33 25 18 3 2 14 4 10 0 11 3 3 5 663
% Change 2019 vs. 2020 0% 0% 0% +2% -31% +46% -2% -27% -15% -47% 0% 0% +67% -31% 0% -44% 0% -100% -100% +100% -100% +100% +100% -100% +67% -27% -77% -4% +73% -25% -23% +250% +121% -13% +25% +57% +47% +125% +200% +100% -33% -33% -17% -100% -77% -67% -92% +67% -5%
Source: Municipal offices. There may be additional new homes built which are not included with this data.
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Year to date statistics reported from MLS sources show new home sales down by 11% and inventory units up by 6%. YTD sales figures reflect a 3% decline in house sales and a 21% drop in condos. House sales accounted for 64% of regional sales, but only 48% of inventory, leaving inventory of 8 months of supply for condos and 5 months for houses. Inventory growth is set against a backdrop of a 5% YTD decrease in new home starts. Record low interest rates and pent-up demand are feeding a large number of pre-sold homes in various markets. Individual market results for starts, sales and inventory can be seen in the charts on pages 6 and 7. Existing home sales outpaced new home sales by a ratio of 9.9 to 1 across the region. The following chart reflects sales price breakdowns for YTD 2020 vs. recent years. Houses YTD: Below $300K $300 - $400K Above $400K
2018 30% 39% 31%
2019 28% 38% 34%
2020 31% 39% 30%
Condos YTD: Below $200K $200 - $300K Above $300K
2018 17% 67% 16%
2019 27% 57% 16%
2020 8% 68% 24%
CEDAR RAPIDS: Area unit sales are down 20% vs. the same time last year while inventory is up 12%. No market segment saw sales increases in either houses or condos. Marion accounted for most of the inventory increase with a jump of 35%. The Cedar Rapids area remains the leader in new home affordability, with 51% of new houses priced below $300K and 32% of condos below $200K. The YTD existing to new home sales ratio is 11.7 to 1. DUBUQUE: A 54% YTD drop in new condo sales contributed to a 21% drop in new unit sales, despite house sales being up by 11%. An 8% drop in inventory was solely due to the 21% decrease in condo units available. Houses priced from $225-$400K made up 87% of house sales. Condos in the same price range accounted for 100% of sales. Despite the 21% drop in condo inventory, Dubuque still has a 9.5 month supply. The YTD existing to new home sales ratio is 13.7 to 1. IOWA CITY: YTD sales figures for the overall Iowa City market are very stable. 2020 has seen 2 more houses and 1 fewer condo sold than YTD 2019. RuhlHomes.com • 7
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Inventory is up 8%, with a boost of 30% in new condos. Iowa City itself still has a 19 month supply of condos, with 46% of those priced over $400K. Each of the five market segments has seen condo inventory increases, while most experienced drops in available house numbers. Tiffin represents the largest market share in sales at 31%. Iowa City has the largest share of inventory at 31%. North Liberty has shown the largest increase in unit sales at 32%. The Iowa
City market segments combined for a 2020 YTD existing vs. new homes sales ratio of 5 to 1, easily the most active new home market in the region. QUAD CITIES: A drop in house sales of 16%, coupled with 41% fewer condo sales left this market with an overall decrease of 22% in unit sales YTD. Inventory is up 1% vs. 2020, but YTD new starts are down by 30% (vs. 5% regionally). Scott County has seen a surge in houses below $225K, with
sales doubling this year, although there is still a 15 month supply available in that range. There is also a 12 month supply of houses above $700K. While condo sales in Scott County are down 39%, neighboring Rock Island County has not had a condo reported sale in nine months. The two county area has a 5 month supply of new condos. The combined Scott and Rock Island Counties 2020 YTD existing to new home sales ratio is 18.5 to 1.
MOVE FROM THE LIFE YOU HAVE TO THE LIFE OF YOUR DREAMS
Jan Jaeger Realtor
%XUOLQJWRQ 2I¿FH 403 S Gear Avenue, Suite 105 Burlington, IA 52655 (319) 759-8589 JanJaeger@RuhlHomes.com JanJaeger.RuhlHomes.com
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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