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 ListÂing 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
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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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