Caroline Ruhl & Chris Beason Facts & Trends Winter 2019

Page 1

Real Estate

Facts & Trends Ruhl&Ruhl Realtors

Winter 2019

Slower But Steady Growth In Regional Housing Markets In 2019

Caroline Ruhl, CEO Chris Beason, President

RuhlHomes.com

Home prices will continue to appreciate and home sales will grow in 2019, slowly but steadily. Across the region in 2018, sales volume was up 1% and the average sales price was up 3%. There was considerable variation from market to market, which can be seen on our Regional Activity Chart on page 2. Ruhl&Ruhl Realtors sales volume was up 3.7% to $917,973,157 and our average sales price was up 3%. (See article on page 4). Lack of affordable inventory slowed sales in 2018. Thankfully, our months of inventory is now higher in most of our markets, which translates to a more balanced housing market instead of a seller’s market.

Forecast for 2019

IN THIS ISSUE: page­ 4

Ruhl&Ruhl Celebrates 2018 - Best Year Ever!

page­ 4

Home Price Appreciation Rises in Our Region

page­ 6

Do You Know What is Happening in Your Neighborhood?

1. Buyer Confidence and a Strong Economy Will Drive the Market Low unemployment, high consumer confidence, and an increasing desire for homeownership will continue to fuel our region’s home sales. The national media’s doom and gloom reports of falling home sales and prices do not apply here. We do not have the affordability problems of coastal markets and big metro areas. And our regional economy is booming. 2. Appreciation and Price Increases Will Continue In our region, homes appreciated from 2.0% - 4.72% last year, depending on the market and the price range of the homes. For appreciation details by market, and changes in average sales prices by market, see chart on page 2.

Less expensive homes continue to appreciate more due to strong demand and lower inventory, while expensive homes are appreciating less due to excess inventory and lower demand. 3. Mortgage Rates Trending Upwards Mortgage rates in mid-January are at their lowest levels since last April. Economists agree that rates will rise, but are divided on just how much the increase will be. On average, they forecast 5.03% by the end of the year, with a few outliers at 5.5%. As of January 9, 2019 mortgage rates with no points were: 15-year Conventional Fixed........4.00% 30-year Conventional Fixed.......4.50% FHA/VA 30-year Fixed.................4.50% 5/1 ARM (adjustable rate mortgage)....4.00% The higher a buyer’s credit score, the lower the mortgage rate they are eligible for. The sooner a buyer buys in 2019, the lower his or her rate, and the more house they can afford for the same monthly payment. 4. More Inventory Available for Buyers Our months of inventory is up in most markets and price ranges. The inventory increase will continue to be skewed toward the mid to high end of the markets, i.e. homes priced at $250,000 and higher. We expect buyers to have more homes to choose from this year. There continues to be a supply and demand disconnect. More buyers for homes under $250,000, but more homes available over $300,000.


2018 Regional Real Estate Activity Through December 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 2018 Regional Total

Average 2018 Sales Price

% Change in Average Sales Price from 2017

2018 Number Sold

% Change in Number Sold from 2017

$118,400 $192,000 $105,900 $163,400 $189,400 $171,300 $97,700 $128,400 $207,600 $245,500 $155,600 $143,400 $182,600

-2% +4% +5% -1% 0% -6% +1% +5% +3% +5% +2% +2% +3%

1,032 4,790 469 109 1,497 222 565 2,363 2,437 3,202 514 544 17,744

0% -2% 0% -11% +1% +10% +1% +5% -7% -1% -11% -2% -1%

2018 Sales Volume

% Change in Sales Volume from 2017

Active Listing Count 2018

$122,214,100 $919,659,400 $49,670,800 $17,811,300 $283,551,000 $38,021,100 $55,182,500 $303,348,600 $505,875,700 $786,132,800 $79,967,600 $78,027,500 $3,239,462,400

-2% +2% +5% -11% +1% +3% +2% +11% -4% +4% -10% 0% +1%

445 1,092 186 30 279 221 211 650 523 897 167 190 4,891

% Change in Active Listings Months of from 2017 Inventory

-8% +6% -12% +43% -14% -14% -5% -7% +1% +14% +24% +7% 0%

8.9 4.8 5.7 6.2 3.9 14.5 10.8 5.8 3.8 7.9 6.5 9.5

Summary of Regional Real Estate Activity

Listing Inventory

Properties Sold

2018

2017 2018

$903,507,800

$919,659,400

2017

$192,000

4,790

2017 2018

4,890

1,092

1,035

2017 2018

$184,800

Cedar Rapids Area

Average Residential Sales Price Sales Volume

Cedar Rapids Area

Listing Inventory: There are 1,092 residential properties listed for sale in the Cedar Rapids area, 6% more than the same time last year when there were 1,035 properties listed. Properties Sold: In 2018, there were 4,790 properties sold, 2% fewer than 2 • RuhlHomes.com

DeWitt Area

Listing Inventory: DeWitt’s listing inventory is up 43% from 21 properties listed for sale in December last year to 30 properties currently on the market. Properties Sold: 109 properties sold and closed in 2018, an 11% decrease compared to 122 sales in 2017. Average Sales Price: The average

Dubuque Area

Listing Inventory

Properties Sold

$283,551,000

2017 2018

$281,289,200

2017 2018

$189,400

2017 2018

$189,700

2018

1,497

Listing Inventory: There are 12% fewer properties listed for sale in Clinton, Camanche and Fulton; comparing 186 current listings to 211 properties for sale at this time last year. Properties Sold: A similar number of properties sold through 2018, comparing 470 sales in 2017 to 469 sales in 2018. Average Sales Price: The average sales price in 2018 was $105,900, a 5% increase from the average sales price of $100,700 in 2017. Residential Sales Volume: Sales volume was up 5% in 2018, from $47,305,700 in 2017 to $49,670,800 in 2018.

2017

1,483

Clinton, Camanche & Fulton Area

sales price of homes sold in 2018 was $163,400, a 1% decrease from the average sales price of $164,500 in 2017. Residential Sales Volume: Sales volume decreased 11% in 2018, from $20,064,200 in 2017 to $17,811,300 in 2018.

279

Listing Inventory: There are 445 homes and condominiums listed for sale in Burlington, Iowa and the surrounding area. An 8% decrease compared to 485 in December of 2017. Properties Sold: A comparable amount of residential properties sold in 2018, comparing 1,028 sales in 2017 to 1,032 sales in 2018. Average Sales Price: The average sales price was $118,400 in 2018, a 2% decrease from the average sales price of $121,300 in 2017. Residential Sales Volume: Sales volume was down 2%, a decrease from $124,689,900 in 2017 to $122,214,100 in 2018.

the 4,890 that sold in 2017. Average Sales Price: The average sales price was $192,000 in 2018, 4% more than the average sales price of $184,800 in 2017. Residential Sales Volume: Sales volume increased 2% from $903,507,800 in 2017 to $919,659,400 in 2018.

324

Burlington Area

Average Residential Sales Price Sales Volume

Dubuque Area

Listing Inventory: 14% fewer properties are for sale in December of 2018; a decrease from 324 in 2017 to 279 in 2018. Properties Sold: There were 1,497 residential properties sold in the Dubuque region; a 1% increase from 2017 when 1,483 properties were sold. Average Sales Price: The average sales price in 2018 was $189,400, which was just below the average sales price of $189,700 in 2017. Residential Sales Volume: Sales volume for 2018 was $283,551,000, up 1% from $281,289,200 in 2017.

Galena & Galena Territory

Listing Inventory: There are 221 properties for sale in Galena and the

Summary continued on page 3


Illinois Quad Cities

Properties Sold

2017

2018

$303,348,600

2018

$274,406,900

$122,100

2,363

2,247

Listing Inventory

2017

$128,400

2017 2018

2018

650

700

2017

Average Residential Sales Price Sales Volume

Illinois Quad Cities

Listing Inventory: The number of properties for sale in the Illinois Quad Cities is down 7%; from 700 listings last year to 650 listings currently on the market.

Listing Inventory

Properties Sold

$505,875,700

Average Residential Sales Price Sales Volume

Iowa Quad Cities

Listing Inventory: There are 523 homes and condominiums listed for sale in the Iowa Quad Cities, which is 1% more than the 520 properties for sale in December of 2017. Properties Sold: 7% fewer properties sold in 2018, a decrease from 2,630 sales in 2017 to 2,437 sales in 2018. Average Sales Price: The average sales price increased 3%; from $200,800 in 2017 to $207,600 in 2018. Residential Sales Volume: Sales volume went down 4% from $528,056,400 in 2017 to $505,875,700 in 2018.

Iowa City Area

2018

Muscatine Area 2017 2018

2017 2018

Listing Inventory: The number of properties for sale in the Iowa City Area is up 14%, which is an increase from 790 in 2017 to 897 properties currently on the market. Properties Sold: 1% fewer properties sold during 2018, a decrease from 3,223 sales in 2017 to 3,202 sales in 2018. Average Sales Price: The average sales price was $245,500; a 5% increase from 2017 when the average

2017 2018

Listing Inventory

Properties Sold

$79,967,600

$88,730,400

$155,600

$153,000

514

580

167

2017

2017 2018

$528,056,400

$207,600

2017 2018

$200,800

2017 2018

sales price was $234,700. Residential Sales Volume: Sales volume increased 4%, from $756,480,000 in 2017 to $786,132,800 in 2018.

135

Iowa Quad Cities

2,437

2017 2018

2,630

Galesburg Area

Listing Inventory: There are 211 residential properties currently listed for sale in the Galesburg area, which is a 5% decrease compared to the 223 properties listed for sale at this time last year. Properties Sold: Sales have increased 1% from 559 properties sold in 2017 to 565 in 2018. Average Sales Price: The average sales price was $97,700 in 2018, 1% more than the average sales price of $97,100 in 2017. Residential Sales Volume: Sales volume increased 2% in 2018, from $54,255,100 in 2017 to $55,182,500 in 2018.

Properties Sold: Through the fourth quarter of 2018, 5% more properties sold, comparing 2,247 sales in 2017 to 2,363 sales in 2018. Average Sales Price: The average sales price was up 5%, from $122,100 in 2017 to $128,400 in 2018. Residential Sales Volume: Sales volume increased 11% in 2018, from $274,406,900 in 2017 to $303,348,600 in 2018.

523

Galena Territory; 14% fewer than at the same time last year when there were 257 properties for sale. Properties Sold: There was a 10% increase in the number of residential properties sold in 2018, comparing 201 sales in 2017 to 222 sales in 2018. Average Sales Price: The average sales price was $171,300 in 2018, 6% less than in 2017 when the average sales price was $182,800. Residential Sales Volume: Sales volume was up 3% for 2018, an increase from $36,742,900 in 2017 to $38,021,100 in 2018.

520

Summary continued from page 2

Average Residential Sales Price Sales Volume

Muscatine & Wilton Area

Listing Inventory: There are 167 homes and condominiums listed for sale in the Muscatine and Wilton area, 24% more than at the same time last year when there were 135 properties for sale. Properties Sold: 11% fewer residential properties sold in 2018, comparing 580 sales in 2017 to 514 sales in 2018. Average Sales Price: The average sales price was $155,600 in 2018, a 2% increase from the average sales price in 2017 of $153,000. Residential Sales Volume: Sales volume was down 10%, from $88,730,400 in 2017 to $79,967,600 in 2018.

Southwest Wisconsin Area

Listing Inventory: There are 190 properties for sale in the southwest Wisconsin region, a 7% increase compared to the same time last year when there were 178 listings. Properties Sold: There were 544 properties sold in 2018, which is 2% fewer than the 554 properties that sold in 2017. Average Sales Price: The average sales price was $143,400 in 2018, 2% higher than in 2017 when the average sales price was $140,600. Residential Sales Volume: Sales volume increased slightly from $77,877,000 in 2017 to $78,027,500 in 2018.

Quad Cities MLS Statistics - Iowa & Illinois Combined Through December Current MLS Listings Average Sales Price Total Sales Volume Total # of Sales YTD

2014

2015

2016

2017

2018

1,600 $151,100 $629,444,600 4,165

1,440 $156,600 $692,468,200 4,421

1,329 $158,600 $752,036,100 4,743

1,220 $164,500 $802,463,300 4,877

1,173 $168,600 $809,224,300 4,800

% Change 2017 vs. 2018 -3.9% +2.5% +0.8% -1.6% RuhlHomes.com • 3


Ruhl&Ruhl Realtors Celebrates 2018 - Best Year Ever! Ruhl&Ruhl Realtors celebrated 2018 at their annual awards event on January 25. See our award winners at RuhlHomes.com/News. 1. Residential Sales Volume: Ruhl’s sales volume in 2018 was $917,973,157, up 3.7% from 2017’s sales volume. 2. Number of Properties Sold: Ruhl&Ruhl Realtors sold 5,429 properties in 2018, as either listing agent or selling agent. This was 2% more transactions than 2017. 3. Revenue: Revenue in a real estate company is primarily gross commission income (GCI). Ruhl’s 2018 GCI was $27,235,889, or 4.0% up from 2017 revenue. 4. New Listings Taken: Ruhl&Ruhl Realtors listed 3,127 properties for sale in 2018, 1.8% more than in 2017. 5. Nationally Ranked Per Agent Productivity: On average our agents closed 16.7 transactions in 2018. This is more than double the national average for per agent productivity.

6. Great Agents and Staff: Ruhl&Ruhl ended 2018 with 325 residential agents. In addition, 65 employees work for the company. 7. Ruhl Mortgage: Ruhl Mortgage closed $124,917,165 in loan volume, which was generated by 727 loans. 93.55% were purchase loans and 6.45% were refinances. Ruhl Mortgage employs 24 staff members. 8. Insurance Referrals Sold: Ruhl&Ruhl agents referred clients resulting in 418 policies being sold by the Nelson Brothers Agency, Ruhl&Ruhl Realtors’ affiliated insurance company. Nelson Brothers Agency has 36 employees. 9. Commercial Sales Volume: NAI Ruhl Commercial Company, a joint venture with Ruhl&Ruhl Realtors, sold $127,548,404 in commercial real estate in 2018. They have 18 commercial agents and 15 staff members. NAI Ruhl Property Management manages just under 1.8 million square feet of space.

Through December

Burlington Area (Southeast Iowa Regional Board of Rea

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

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

Clinton/Camanche/Fulton Area (Quad City Area Realt DeWitt Area (Quad City Area Realtor Assoc.) Dubuque Area (Dubuque Board of Realtors) Dubuque North, South and West Dubuque Illinois Wisconsin

Galena & Galena Territory (Realtor Assoc. of Northwes Galena Galena Territory Galesburg Area (Capital Area Association of Realtors) Illinois Quad Cities (Quad City Area Realtor Assoc.) Rock Island Milan & Rural Rock Island County Moline

Home Price Appreciation Rises in Our Region Five-year home appreciation in our region was between 12.52% and 17.59% with all of our regional Metropolitan Statistical Areas experiencing a positive gain. “Home prices continued to rise in the third quarter but their upward pace is slowing somewhat,” said Dr. William Doerner, Supervisory Economist, FHFA. In the past year, home prices are up: 3.67% in Dubuque; 5.48% in Iowa City; 3.08% in the Quad Cities and 4.11% in Cedar Rapids. This compares to Metropolitan Statistical Areas (MSAs)

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

other cities: Des Moines up 4.98% and Chicago up 4.12%. Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more. “We are still experiencing positive appreciation across our area,” said Caroline Ruhl, CEO of Ruhl&Ruhl Realtors. “We suggest you start now if you are looking to buy or sell this year. Reach out to your Ruhl&Ruhl Realtor to start talking about your real estate goals.”

Percent Change in House Prices 1 Year 5 Year

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

2018 3rd Quarter National Ranking of 243 MSAs*

Northeast Iowa City Southwest Iowa City

Southeast Iowa City

+4.11%

+14.09%

194

+3.08%

+12.52%

217

Corridor Area

+4.98%

+25.02%

180

Condominiums

+3.67% +5.48% +6.34%

+14.53% +17.59% +32.69%

205 165

Muscatine

Information courtesy of Federal Housing Finance Agency (FHFA) for third quarter 2018. 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

Coal Valley, Rural Moline, Miscellaneous

Miscellaneous

Muscatine & Wilton Area (Muscatine Board of Realtor Wilton Muscatine Outlying Condominiums

Southwest Wisconsin Area (S. Central Wisconsin MLS

This representation is based in part on data supplied by the REALTOR Associati The counties we track for the Burlington Area are Des Moines, Henry, and Lee in The cities we track for the DeWitt Area are DeWitt, Calamus and Wheatland. Th


Regional Residential Real Estate Activity Current MLS Listings

altors)

ltors)

sbon, etc.

tor Assoc.)

% of Active Listings

445 1,092

2018 Avg. Sales Price

2018 Sales Volume

2018 # Sold

$118,400

$122,214,100

1,032

% of Unit Sales

Sales/ List

2017 # Sold

2017 Avg. Sales Price

2017 Sales Volume

95%

1,028

$121,300

$124,689,900

$192,000

$919,659,400

4,790

99%

4,890

$184,800

$903,507,800

92

8%

180,500

75,999,500

421

9%

98%

362

171,400

62,045,700

116

11%

187,600

131,512,700

701

15%

99%

698

181,700

126,847,100

78

7%

163,900

70,470,500

430

9%

99%

479

159,700

76,482,500

63

6%

158,700

59,021,400

372

8%

99%

413

144,900

59,859,100

24

2%

254,400

23,402,900

92

2%

97%

100

284,000

28,404,600

225,600

141,014,000

625

13%

100%

595

222,100

132,175,500

172,500

74,365,900

431

9%

97%

490

169,600

83,099,300 74,463,900

110

10%

146

13%

127

12%

172,000

77,041,800

448

9%

97%

464

160,500

88

8%

338,500

92,760,700

274

6%

98%

300

307,100

92,123,800

248

23%

174,800

174,070,000

996

20%

100%

989

169,900

168,006,300

186

$105,900

$49,670,800

469

92%

470

$100,700

$47,305,700

30

$163,400

$17,811,300

109

96%

122

$164,500

$20,064,200

$189,400

$283,551,000

1,497

94%

1,483

$189,700

$281,289,200

151

54%

197,000

198,370,600

1,007

67%

96%

1,054

195,000

205,502,300

88

32%

169,600

67,989,900

401

27%

92%

348

168,200

58,543,900

31

11%

194,600

9,338,400

48

3%

92%

62

216,500

13,204,500

3%

191,500 $171,300

7,852,100 $38,021,100

41 222

3%

st IL)

9 221

92% 87%

19 201

212,600 $182,800

4,038,500 $36,742,900

26% 74%

165,900 174,400 $97,700

13,437,300 24,583,800 $55,182, 500

81 141 565

36% 64%

)

58 163 211

86% 87% 94%

69 132 559

141,100 204,600 $97,100

9,738,500 27,010,400 $54,255,100

$128,400 100,600 179,100

$303,348,600 41,647,300 29,907,700

2,363 414 167

18% 7%

96% 96% 95%

2,247 412 163

$122,100 98,300 154,700

$274,406,900 40,490,500 25,210,800

543

23%

97%

525

114,300

59,983,200

rs)

S Board)

279

650 108 42

17% 6%

150

23%

121,800

66,131,100

23

4%

150,900

18,716,900

124

5%

97%

119

145,500

17,319,600

76

12%

119,400

35,942,000

301

13%

97%

305

107,600

32,832,200

47

7%

183,500

20,735,000

113

5%

95%

98

196,000

19,206,500

47

7%

121,300

19,402,900

160

7%

97%

141

112,200

15,814,400

116

18%

133,800

54,181,900

17%

96%

358

132,200

47,338,200

41

6%

523

122,700

16,683,800

$207,600

$505,875,700

405 136 2,437

5%

96%

126

128,700

16,211,500

98%

2,630

$200,800

$528,056,400

258

49%

158,400

208,279,000

1,315

54%

98%

1,375

149,500

205,540,300

108

21%

319,200

165,346,900

518

21%

98%

583

311,900

181,823,900

20

4%

213,600

17,305,400

81

3%

97%

109

216,700

23,616,600

35

7%

310,700

36,664,100

118

5%

98%

117

285,700

33,421,200

28

5%

269,200

30,153,900

112

5%

98%

139

263,700

36,649,500

41

8%

137,800

9,786,800

71

3%

95%

81

124,000

10,045,200

33 897

6%

172,700 $245,500

38,339,600 $786,132,800

222 3,202

9%

98% 98%

226 3,223

163,500 $234,700

36,959,700 $756,480,000

196

22%

292,900

216,712,400

740

23%

98%

744

296,500

220,611,400

56

6%

332,000

57,109,100

172

5%

98%

187

319,800

59,809,800

97

11%

335,900

105,133,500

313

10%

99%

329

309,100

101,702,300

31

3%

209,900

14,272,800

68

2%

97%

81

188,900

15,300,000

15

2%

165,900

7,965,500

48

1%

98%

51

164,500

8,387,000

41

5%

190,300

35,585,900

187

6%

98%

191

189,500

36,197,600

22

2%

323,700

41,109,800

127

4%

98%

111

313,800

34,827,700

113

13%

191,500

92,307,000

482

15%

98%

467

177,600

82,943,200

326

36%

34%

100%

1,062

185,200

196,701,000

97%

580

$153,000

$88,730,400 57,206,600

167

202,800

215,936,800

1,065

$155,600

$79,967,600

514

111

66%

155,400

52,974,800

341

67%

97%

373

153,400

7

4%

150,000

4,799,400

32

6%

97%

45

155,900

7,013,600

41

25%

153,400

17,482,500

114

22%

97%

142

148,000

21,019,500

8

5%

5%

190

174,500

4,710,900

27

$143,400

$78,027,500

544

97%

20

174,500

3,490,700

92%

554

$140,600

$77,877,000

ions or their Multiple List­ing Services. Neither the Boards nor their MLS guarantee or is in any way responsible for its accuracy. Data maintained by the Boards or their MLS may not reflect all real estate activity in the market. n Iowa; Hancock and Henderson in Illinois. The cities we track for the Clinton/Camanche/Fulton Area are Clinton and Camanche in Iowa; Albany, Fulton and Morrison in Illinois. RuhlHomes.com he counties we track for the Galesburg Area are Knox and Warren. The counties we track for the Southwest Wisconsin Area are Grant and Lafayette.

•5


Do You Know What is Happening In Your Neighborhood? As the real estate market heats up, you may see more “For Sale” and “Sold” signs in your neighborhood. You may be curious about what happened with those houses - did they sell? How much did they sell for? How long did it take to sell? You can get all of that information and more through Ruhl&Ruhl Realtors’ new email reports. Your Ruhl&Ruhl Realtor will customize your report to your home address to deliver local and relevant real estate information. There are three different reports that you can choose from.

Neighborhood Reports

Get a comprehensive look at all of the properties that are active, pending or sold right around your home. You can see overall trends including the average sales prices of homes and the total number of properties currently on the market. This email report is perfect if you like to stay on top of what is going on in your neighborhood.

Market Tracker

Don’t wait for the next edition of Facts & Trends to discover general real estate information about your area. You will see a snapshot of recent activity including whether you are in a Buyer’s, Seller’s or Neutral Market, the average sales price of homes, and the number of days on market.

New Listing Alert

When you are looking to buy a home, you want to explore all of the possible options that fit your criteria. Receive these suggestions delivered to your inbox right when they become active. This report makes it easy to get all of the relevant information quickly, so you can decide whether you would like to learn more about a specific property. Contact your Ruhl&Ruhl agent to start receiving these reports. They are free and completely customizable to you!

Regional New Construction Inventory & 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 6 • RuhlHomes.com

Active Inventory 12/31/16

Active Inventory 12/31/17

Active Inventory 12/31/18

% Change in Inventory from 2017

Sales 2016

Sales 2017

Sales 2018

% Change in Sales from 2017

126 65 61 47 27 20 5 4 1 98 74 24 222 117 105 498

146 98 48 67 42 25 10 6 4 103 81 22 180 81 99 506

148 99 49 50 28 22 11 8 3 93 77 16 285 126 159 587

+1% +1% +2% -25% -33% -12% +10% +33% -25% -10% -5% -27% +58% +56% +61% +16%

305 181 124 100 83 17 11 8 3 228 174 54 451 264 187 1,095

386 214 172 88 61 27 9 8 1 242 165 77 443 240 203 1,168

328 233 95 84 62 22 9 8 1 214 156 58 505 235 270 1,140

-15% +9% -45% -5% +2% -19% 0% 0% 0% -12% -5% -25% +14% -2% +33% -2%


4th Quarter Sales Stymie New Homes Rally

New Housing Starts Through December

2015 2008

2016

2017

2018

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

41 27 14 611 293 190 104 24 256 76 1 5 25 10 139 89 15 12 0 5 3 10 23 3 18 372 76 158 59 34 34 11 384 138 20 136 72 4 10 4 37 12 21 4 34 9 13 12 1,824

24 24 0 591 278 186 102 25 300 97 0 10 40 19 134 139 73 4 3 6 1 7 33 1 11 485 111 164 100 55 44 11 402 172 17 119 77 7 6 4 36 4 28 4 41 16 11 14 2,018

19 17 2 569 218 177 143 31 251 65 3 1 33 28 121 113 45 0 3 3 1 6 35 2 18 386 104 140 56 41 36 9 402 160 19 153 38 8 12 12 44 13 27 4 52 35 8 9 1,832

9 7 2 395 130 133 115 17 242 48 0 2 24 28 140 85 18 7 1 4 1 6 23 7 18 322 79 102 68 33 32 8 311 108 12 101 49 22 15 4 38 6 31 1 58 34 13 11 1,460

% Change 2017 vs. 2018 -53% -59% 0% -31% -40% -25% -20% -45% -4% -26% -100% +100% -27% 0% +16% -25% -60% +700% -67% +33% 0% 0% -34% +250% 0% -17% -24% -27% +21% -20% -11% -11% -23% -33% -37% -34% +29% +175% +25% -67% -14% -54% +15% -75% +12% -3% +63% +22% -20%

Source: Municipal offices. There may be additional new homes built which are not included with this data.

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As reported by local Multiple Listing Services, a 16% rise in new home inventory did not result in strong fourth quarter sales in most regional markets. Combined condo and house sales for the quarter were down 20% vs. 2017 and over 30% vs. the second quarter of 2018. For the year, regional house sales were up 1%, but condo sales fell 7%, combining for a 2% overall decrease in units sold. Inventory of houses is up 10% while condo inventory is up 26%. Houses accounted for 61% of 2018 sales and ending inventory. New home starts were down about 20% across the region. See the charts on pages 6 and 7 for individual market details on starts, inventory, and sales. Regionally, about 1 home sale in every 9 was new construction. The chart below reflects selling price range breakdowns for the past several years: Houses: 2018 Below $300K 28% $300 - $400K 42% Above $400K 30%

2017 32% 37% 31%

2016 22% 44% 34%

2015 40% 35% 25%

Condos: 2018 Below $200K 21% $200 - $300K 62% Above $300K 17%

2017 38% 43% 19%

2016 38% 47% 15%

2015 53% 37% 10%

CEDAR RAPIDS: House sales here were the strongest in the region, showing a 9% increase over 2017. However, a 45% decrease in condo sales left this segment with a 15% overall sales loss for the year. One bright spot was the College Community area with a 24% sales increase. Both house and condo sales were up. Results for the rest of the market were driven by a 55% decrease in condo sales, but a 4% increase in house sales - mostly at $250-$300K. About 1 in every 11 homes sold was new. DUBUQUE: House sales $300-$400K supplied the only real growth area in the market with a 57% increase over 2017. Condo sales were down 18% while overall house sales were up 1%. The combined result was a 4% decrease for 2018. Both house and condo inventories dropped, by a total of 25%, despite new home developments opening in the market. Only 1 in every 18 homes sold was new. IOWA CITY: 2018 saw this area remain as the most active new homes market in the region, with about 1 in every 5 homes sold being new construction. While house sales were down about 2%, condo sales were up 33%, combining for an overall 14% increase. All four market segments recorded overall sales increases - with Coralville-Tiffin leading the way with a 33% increase in sales, mostly 4th Quarter Sales Stymie continued on page 8

RuhlHomes.com • 7


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

4th Quarter Sales Stymie continued from page 7

in condos. While other markets suffered condo sales losses, Iowa City utilized a 61% increase in condo inventory to produce sales growth. One point to note is the large supply of condos priced over $400K in a market area where 83% of 2018 condo sales were below $300K. QUAD CITIES: 2018 sales dropped 11% with houses down 5% and condos down 24%. Overall inventory is down 5% vs. the end of 2017. Strongest sales gains in

Scott County were in houses $300-$400K and condos $225-$300K, both up over 34%. As mid-range home sales increased, house sales above $500K were down 25% and condo sales above $300K were down 52%. In Rock Island County, sales were level, although still only comprising 4% of Quad Cities area sales. NOTE: Regionally, market shares at both lower and higher end pricing for houses and condos are shrinking. This years biggest sales gains were in the middle,

hopefully bringing some good news for consumers and builders alike. Also to be noted is the blurring line between free-standing homes and condos. Each builder and each market may have a different name for the product, but there is a serious trend toward “downsizing” with energy efficient, single story open home plans with smaller lots and featuring lawn care and snow removal services as “easy care,” leisure time and travel become more appreciated concepts.

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Caroline Ruhl, CEO Chris Beason, President

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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


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