Facts & Trends Real Estate
Ruhl&Ruhl Realtors
Summer 2014
Housing Market Stabilizing
Marie Schulte Realtor, ABR (319) 350-2450 marieschulte@ruhlhomes.com marieschulte.ruhlhomes.com
IN THIS ISSUE: page 3
Ruhl&Ruhl Leading the Mobile Race with
page 4
Home Prices Rising Steadily in our Region
page 6
Ruhl&Ruhl Realtors Opens Second Office in Cedar Rapids
page 7
Dwindling Condo Sales Stall New Construction Market
We have been on a roller coaster ride for the past 18 months, with residential sales roaring ahead, then falling back and now slowly, but steadily, stabilizing and gradually improving. For the first six months of 2014, the total number of properties sold in our eastern Iowa, northwestern Illinois and southwestern Wisconsin region is down 4%, from 6,949 properties sold in 2013 to 6,683 properties sold in 2014. Sales volume for the total region is also down 4% to $1,065,971,100. As always, there is considerable variation from market to market, as shown on the Regional Real Estate Activity Chart on page 2. Ruhl&Ruhl Realtors had predicted a flat year in 2014 compared to 2013 and we are hopeful that continued market and economic improvement will result in that end.
“The recent increase in inventory will help, as will the recovery in the general economy.” “We appear to have reached a plateau that absent an increase in the market for jobs, income growth or looser underwriting standards, there are no evident drivers of a sustained recovery in housing unit sales,” said Steve Murray, CEO of REAL Trends. “The recent increase in inventory will help, as will the recovery in the general economy.” Inventory is up in most of our markets – see the Regional Real Estate Activity Chart on page 2. New construction inventory is up 15% in the region while sales of new homes are down 3% compared to last year (see details by market on page 6). Prices are also rising slowly in most of our markets. See the percent change in home
prices by market on page 4. Overall, things are trending in the right direction and from our vantage point, stability is good, and slow and steady growth is great.
Burlington Area
Listing Inventory: There are 272 homes and condominiums listed for sale in Burlington, Iowa and the surrounding area, 19% more than the same time last year when there was 229 properties for sale. Properties Sold: Less than 1% fewer residential properties sold in the first half of 2014 than the first half of 2013, comparing 270 sales last year to 269 sales in the first half of this year. Average Sales Price: The average sales price was $97,600, a 9% decrease from the average sales price in the first half of 2013 of $107,200. Residential Sales Volume: Sales volume was down 9%, a decrease from $28,953,600 through June 2013 to $26,252,700 through June 2014.
Cedar Rapids Area
Listing Inventory: There are 1,884 residential properties listed for sale in the Cedar Rapids area, 3% less than the same time last year when there were 1,936 properties listed. Properties Sold: Through June this year 1,848 properties sold, 6% less than the 1,962 that sold through June 2013. Average Sales Price: The average sales price was $163,900 through June 2014, 6% less than the average sales price of $174,100 through June 2013. Residential Sales Volume: Sales volume decreased 8%, from $329,225,600 in the first half of 2013 to $302,887,500 in the first half of 2014.
Clinton, Camanche & Fulton
Listing Inventory: There are 3% more properties listed for sale in the Clinton,
Market Stabilizing continued on page 2 RuhlHomes.com • 1
2014 Regional Real Estate Activity Through June
Average 2014 Sales Price
% Change in Average Sales Price from 2013
$97,600 $163,900 $102,500 $154,100 $167,000 $195,700 $106,000 $182,500 $209,800 $115,400 $121,000 $124,300 $104,500 $159,500
-9% -6% +9% +2% +5% +13% -1% +3% +1% +3% -3% +13% +21% 0%
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 Regional Total Market Stabilizing continued from page 1
Camanche and Fulton area; comparing 337 current listings to 328 properties for sale last year. Properties Sold: 6% more properties sold in the first half of 2014, an increase from 190 sales in 2013 to 202 sales in the first half of 2014. Average Sales Price: The average sales price through June 2014 was $102,500, a 9% increase from the average sales price of $94,200 through June 2013. Residential Sales Volume: Sales volume was up 16% through June 2014, from $17,904,500 in the first half of 2013 to $20,702,300 in the first half of 2014. This follows a 24% decrease in sales volume from the first half of 2012 to the first half of 2013.
DeWitt
Listing Inventory: DeWitt’s listing inventory is down 6%, from 47 properties listed for sale last year to 44 properties currently on the market. Properties Sold: 53 properties sold and closed during the first half of 2014, a 26% increase compared to 42 sales in the first half of 2013. Average Sales Price: The average sales price of homes sold through June 2014 was $154,100, 2% more than the first half of 2013 when the average sales price was $151,100. Residential Sales Volume: Sales volume increased 29% in the first half of 2014, from $6,345,100 in 2013 to $8,165,300 in 2014. This follows a 27% decrease in sales volume from 2012 to 2013. 2 • RuhlHomes.com
2014 Number Sold
269 1,848 202 53 443 56 909 1,059 1,250 69 235 221 69 6,683
% Change in Number Sold from 2013
0% -6% +6% +26% -8% +12% +4% -7% -7% -17% -3% +11% -3% -4%
2014 Sales Volume
$26,252,700 $302,887,500 $20,702,300 $8,165,300 $73,994,000 $10,960,900 $96,317,100 $193,316,000 $262,306,200 $7,965,600 $28,426,900 $27,470,400 $7,207,900 $1,065,971,100
Dubuque Area
Listing Inventory: There are 514 residential properties listed for sale in the Dubuque region; a 16% decrease from the same time last year when there were 615 properties for sale. Properties Sold: 8% fewer properties sold in the first half of 2014; a decrease from 482 closings through June 2013 to 443 closings through June 2014. Average Sales Price: The average sales price of homes sold through June 2014 was $167,000, a 5% increase over the average sales price of $159,300 through June 2013. Residential Sales Volume: Sales volume for the first half of 2014 was $73,994,000, down 4% from the same period in 2013 when sales volume was $76,778,700.
Galena & Surrounding Area
Listing Inventory: There are 411 properties for sale in Galena, Illinois and the surrounding area; 1% more than the same time last year when there were 407 listings. Properties Sold: There was a 12% increase in the number of residential properties sold in the first half of 2014, comparing 50 sales in 2013 to 56 sales in 2014. Average Sales Price: The average sales price was $195,700 through June 2014, 13% more than last year when the average sales price was $172,600. Residential Sales Volume: Sales volume was up 27% for the first half of 2014, an increase from $8,630,900 through June 2013 to $10,960,900
% Change in Sales Volume from 2013
-9% -8% +16% +29% -4% +27% +3% -4% -6% -14% -7% +25% +18% -4%
Active Listing Count 2014
272 1,884 337 44 514 411 899 750 1,334 110 210 434 98 7,297
% Change in Active Listings from 2013
Months of Inventory
+19% -3% +3% -6% -16% +1% +1% +1% +1% +10% -6% -1% -2% -1%
6.0 4.6 10.5 3.8 5.1 22.3 4.4 3.1 5.5 6.5 5.3 37.3 8.1 N/A
through June 2014.
Illinois Quad Cities
Listing Inventory: The number of properties for sale in the Illinois Quad Cities is up 1%; from 893 listings last year to 899 listings currently on the market. Properties Sold: Through the second quarter of 2014, 4% more properties sold, comparing 874 sales through June 2013 to 909 sales through June 2014. Average Sales Price: The average sales price was down 1%, from $107,100 through June 2013 to $106,000 through June 2014. Residential Sales Volume: Sales volume increased 3% in the first half of 2014, from $93,575,200 to $96,317,100.
Iowa Quad Cities
Listing Inventory: There are 750 homes and condominiums listed for sale in the Iowa Quad Cities, 1% more than the same time last year when there were 743 properties for sale. Properties Sold: 7% fewer properties sold through the second quarter of 2014, a decrease from 1,140 sales in the first half of 2013 to 1,059 sales in the first half of this year. Average Sales Price: The average sales price increased 3%; from $177,200 through June 2013 to $182,500 through June 2014. Residential Sales Volume: Sales volume went down 4% from $201,995,200 through the second quarter of 2013 to $193,316,000 through the second quarter of 2014. Market Stabilizing continued on page 3
Market Stabilizing continued from page 2
Iowa City Area
Listing Inventory: The number of properties for sale in Iowa City is up 1%, an increase from 1,322 in 2013 to 1,334 properties currently on the market. Properties Sold: The number of properties sold decreased 7% from 1,343 properties sold through the first half of 2013 to 1,250 sales closed through the first half of 2014. Average Sales Price: The average sales price was $209,800; a 1% increase from the first half of 2013 when the average sales price was $207,100. Residential Sales Volume: Sales volume decreased 6%, from $278,095,000 through June 2013 to $262,306,200 through June 2014.
Maquoketa, Preston & Bellevue
Listing Inventory: There are 110 properties for sale in the Maquoketa, Preston, and Bellevue area, 10% more than the same time last year when there were 100 properties listed for sale. Properties Sold: 17% fewer properties sold during the first half of 2014, a decrease from 83 sales in 2013 to 69 sales in 2014. Average Sales Price: The average sales price of homes sold through June
2014 was $115,400, 3% more than the average sales price of $111,700 through June 2013. Residential Sales Volume: Sales volume shrank 14%, from $9,273,600 in the first half of 2013 to $7,965,600 in the first half of 2014.
Muscatine & Wilton Area
Listing Inventory: There are 210 homes and condominiums listed for sale in the Muscatine and Wilton area, 6% fewer than the same time last year when there were 224 properties for sale. Properties Sold: 3% fewer residential properties sold in the first half of 2014, comparing 243 sales last year to 235 sales in the first half of this year. Average Sales Price: The average sales price was $121,000, a 3% decrease from the average sales price in the first half of 2013 of $124,300. Residential Sales Volume: Sales volume was down 7%, from $30,539,900 through June 2013 to $28,426,900 through June 2014.
Southwest Wisconsin
Listing Inventory: There are 434 properties for sale in the southwest Wisconsin region, a 1% decrease compared to the same time last year when there were 438 listings. Properties Sold: There was an 11%
increase in the number of residential properties sold in the first half of 2014, comparing 199 properties sold in 2013 to 221 properties sold this year. Average Sales Price: The average sales price was $124,300 during the first half of 2014, 13% higher than the first half of 2013 when the average sales price was $110,300. Residential Sales Volume: Sales volume was up 25%, an increase from $21,958,700 through June 2013 to $27,470,400 through June 2014.
Washington Area
Listing Inventory: There are 98 properties for sale in Washington, Iowa and the surrounding area, a 2% decrease from the same time last year when there were 100 properties for sale. Properties Sold: There was a 3% decrease in the number of residential properties sold; comparing 71 properties sold in 2013 to 69 properties sold through the first half of this year. Average Sales Price: The average sales price was $104,500, 21% higher than the average sales price of $86,400 in the first half of 2013. Residential Sales Volume: Sales volume was up 18%, an increase from $6,133,100 through June 2013 to $7,207,900 through June 2014.
Ruhl&Ruhl Leading the Mobile Race with mobileRuhl The universe is going mobile. From cruising Facebook and tweeting to searching restaurants on Yelp and the latest news on Google – it’s more likely to happen on a smartphone. Enter – the latest technology to search for homes on the go. mobileRuhl, a real estate app from Ruhl&Ruhl Realtors, allows users to search current listings and those homes that have recently sold from their smartphone. It’s available for free for iPhone, iPad and Android devices at the App Store or Android Market. According to REAL Trends, some 87% of smartphone owners access the internet or email on their handheld. When asked
what device they normally use to access the internet, 25% of smartphone owners say that they mostly go online using their phone, rather than with a computer. “We launched mobileRuhl to stay in tune with consumer demands and give our consumers a whole new way to interact with their Realtor and search all listings on the market,” said Caroline Ruhl, President of Ruhl&Ruhl Realtors, adding that the company has mobileRuhl, the app, as well as a mobile-friendly version of their website, RuhlHomes.com. In fact, for Ruhl&Ruhl Realtors, mobile access of RuhlHomes.com is up. From January 1 through June 30, 43% of those users engaging with RuhlHomes.com were doing so from a mobile device or tablet. This is up from only 21% in 2013. In addition, sessions on mobileRuhl, the app, were up 76% over last year. “Mobile visits to our website continue to keep growing so we see the importance of investing in this medium and providing a better tool for our clients
to search for homes,” Ruhl added. mobileRuhl provides access to all properties for sale throughout eastern Iowa, northwestern Illinois and southwestern Wisconsin. These include all homes for sale, not just Ruhl&Ruhl listings. Other features include: • Draw your own custom search area right on the map! • Search by any keyword in the property description (ex: river view). • Search the properties nearest you through GPS or by price, number of bedrooms or bathrooms, and properties with open houses. • See full screen photos, price, features, maps, taxes and more! • Display restaurants, retail centers, and other amenities to see locations in relation to listings. • View real time market statistics. Download mobileRuhl today. For more details, contact your agent or visit RuhlHomes.com/mobileRuhl. RuhlHomes.com • 3
Home Prices Rising Steadily in the Region The eastern Iowa and northwestern Illinois housing markets continue to show strength – with prices slowly but steadily going up in most communities. Nationally, home prices have increased 5.75% in the last five years. Overall in our local markets the gains are not as large, but we also didn’t have the drastic decline in home prices that other markets across the nation suffered. Home prices are up: 6.85% in Dubuque; 2.45% in Iowa City; 1.28% in the Quad Cities. Home prices are have dipped slightly by 0.69% in Cedar Rapids. This compares to other cities: Des Moines down 2.16% and Chicago, IL down 16.82%. This data is provided by the Federal Housing Finance Agency (FHFA) for the 1st quarter of 2014 (see chart and website below). Metropolitan Statistical Areas (MSAs)
Cedar Rapids, IA Davenport-MolineRock Island, IA-IL Des MoinesWest Des Moines, IA Dubuque, IA Iowa City, IA USA
Reg Through June
The first quarter was negatively impacted by extremely cold, snowy weather, but continued to push higher, said FHFA Principal Economist Andrew Leventis, adding that modest inventories of homes available for sale likely played a significant role in driving the price increase. Locally, a shortage of inventory in some areas and some price ranges has increased prices and made a stable market – good for buyers and sellers. “The increase in home price appreciation has been modest but steady,” said Caroline Ruhl, President of Ruhl&Ruhl Realtors. “We tend to be a more stable market without the extreme highs and lows, which makes it a good area to buy or sell a property, as well as invest in real estate.”
Percent Change in House Prices 1 Year 5 Year
2014 1st Quarter National Ranking of 280 MSA’s*
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
-0.74%
-0.69%
242
+0.79%
+1.28%
189
Port Byron, Upper Rock Island County
+1.46%
-2.16%
168
Henry County
+0.26% +1.13% +6.62%
+6.85% +2.45% +5.75%
214 175
Information courtesy of Federal Housing Finance Agency (FHFA) for first quarter 2014. 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.
East Moline & Silvis Mercer 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
Mid-Year Comparison of Quad Cities Real Estate Activity 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
IA 1,059 1,140 977 901 1,064 884 1,029 1,171 1,218 1,200 1,257 1,139 1,137 1,154 1,059
4 • RuhlHomes.com
Sales IL 909 874 840 733 833 749 907 1,011 1,054 1,102 1,074 971 996 997 1,028
Totals 1,968 2,014 1,817 1,634 1,897 1,633 1,936 2,182 2,272 2,302 2,331 2,110 2,133 2,151 2,087
Listings IA IL 750 899 743 893 934 949 973 1,133 972 1,067 957 981 1,081 1,079 1,108 991 1,107 985 960 885 989 959 931 835 813 844 843 913 700 726
Miscellaneous Condominiums Iowa City Area (Iowa City Area Assoc. of Realtors)
Totals 1,649 1,636 1,883 2,106 2,039 1,938 2,160 2,099 2,092 1,845 1,948 1,766 1,657 1,756 1,426
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
272
$97,600
$26,252,700
269
93%
270
$107,200
$28,953,600
1,884
$163,900
$302,887,500
1,848
98%
1,962
$174,100
$329,225,600
212
11%
164,700
27,010,200
164
9%
96%
181
159,400
28,860,400
250
13%
161,700
43,019,900
266
14%
97%
277
178,600
49,465,700
175
9%
137,600
27,115,900
197
11%
98%
170
141,000
23,971,000
144
8%
136,200
19,205,400
141
7%
97%
143
129,700
18,546,400
41
2%
258,500
9,565,000
37
2%
98%
45
252,100
11,345,200
205
11%
204,900
47,546,800
232
13%
98%
252
189,600
47,778,600
226
12%
149,200
26,560,700
178
10%
96%
218
153,700
33,513,900
202
11%
129,800
18,432,300
142
8%
96%
148
150,700
22,308,600
127
7%
276,400
31,785,100
115
6%
99%
120
279,100
33,497,400
302
16%
140,000
52,646,200
376
20%
99%
408
146,900
59,938,400
337
$102,500
$20,702,300
202
94%
190
$94,200
$17,904,500
44
$154,100
$8,165,300
53
92%
42
$151,100
$6,345,100
$167,000
$73,994,000
443
94%
482
$159,300
$76,778,700
339
66%
170,600
59,710,000
350
79%
94%
368
165,300
60,848,400
121
24%
153,600
10,293,200
67
15%
92%
91
142,300
12,951,600
41
8%
154,700
2,939,200
19
4%
93%
11
104,500
1,149,800
13
2%
150,200
1,051,600
7
2%
88%
12
152,400
1,828,900
$195,700
$10,960,900
56
81%
50
$172,600
$8,630,900
514
thwest IL)
411
.)
899
$106,000
$96,317,100
909
95%
874
$107,100
$93,575,200
143
16%
80,900
12,456,000
154
17%
97%
169
88,000
14,868,700
58
6%
120,800
7,850,000
65
7%
95%
67
110,900
7,429,900
158
18%
103,700
22,605,400
218
24%
95%
203
101,700
20,637,200
32
4%
115,500
3,696,000
32
4%
98%
36
145,600
5,242,800
109
12%
99,300
13,105,900
132
15%
95%
85
94,700
8,053,500
43
5%
177,000
6,372,700
36
4%
96%
43
171,000
7,353,000
88
9%
103,200
5,364,600
52
6%
94%
48
107,500
5,157,800
203
23%
82,800
18,738,100
174
19%
96%
170
84,900
18,394,700
65
7%
4%
96%
53
121,500
6,437,600
97%
1,140
$177,200
$201,995,200
750
133,200
6,128,400
46
$182,500
$193,316,000
1,059
386
51%
129,500
67,868,900
524
49%
97%
609
140,600
85,624,500
125
17%
311,000
71,220,000
229
22%
98%
215
290,400
62,435,500
38
5%
178,000
5,341,500
30
3%
96%
52
172,100
8,948,400
44
6%
227,400
14,782,400
65
6%
96%
40
237,000
9,478,300
33
4%
221,400
11,736,000
53
5%
97%
56
199,800
11,189,700
35
5%
91,700
3,760,300
41
4%
98%
33
106,700
3,521,100
89
12%
159,000
18,606,900
117
11%
97%
135
154,100
20,797,700
$209,800
$262,306,200
1,250
98%
1,343
207,100
$278,095,000
331
25%
251,200
79,887,600
318
25%
97%
325
260,100
84,516,800
96
7%
303,700
27,632,700
91
7%
97%
109
293,500
31,990,200
146
11%
278,300
35,070,000
126
10%
99%
143
274,600
39,263,300
46
3%
147,900
4,733,900
32
3%
95%
31
158,700
4,919,400
41
3%
164,400
3,617,700
22
2%
97%
20
133,500
2,669,800
79
6%
156,600
10,807,200
69
6%
95%
67
155,400
10,412,700
1,334
65
5%
300,000
12,001,500
40
3%
98%
46
330,700
15,213,500
195
15%
160,900
24,938,200
155
12%
97%
159
147,000
23,369,100
25%
160,200 $115,400
63,617,400 $7,965,600
397 69
32%
MLS)
335 110
99% 93%
443 83
148,400 $111,700
65,740,200 $9,273,600
tors)
210
consin)
$121,000
$28,426,900
235
96%
243
$124,300
$30,539,900
126
60%
125,500
19,574,800
156
66%
96%
174
123,000
21,397,300
13
6%
152,700
2,595,600
17
7%
95%
21
123,100
2,584,500
60
29%
93,700
4,403,100
47
21%
94%
37
131,500
4,864,500
11
5%
123,600
1,853,400
15
6%
96%
11
154,000
1,693,600
98
$104,500
$7,207,900
69
95%
71
$86,400
$6,133,100
434
$124,300
$27,470,400
221
87%
199
$110,300
$21,958,700
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 June 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 6/30/12
Active Inventory 6/30/13
Active Inventory 6/30/14
% Change in Inventory from 2013
Sales 2013
Sales 2014
182 114 68 69 46 23 22 5 17 88 44 44 137 96 41 498
133 75 58 55 33 22 12 2 10 86 45 41 216 138 78 502
163 109 54 57 36 21 6 2 4 104 62 42 249 168 81 579
Sales 2012
+23% +45% -7% +4% +9% -5% -50% 0% -60% +21% +38% +2% +15% +22% +4% +15%
158 96 62 26 24 2 14 10 4 114 82 32 205 106 99 517
145 93 52 34 33 1 3 2 1 107 82 25 204 112 92 493
146 85 61 40 36 4 4 3 1 110 89 21 180 116 64 480
% Change in Sales from 2013
+1% -9% +17% +18% +9% +300% +33% +50% 0% +3% +9% -16% -12% +4% -30% -3%
Ruhl&Ruhl Realtors Opens Second Office in Cedar Rapids Ruhl&Ruhl Realtors has opened their second Cedar Rapids office located across the street from the NewBo City Market in downtown Cedar Rapids. The new state of the art office is at 1117 3rd Street SE, Cedar Rapids, IA. Ruhl&Ruhl Realtors opened their first office in the Cedar Rapids area in September of 2010. “Our second location will enable our Realtors to meet the needs of their clients even more effectively,” said Caroline Ruhl, President of Ruhl&Ruhl Realtors. The company celebrated with a grand opening on Monday, June 23rd. “We are really excited about the opportunity to build our business and be a part of this area,” said Ollie Dent, Manager of the Cedar Rapids Ruhl&Ruhl Realtors offices. “This will just be a great space to showcase our technology, service and great people.” Ruhl&Ruhl Realtors has been serving the region since 1862. The 290 agent
company is a family-owned business and Caroline Ruhl is the 4th generation of Ruhl’s to lead the organization. Her son, Chris Beason, broker-owner and the co-manager of the company’s Bettendorf Office, is the 5th generation. Ruhl&Ruhl Realtors, the largest privately-owned real estate company in Iowa, has other residential sales offices located in Bettendorf, Burlington, Cedar Rapids, Clinton, Davenport, DeWitt, Dubuque, Iowa City, Maquoketa, Muscatine and Washington, Iowa; and in Moline, Illinois. The company belongs to 13 different Multiple Listing Services (MLSs) and properties for sale in all these markets are available to be searched by the public on Ruhl&Ruhl’s website at RuhlHomes.com or on the company’s app, mobileRuhl. In addition the company provides information on sold properties in all their markets on their website – RuhlHomes.com. The people at Ruhl&Ruhl Realtors
are committed to making the home buying and home selling experience easy, fun and hassle free. “Our clients need sales associates they can trust who will be their knowledgeable advocates, guiding them through the home sale or home purchase process. Our people really care about our clients and strive to exceed expectations. At Ruhl&Ruhl Realtors, our people are the difference,” said Ruhl.
Ruhl&Ruhl’s Second Cedar Rapids Location
Combined Iowa & Illinois Quad Cities MLS Statistics Through June
2010
2011
2012
2013
2014
Current MLS Listings Average Sales Price Total Sales Volume Total # of Sales YTD
2,039 $136,400 $258,757,900 1,897
2,106 $132,600 $216,732,100 1,634
1,883 $142,800 $259,519,200 1,817
1,636 $146,800 $295,570,400 2,014
1,649 $147,200 $289,633,100 1,968
6 • RuhlHomes.com
% Change 2013 vs. 2014 +1% 0% -2% -2%
New Housing Starts Through June
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
2 2 0 247 135 77 25 10 160 54 0 1 9 7 89 65 12 1 1 4 3 4 16 11 13 180 56 66 21 22 11 4 160 47 19 74 17 1 0 2 7 4 2 1 14 9 2 3 N/A 835
7 7 0 233 117 88 21 7 188 63 1 0 16 4 104 64 11 14 2 0 0 7 12 2 16 200 59 70 26 21 21 3 236 75 29 84 29 7 12 0 10 6 3 1 14 2 2 9 1 952
12 11 1 249 107 90 37 15 167 48 1 0 17 8 93 66 9 7 6 10 1 1 16 0 16 282 48 81 66 26 58 3 203 76 20 57 36 6 7 1 13 2 10 1 11 2 4 4 1 1,003
12 7 5 253 153 60 27 13 162 39 7 0 16 10 90 50 5 17 0 4 1 2 12 2 7 202 46 89 30 15 19 3 225 85 15 98 24 1 2 0 16 2 9 5 24 6 7 10 1 944
Des Moines Area**
N/A
881
1,049
1,042
% Change 2013 vs. 2014 0% -36% +400% +2% +43% -33% -27% -13% -3% -19% +600% 0% -6% +25% -3% -24% -44% +143% -100% -60% 0% +100% -25% +200% -56% -28% -4% +10% -55% -42% -67% 0% +11% +12% -25% +72% -33% -83% -71% -100% +23% 0% -10% +400% +118% +200% +75% +150% 0% -6% -1%
Source: Municipal offices. There may be additional new homes built which are not included with this data. *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.
Dwindling Condo Sales Stall New Construction Market A modest increase in new house sales has been offset by a continued reduction in the number of new condos sold across the region in 2014. Multiple Listing Services report a 2% increase in house sales and a 12% decrease in condo sales, combining for an overall unit sales decrease of 3% versus the same period last year. New home sales across the region accounted for about 1 in every 8 home purchases, up from 1 in 11 for all of 2013. Unit inventory increased 15% above 2013 and is at the highest mid-year level since 2011. Based on the first six month’s sales, the region has 6.9 months of new house inventory and 8.0 months of new condo inventory available. Please see the charts on pages 6 and 7 for local details on sales, inventory and new housing starts. The price breakdown for new house and condo purchases for the first six months of 2014 reflects the impact of increased building costs, as compared to earlier reports, and is as follows: Houses: Condos: Below $300K = 46% Below $200K = 64% $300-$400K = 35% $200-$300K = 30% Above $400K = 19% Above $300K = 6% House purchases accounted for 69% of sales as the continued drop in condo sales left them at 31% of 2014 sales. Ranch style homes continue to be the regional favorite, accounting for 72% of sales and 78% of inventory. These figures reveal that buyer acceptance of other styles, primarily twostory houses, is growing across the region. Ranches were only 45% of the QCA market. While regional new construction sales were down, Ruhl&Ruhl Realtors continued to out-perform the market; reporting a 16% increase in the number of closed transactions and a 23% increase in sales volume of new homes. Following is a brief summary of activity in each or the major market areas: CEDAR RAPIDS: Unlike much of the region, house sales were down and condo sales up, combining for a YTD sales increase of 1 overall unit. Overall unit inventory is up 23% versus 2013. DUBUQUE: Sales of both houses and condos grew for a combined increase of 18% for the first six months of 2014. House sales $225-$400K made up 64% of sales. Overall unit inventory is up 4%. IOWA CITY: House sales rose slightly, but condo sales dropped 30%, for an overall Condo Sales Stall Market continued on page 8 RuhlHomes.com • 7
Corporate Relocation Center 5403 Victoria Avenue, Suite 100 Davenport, IA 52807 ADDRESS SERVICE REQUESTED
Condo Sales Stall Market continued from page 7
decrease of 12%. The North Liberty segment saw the largest sales losses, while the outlying markets in the Iowa City area experienced the greatest gains. Overall, inventory has increased by 15% in 2014. QUAD CITIES: While house sales
increased 10%, condo sales fell by 15%, leaving the market with a 4% overall increase. This market had 52% of all house sales above $400K and 100% of all condo sales above $300K reported across the entire region. Overall, inventory is up 12% compared to the same time last year. Predictions of stable sales for 2014
appear to be accurate across the region, as the new homes market continues a slow recovery. However, renewed interest from developers and builders in new projects helps raise the interest level of the entire marketplace and should lead to exciting new products to satisfy pent-up consumer demand in the future.
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