Sabrina Chandler Facts & Trends Summer 2020

Real Estate

Facts & Trends Ruhl&Ruhl Realtors

Summer 2020

Residential Real Estate Market is Booming - Listings Needed!

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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 ďŹ rst 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 ďŹ rst 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?

Sellerâ&#x20AC;&#x2122;s Market: < 4 months of inventory Balanced Market: 4-6 months of inventory Buyerâ&#x20AC;&#x2122;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 sellerâ&#x20AC;&#x2122;s market in affordable price ranges and a balanced market for expensive properties. Illinois Quad Cities has a buyerâ&#x20AC;&#x2122;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.

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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 ďŹ ve 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.

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For further information or to be added to our mailing list, contact Caroline Ruhl or Veronica Pianca â&#x20AC;˘ 563.355.7474 5403 Victoria Avenue, Suite 100 â&#x20AC;˘ Davenport, Iowa 52807-3925 â&#x20AC;˘ CarolineRuhl@RuhlHomes.com or VeronicaPianca@RuhlHomes.com 8 â&#x20AC;˘ RuhlHomes.com