real estate facts & trends spring 2009
DESCRIPTION
Eastern Iowa reasl estate factTRANSCRIPT
The Real Estate Market is Back!in March. At Ruhl&Ruhl, our new sales
pending in March were only down 0.8%
from March of 2008. And the first two
weeks of April have been up 43% over
the same weeks in 2008. In fact, nationally
March results also showed for the first time
that housing sales started to gain traction in
all regions of the country.
Positive Factors Causing BetterReal Estate Sales
Many factors are contributing to the
improving real estate market:
1.Mortgage Interest Rates at Record
Low - interest rates are at their lowest
level since 1947. In the 1980’s we said “if
interest rates would just get below 12%,
we can sell homes again...” Now interest
rates are below 5%.
2.Housing Affordability is at an All Time
High - housing affordability is at its
highest level since the government started
measuring it in the 1970’s.
3.First Time Buyer Tax Credit Programs
- of 2008 and 2009, offering up to $7,500
and $8,000 incentives to first time buyers,
identified as persons who have not owned
a principle residence in the three years
prior to purchase.
4.Positive News in the Media - this has
been as much a “fear session” as a
recession, with negative press coverage
eroding buyer confidence. Many
economic conditions were worse in the
1980’s, but we only had the news on TV
at 7:00 a.m. and 5:30 p.m. Now the public
is bombarded with bad news 24/7 on TV
and the internet. Thankfully some in the
media are beginning to localize their news
and even running some positive stories.
5.FHA Loans Easier and Affordable - the
Facts & TrendsR u h l & R u h l R E A L T O R S • S p r i n g 2 0 0 9
R e a l E s t a t e
In this issue:
page 3Spring Has Sprung in
New Construction
page 4Quad Cities - Second
Most Affordable in
Country
page 4Ruhl&Ruhl 100th
Largest Broker in
Country
page 4 See Ruhl&Ruhl’s
New Blog
page 6Our Region’s Home
Prices Stable
After six months of wondering if we would
ever sell another house, the real estate
market is back! Hallelujah!
The regional real estate market slowed
dramatically during the fourth quarter of
2008 and the first quarter of 2009. Real
estate pending sales were down as much as
50% compared to the prior year during
some months. Prospective buyers were
paralyzed with fear due to the troubled
economy, and concerns about whether or
not they would have a job. This downturn
is reflected in the 2009 Regional Real Estate
Trends chart on page 2. As shown, first
quarter sales volume was up 32% in
Dubuque, but down in all of our other
markets, with the drop from first quarter
2008 as follows:
Cedar Rapids . . . . . . . . . . . . . . � 17%
Clinton . . . . . . . . . . . . . . . . . . . � 53%
DeWitt . . . . . . . . . . . . . . . . . . . � 69%
Dubuque . . . . . . . . . . . . . . . . . . � 32%
Illinois Quad Cities. . . . . . . . . . � 19%
Iowa Quad Cities . . . . . . . . . . . � 28%
Iowa City . . . . . . . . . . . . . . . . . � 20%
Maquoketa/Preston/Bellevue . . � 43%
Muscatine . . . . . . . . . . . . . . . . . � 19%
In most markets the percent drop in number
of properties sold is less than the percent
drop in sales volume because sales in upper
price ranges have been more negatively
impacted by market conditions than sales in
lower price ranges. First time buyers,
motivated by historically low interest rates
and the First Time Buyer Tax Credit, are
able to buy without waiting for their current
homes to sell, which is part of the hold up
for move up buyers.
Housing Turnaround Beganin March
Our regional market began to improve
RuhlHomes.com
– Continued on page 2RuhlHomes.com ~ 1
The Huggins TeamGina and Darrin563.288.2968
Average % Change % Change % Change Active % Change2009 in Average 2009 in Number 2009 in Sales Listing In Active
Sales Sales Price Number Sold Sales Volume Count ListingsPrice from 2008 Sold from 2008 Volume from 2008 2009 from 2008
Cedar Rapids Area $140,800 -7% 578 -12% $81,360,800 -17% 1,577 -19%
Clinton/Camanche/Fulton $85,700 -19% 50 -43% $4,284,900 -53% 163 -33%
DeWitt $99,000 -19% 8 -62% $791,600 -69% 81 +33%
Dubuque Area $144,800 -2% 162 +30% $23,452,000 +32% 549 +35%
Illinois Quad Cities $111,600 -3% 302 -17% $33,705,800 -19% 896 -3%
Iowa Quad Cities $147,400 -10% 330 -20% $48,649,600 -28% 991 -6%
Iowa City Area $181,000 -4% 260 -16% $47,054,300 -20% 1,799 +6%
Maquoketa/Preston/Bellevue $113,500 +9% 12 -48% $1,361,500 -43% 74 -29%
Muscatine/Wilton $118,500 -2% 82 -17% $9,720,800 -19% 274 -3%
Through March
2 ~ RuhlHomes.com
2009 Regional Real Estate Trends
loosening of underwriting guidelines
for FHA loans and their requirement
for only a 3.5% downpayment has
made mortgages feasible for many
buyers. Other benefits of FHA loans
include easy loan modifications for
borrowers who fall behind, easy
refinancing plans if rates decline, and
low interest rates overall - which don’t
increase if the borrower has a low
credit score. There are no income
restrictions on FHA loans, so even
borrowers with high incomes may find
them attractive. Plus the loan limit in
our markets is $271,050, making it
high enough to use on the vast majority
of our home sales. Ruhl&Ruhl’s sister
company, 1862 Mortgage, is doing
60% of our business as FHA loans.
FHA loans still require an inspection
of the home, but the process is much
easier than it used to be.
6.Economic Stimulus Programs - the
government’s massive spending via the
stimulus plans will have a positive
effect on the housing market, giving a
shot in the arm to the economy and
creating jobs and/or reducing job
losses - all leading to better buyer
confidence.
Lawrence Yun, Chief Economist for
the National Association of Realtors,
predicts home sales in the second half of
2009 will be better than the first half of
the year for all of the above reasons. At a
March Realty Alliance meeting he
reported to a group of brokers that sales
in California were up 100% in units in
February. Brokers are referring to the
surge of pent up demand coming into the
market as a “herd mentality.” Once
buyers became more confident and
willing to re-enter the market, other
buyers didn’t want to miss out, and
everyone jumped in.
As our markets are now entering a
housing recovery, we need to urge buyers
who have been sitting on the sidelines to
seize the great investment opportunities
and good inventories available now,
before the “herd jumps in.”
The volatile economic picture will
obviously continue to impact
homebuying. Rising unemployment will
continue to put a brake on how fast
housing can recover. But for now, it
appears that regional consumers are
regaining confidence and taking
advantage of low interest rates and good
investment opportunities.
Iowa Quad CitiesListing Inventory: There were 991
homes and condominiums listed for sale
as of March 31, 2009, which is a 6%
decrease from last year when there were
1,052 properties for sale.
Properties Sold: 20% fewer properties
sold and closed in the first quarter of
2009 compared to 2008, a drop from 412
sales last year during this quarter to 330
sales this quarter.
Average Sales Price: The average sales
price in the Iowa Quad Cities fell by
10%, from $164,300 in 2008 to $147,400
in 2009.
Residential Sales Volume: Sales
volume fell by 28% from $67,695,100 to
$48,649,600.
Illinois Quad CitiesListing Inventory: The number of
properties for sale is down 3% from the
first quarter last year, a decrease from
923 listings last year to 896 listings this
year.
Properties Sold: In 2009, 17% fewer
properties sold during the same period as
in 2008, comparing 302 sales this year to
364 sales last year.
Average Sales Price: The average sales
price decreased 3% from $114,500
through March of 2008 to $111,600
through March of 2009.
Residential Sales Volume: Sales
volume shrank by 19% from
$41,683,600 in 2008 to $33,705,800 in
2009. 40% of Quad Cities’ sales volume
was sold on the Illinois side, compared
to 38% during the same period in 2008.
Cedar Rapids AreaListing Inventory: There were 1,577
residential properties listed for sale on
March 31, 2009, 19% less than at the
same time last year when there were
1,953 properties listed.
Properties Sold: 578 properties sold and
closed during the first quarter of 2009,
12% fewer than the 654 that were sold
through March of 2008.
Average Sales Price: The average sales
price in the Cedar Rapids region was
$140,800 through March 2009, 7% less
than the average sales price of $150,700
– Continued from page 1
Cedar Rapids – Continued on page 7
New Housing StartsThrough March
RuhlHomes.com ~ 3
Iowa Quad Cities 141 94 67 39 -42%
Davenport 43 26 15 14 -7%
Bettendorf & Riverdale 46 21 19 14 -26%
Rural Scott County 28 18 16 5 -69%
Eldridge & Long Grove 14 12 7 2 -71%
LeClaire & Princeton 10 14 9 4 -56%
Blue Grass - City of 0 3 1 0 -100%
Illinois Quad Cities 58 36 16 14 -12%
Moline & Coal Valley 9 4 2 1 -50%
Rock Island 8 2 2 0 -100%
East Moline & Hampton 7 1 1 0 -100%
Colona 4 2 1 0 -100%
Port Byron 1 1 0 0 0%
Geneseo 4 4 1 0 -100%
Rural Rock Island County & Milan 12 11 5 10 +100%
Silvis 2 4 1 1 0%
Whiteside County 11 7 3 2 -33%
Iowa City Area 155 132 67 73 +9%
Iowa City 28 31 23 18 -22%
Coralville 22 14 3 15 +400%
North Liberty 88 72 32 30 -6%
Rural Johnson County 12 7 5 6 +20%
West Branch 4 1 1 3 +200%
Williamsburg & Wellman 0 5 3 1 -67%
West Liberty 1 2 0 0 -0%
Cedar Rapids Area 142 119 93 65 -30%
Cedar Rapids 75 70 41 40 -2%
Marion 46 37 41 20 -51%
Rural Linn County 19 11 10 5 -50%
Hiawatha & Mechanicsville Areas 2 1 1 0 -100%
Dubuque Area 100 81 48 57 +19%
Dubuque 12 20 13 16 +23%
East Dubuque 2 0 0 0 0%
Galena 2 1 0 1 +100%
Jo Daviess County 23 8 12 5 -58%
Peosta 3 5 0 2 +200%
Surrounding Dubuque Area 58 47 23 33 +50%
Muscatine Area 21 10 10 7 -30%
Muscatine 7 4 2 5 +150%
Muscatine County 12 5 7 2 -71%
Wilton 2 1 1 0 -100%
Other Areas – Clinton, DeWitt & MaquoketaClinton 10 14 14 5 -64%
DeWitt Area 1 1 1 1 0%
Maquoketa, Preston & Bellevue 4 3 1 0 -100%
Total Regional Starts 632 490 317 261 -18%
(Source: Municipal offices. There may be additional new homes built which are not included with this data.)
2006 2007 2008 2009% Changefrom 2008
BY: DAVID FALK - Director,
New Construction and Development
Spring is here… and none too soon! After
a harsh winter, that showed up early and
stayed late, builders and buyers alike are
sensing both a change in season and a
change in attitude. Just as winter eases into
spring, and spring into summer, people’s
attitudes toward the new home market are
starting to show signs of life.
Incentives for first-time and other buyers
are starting to attract attention to the other
positive factors present – very low interest
rates and lots of choice in styles and price
ranges of new construction homes.
Builders are continuing to do a very good
job of differentiating the value of their
product from that of existing homes.
Innovations in building products and
techniques have had a very positive impact
on lowering the cost of ownership for new
homes, while updated space planning has
allowed the creation of interiors which are
more adaptable to “trans-generational” use.
Even though many first-time buyers may
not be prospects for new construction at all
price points, builders know that they will
free pent up demand by “move-up” buyers
who have not had confidence in their
ability to sell their existing homes.
An improbable factor in a resurgence of
new home buying is the status of new
construction inventories in our various
regional markets. Several of our markets
suffer from inventories which are
imbalanced for today’s market – meaning
they have too many, or too few, standing
units of a product type or price point that
buyers in the market are seeking. As an
example, the Iowa Quad Cities market has
seen a surge of purchases in two story free-
standing homes over the last 15 months. In
that time frame, about 50% of the homes
purchased have been two story homes,
while previously 30-35% of the market
would have been the norm in recent years.
Spring Has Sprungin New Construction
Ruhl Property ManagementFull Service Property Management and Tenant Placement
Service with knowledge and experience YOU CAN TRUST! 563.441.5230 New Construction – Continued on page 6
Regi
(NOTE: This representation is based in part on data suData maintained by the Boards or their MLS may not r
Iowa Quad Cities (Quad City Area Realtor Assoc.)
Davenport
Bettendorf & Riverdale
Blue Grass, Buffalo & Walcott
Pleasant Valley & LeClaire
North Scott
Miscellaneous
Condominiums
Illinois Quad Cities (Quad City Area Realtor Assoc
Rock Island
Milan & Rural Rock Island County
Moline
Coal Valley, Rural Moline, Miscellaneous
East Moline & Silvis
Colona, Green Rock, Port Byron, Upper Rock Island
Mercer County
Henry County South
Henry County North, Geneseo, Whiteside
Condominiums
Iowa City Area (Iowa City Area Assoc. of Realtors)
Iowa City
Coralville
North Liberty, Oxford, Tiffin & Conroy
Tipton & West Branch
West Liberty, Lone Tree & Hills
Williamsburg, Kalona, Wellman & Riverside
Corridor Area
Miscellaneous
Cedar Rapids Area (Cedar Rapids Area Assoc. of
South East Cedar Rapids
North East Cedar Rapids
South West Cedar Rapids
North West Cedar Rapids
Marion
Hiawatha & Robins
East of I-380: Mechanicsville, Anamosa, Mt. Vernon,
West of I-380: Walford, Fairfax, Atkins, etc.
Corridor Area: Solon, Ely, Swisher
Dubuque Area (Dubuque Board of Realtors)
Dubuque
North, South and West Dubuque
Illinois
Wisconsin
Muscatine Area (Muscatine Board of Realtors)
Muscatine
Wilton
Muscatine Outlying
Condominiums
Clinton, Camanche, Fulton Areas (Clinton Board
DeWitt Area (Quad City Area Realtor Assoc.)
Maquoketa, Preston & Bellevue Area (Jackson Co
Wisconsin (South Central Wisconsin MLS)
Grant County
Lafayette County
4 ~ RuhlHomes.com
2009 Through March
Ruhl&Ruhl 100th Largest Brokerin the Country
Of nearly 8,000 real estate companies in
the country, Ruhl&Ruhl REALTORS
was just ranked the 100th largest broker
in the U.S. by REAL Trends in their
annual Big Broker report. This
continues a steady climb – from 146th
in 2005 to 113th in 2006 and 100th
based on 2007 and 2008 results.
Brokers are ranked based on the
number of residential transaction sides
closed during the prior year. Ruhl&Ruhl
closed 3,602 listings and/or sales during
2008, nearly 10 deals per day. Ruhl
agents each closed an average of 16
transactions in 2008, compared to 7
deals per agent which is the national
average. Ruhl&Ruhl agents ranked
among the best in the country for per
agent productivity.
Company President, Caroline Ruhl
observed, “Our agents’ high
productivity reflects Ruhl&Ruhl’s
philosophy of associating with the
highest quality agents in the
marketplace. We are dedicated to
providing the best service to our clients
by the best agents in the business. Our
ongoing training and marketing
technology enables our agents to be
highly productive.”
Quad Cities - Second Most Affordablein the Country
Forbes.com has listed the Quad Cities
area as second in the nation for low cost
of living expenses in its “Best Places for
Business and Careers” survey.
In its survey of the 200 largest
metropolitan areas in the U.S., released
the week of March 25, 2009, the
magazine website listed the Davenport
MSA (Metropolitan Statistical Area),
which includes the Quad Cities area,
with a population of 377,000. The Quad
Cities also ranked:
• 30th for cost of doing business
• 85th for income growth and
• 101st for job growth projected
It showed our median home price at
$91,700.
The Military Service Member Homeownership Assistance program administered
by the Iowa Finance Authority provides up to $5,000 that may be used toward a
down payment or closing costs on a primary residence. The service member must
have served in active duty after September 11, 2001. Contact 1862 Mortgage to
obtain the details and close on your new home!
563.441.1862 • [email protected] • 866.441.1862
Military Service MemberHomeownership Assistance
We have two new ways for
you to receive information
about real estate. Visit our
blog at RuhlBlog.com or, if
you are on Facebook, search
for Ruhl&Ruhl REALTORS
and become a “fan.” We will
keep you up to date on real
estate happenings in all of the
communities we serve!
See Ruhl&Ruhl’s New Blog
ional Residential Real Estate Ac tiv i ty
upplied by the REALTOR Associations or their Multiple List ing Services. Neither the Boards nor their MLS guarantee or is in any way responsible for its accuracy.reflect all real estate activity in the market.)
991 $147,400 $48,649,600 330 96% 412 $164,300 $67,695,100
441 45% 110,700 18,930,500 171 52% 95% 226 125,900 28,447,500
157 16% 220,300 15,864,300 72 22% 95% 91 242,800 22,090,600
57 6% 150,900 1,961,700 13 4% 95% 8 146,400 1,170,900
54 5% 219,800 2,637,200 12 4% 96% 14 236,200 3,306,100
57 6% 175,100 2,976,700 17 5% 97% 26 205,300 5,338,200
16 2% 84,900 424,500 5 2% 87% 4 176,500 705,900
209 20% 146,400 5,854,700 40 11% 97% 43 154,300 6,634,000
c.) 896 $111,600 $33,705,800 302 95% 364 $114,500 $41,683,600
133 15% 92,700 5,374,600 58 19% 93% 52 75,400 3,919,800
51 6% 100,900 2,017,400 20 7% 93% 21 170,600 3,582,800
152 17% 91,600 6,777,000 74 25% 94% 91 99,700 9,074,700
48 5% 173,700 2,258,100 13 4% 97% 18 131,400 2,364,300
87 10% 102,300 3,172,500 31 10% 95% 43 99,300 4,271,800
Co. 36 4% 237,000 2,607,400 11 4% 94% 23 165,500 3,805,700
88 10% 82,400 1,482,600 18 6% 96% 24 86,600 2,078,100
45 5% 93,800 1,407,100 15 5% 95% 14 99,000 1,386,600
127 14% 133,300 5,866,200 44 15% 95% 54 134,100 7,242,700
129 14% 152,400 2,743,000 18 5% 96% 24 164,900 3,957,000
) 1,799 $181,000 $47,054,300 260 94% 311 $188,000 $58,471,500
690 38% 206,800 17,995,100 87 33% 94% 110 205,700 22,626,300
259 14% 232,800 7,216,300 31 12% 95% 36 278,800 10,037,100
353 20% 156,300 11,407,500 73 28% 98% 59 179,400 10,581,600
61 3% 134,300 1,342,900 10 4% 95% 12 153,000 1,836,100
40 2% 178,200 1,247,400 7 3% 95% 7 178,700 1,250,900
137 8% 140,300 2,244,000 16 6% 90% 17 158,100 2,687,700
78 5% 206,300 1,444,300 7 3% 97% 15 208,700 3,130,800
181 10% 143,300 4,156,800 29 11% 87% 55 114,900 6,321,000
Realtors) 1,577 $140,800 $81,360,800 578 96% 654 $150,700 $98,530,800
195 12% 121,800 8,771,300 72 12% 96% 77 $128,700 9,913,200
174 11% 156,100 17,485,600 112 20% 96% 104 $133,900 13,921,600
179 11% 135,500 13,008,600 96 17% 98% 98 $135,500 13,281,300
92 6% 104,900 3,986,100 38 7% 91% 62 $141,500 8,770,700
213 14% 172,500 16,908,500 98 17% 98% 116 $177,500 20,594,400
44 3% 186,200 2,234,100 12 2% 97% 12 $308,100 3,697,500
Lisbon, etc. 364 23% 127,800 9,713,900 76 13% 94% 86 $151,100 12,996,500
172 11% 110,500 5,301,700 48 8% 92% 67 $128,900 8,639,500
144 9% 152,000 3,951,000 26 4% 98% 32 $209,900 6,716,100
549 $144,800 $23,452,000 162 93% 125 $142,600 $17,818,700
350 64% 146,100 17,091,200 117 72% 94% 93 149,600 13,914,400
131 24% 160,000 4,481,000 28 18% 92% 24 125,900 3,021,900
34 6% 89,000 623,400 7 4% 88% 3 133,500 400,500
34 6% 125,600 1,256,400 10 6% 86% 5 96,400 482,000
274 $118,500 $9,720,800 82 93% 99 $121,300 $12,012,200
164 60% 118,600 6,998,800 59 72% 92% 69 122,800 8,473,800
28 10% 96,500 289,600 3 4% 91% 9 117,100 1,054,000
62 23% 92,600 1,574,900 17 20% 97% 18 108,100 1,945,400
20 7% 285,800 857,500 3 4% 90% 3 179,700 539,000
of Realtors) 163 $85,700 $4,284,900 50 93% 87 $105,900 $9,212,600
81 $99,000 $791,600 8 90% 21 $122,900 $2,580,500
ounty MLS) 74 $113,500 $1,361,500 12 91% 23 $104,000 $2,392,700
381 $159,300 $10,513,400 66 90% 50 $203,200 $10,160,400
287 75% 137,900 7,306,400 53 80% 86% 45 215,700 9,706,400
94 25% 246,700 3,207,000 13 20% 90% 5 90,800 454,000
Current % of Active 2009 Avg. 2009 Sales 2009 % o Unit Sale/ 2008 2008 Avg. 2008 Sales
MLS Listings Listings Sales Price Volume # Sold Sales List # Sold Sales Price Volume
RuhlHomes.com ~ 5
However, at the end of the first quarter,
only 34% of new homes in inventory
were two story homes. This is true in the
best selling price range of $225-
$300,000 and is consistent in the other
price ranges as well. However, by
contrast, in the Illinois Quad Cities only
10% of sales and 10% of current
inventory are two story homes. In the
same QCA market, attached homes /
townhomes / villas accounted for 33% of
the market sales in 2008, but represent
46% of the standing inventory at the end
of the first quarter in 2009.
These are just two examples of the
imbalance in inventories experienced in
a number of our regional markets, but
they can have a serious impact on how
buyers, builders, lenders and even agents
can view a market if they do not look
closely enough. Buyers see generalized
numbers and may incorrectly think that
an overstuffed market is ripe for bargain
hunting. Builders need to look for the
correct niche to take advantage of an
under-built price point or style, and
lenders need to be ready to look beyond
what has not sold well to support
builders who are lining up with the
expressed needs of the marketplace,
wherever or whatever that might be.
Location, style, price and the appropriate
quality of construction for each are still
the key factors in determining success in
new construction sales.
Spring is here! Let’s take advantage of
the change in season and the change in
attitudes to BUILD toward a Great 2009!
Our Region’s Home Prices Stable ~We Are “An Isolated Pocket of Strength”
The headlines of the Federal Housing
Finance Agency’s news release read:
Record Home Price Declines in Fourth
Quarter; Isolated Pockets of Strength.
We are happy to report that our
region is one of the “isolated pockets
of strength.” Nationally, prices fell 8.2%
from the fourth quarter of 2007 to the
fourth quarter of 2008.
In our markets, as shown to the right,
prices either increased during the same
timeframe: 0.85% in the Quad Cities;
0.57% in Dubuque; 0.69% in Cedar
Rapids; or they decreased only slightly -
1.63% in Iowa City and 1.48% in
DesMoines.
Furthermore, of the 294 MSA’s
(Metropolitan Statistical Areas) ranked
by appreciation, our markets all ranked
highly - the Quad Cities at 61st, Cedar
Rapids 70th, Dubuque 76th, and Iowa
City 143rd.
If you compare our appreciation in
home prices over one year to the 40%
drop in stock values, real estate continues
to be a great investment in our region.
Cedar Rapids, IA 70 +0.69% +12.56%
Davenport - Moline - Rock Island, IA - IL 61 +0.85% +17.57%
DesMoines - West DesMoines, IA 138 -1.48% +14.10%
Dubuque, IA 76 +0.57% +17.86%
Iowa City, IA 143 -1.63% +15.37%
USA -8.24 +12.99
Percent Changein House PricesMetropolitan
Statistical Areas
National Rankingby Appreciationof 294 MSA’s* 1 Year 5 Years
Information courtesy of Office of Federal Housing Enterprise Oversight (OFHEO). OFHEO stats alwaysrun one quarter behind. Their full report is accessible at www.ofheo.gov.*Rankings based on annual percentage change in house prices.
Combined Iowa & Illinois Quad Cities MLS Statistics2005 2006 2007 2008 2009
Current MLS Listings 1,690 1,880 1,911 1,975 1,887
Average Sales Price $127,800 $136,400 $135,200 $141,000 $130,300
Total Sales Volume $115,382,000 $126,759,000 $119,146,000 $109,378,700 $82,355,400
Total # of Sales YTD 903 929 881 776 632
Through March
New Construction – Continued from page 3CHANGE IS GOOD.
Finally, it’s your turn. Be an
entrepreneur. Be in control of your
own destiny. Find out about a real
estate career.
FREE Real EstateCareer Seminars
Wednesday, May 20, 20097:00 pm - 8:30 pm • Davenport
Thursday, June 25, 20097:00 pm - 8:30 pm • Moline
For a reservation, go to
RuhlHomes.com/Careers
or call Darcy Holle,
Director of
Career Development
563.441.5102
6 ~ RuhlHomes.com
RuhlHomes.com ~ 7
through March 2008.
Residential Sales Volume: Sales
volume fell 17%, from $98,530,800 in
the first quarter of 2008 to $81,360,800
through March 31, 2009.
Clinton, Camanche & FultonListing Inventory: There are 33% fewer
properties listed for sale in March this
year than last, comparing 245 listings in
March 2008 to 163 properties for sale in
March 2009.
Properties Sold: 43% fewer properties
sold and closed through 2009, a decrease
from 87 sales in 2008 to 50 sales in 2009.
Average Sales Price: The average sales
price in Clinton and Camanche during
2009 was $85,700, a 19% decrease from
the average sales price of $105,900
through March of 2008.
Residential Sales Volume: Sales
volume was down 53% through the first
quarter of 2009 from $9,212,600 in 2008
to $4,284,900.
DeWittListing Inventory: DeWitt’s listing
inventory is 33% more than the first
quarter last year, an increase from 61
listings in 2008 to 81 properties for sale
in March of 2009.
Properties Sold: 8 properties sold and
closed during the first quarter of 2009
compared to 21 sales in 2008, a 62%
decrease.
Average Sales Price: The average sales
price of homes sold through March 2009
was $99,000, 19% less than last year’s
average sales price of $122,900.
Residential Sales Volume: Sales volume
in DeWitt shrank by 69% from last year,
a decrease from $2,580,500 to $791,600.
DubuqueListing Inventory: There were 549
residential properties listed for sale in
Dubuque at the end of March 2009. This
is a 35% increase over last year’s 359
properties.
Properties Sold: 30% more properties
sold and closed in 2009 compared to last
year, a climb from 125 closings in 2008 to
162 closings through March of this year.
Average Sales Price: The average sales
price of homes sold through March 2009
was $144,800 compared to the average
sales price of $143,400 through the first
quarter of 2008, a 2% decline.
Residential Sales Volume: Sales
volume for 2009 of $23,452,000 was up
32% from last year’s sales volume of
$17,818,700.
Iowa CityListing Inventory: There is an increase
of 6% in properties for sale, a step up
from 1,701 last year to 1,799 homes and
condominiums currently on the market
in March of this year.
Properties Sold: Sales have decreased
16% from 311 properties sold through
the first quarter of 2008 to 260 sales
closed through March of 2009.
Average Sales Price: The average sales
price of homes sold in the Iowa City
region decreased by 4% from $188,000
through March of 2008 to $181,000
through March of 2009.
Residential Sales Volume: Sales
volume shrank 20%, decreasing from
$58,471,500 through the first quarter of
2008 to $47,054,300 through the first
quarter of 2009.
Maquoketa, Preston & BellevueListing Inventory: There are 74
properties for sale in the Maquoketa,
Preston, and Bellevue area, 29% less than
the 104 properties listed in March of 2008.
Properties Sold: 48% fewer properties
sold through the first quarter of 2009
than 2008, a decrease from 23 sales last
year to 12 sales this year.
Average Sales Price: The average sales
price of homes sold through March of
2009 was $113,500, 9% more than the
average sales price of $104,000 through
March of last year.
Residential Sales Volume: Sales
volume shrank by 43%, from $2,392,700
through March of 2008 to $1,361,500
through March of 2009.
Muscatine & Wilton AreaListing Inventory: There were 274
homes and condominiums listed for sale
at the end of March in the Muscatine and
Wilton area, 3% less than the same time
in 2008 when there were 283 properties
for sale.
Properties Sold: There were 17% fewer
residential properties sold through the
first quarter of 2009 than 2008,
comparing 82 sales this year to 99 sales
last year.
Average Sales Price: The average sales
price in the Muscatine area was $118,500
as of March 31, 2009, 2% lower than the
$121,300 average sales price last year
during this time period.
Residential Sales Volume: Sales
volume is down 19% in the Muscatine
area through March of 2009, a decrease
from $12,012,200 to $9,720,800.
Cedar Rapids – Continued from page 2
Scott County 53 303 58 254 37 206 -36%
Houses 32 180 43 143 24 128 -44%
Condos/Villas 21 123 15 111 13 78 -13%
Rock Island County 11 105 12 117 11 65 -8%
Houses 7 49 6 45 2 19 -67%
Condos/Villas 4 56 6 72 9 46 +50%
Scott & Rock Island Counties Combined 64 408 70 371 48 271 -31%
Houses 39 229 49 188 26 147 -47%
Condos/Villas 25 179 21 183 22 124 +5%
(Source: Quad City Area REALTOR Association Multiple List ing Service. Data may not reflect all real estate activity in the market.)
Quad Cities New Construction Home SalesActive
Inventory3/31/07
Sales2008
Sales2007
ActiveInventory
3/31/08Sales2009
ActiveInventory
3/31/09
Sales2009
vs. 2008Through March
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
[email protected] or [email protected]
Call Ruhl&Ruhl’s Relocation Cen terWe provide FREE help with recruiting and relocation services:
800.346.8389 or [email protected]
contact
Veronica Pianca, Vice PresidentRelocation & Business De vel op ment
Welcome Packets: Community Overview
Mortgage Services ~ 1862 Mortgage
866.441.1862 • [email protected]
School Information
Community Tour
Visit our website at RuhlHomes.com for realestate listings and community in for ma tion.
Housing Information
Cost of Living Comparison
Free Market Analysis of Home
Relocation & Recruiting As sis tance
Corporate Relocation Center
5403 Victoria Avenue, Suite 100
Davenport, IA 52807-3925
ADDRESS SERVICE REQUESTED
8 ~ RuhlHomes.com
The Huggins TeamGina and Darrin563.288.2968
Regional Residential Real Estate Ac tiv i ty
(NOTE: This representation is based in part on data supplied by the REALTOR Associations or their Multiple List ing 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.)
Iowa Quad Cities (Quad City Area Realtor Assoc.) 991 $147,400 $48,649,600 330 96% 412 $164,300 $67,695,100
Davenport 441 45% 110,700 18,930,500 171 52% 95% 226 125,900 28,447,500
Bettendorf & Riverdale 157 16% 220,300 15,864,300 72 22% 95% 91 242,800 22,090,600
Blue Grass, Buffalo & Walcott 57 6% 150,900 1,961,700 13 4% 95% 8 146,400 1,170,900
Pleasant Valley & LeClaire 54 5% 219,800 2,637,200 12 4% 96% 14 236,200 3,306,100
North Scott 57 6% 175,100 2,976,700 17 5% 97% 26 205,300 5,338,200
Miscellaneous 16 2% 84,900 424,500 5 2% 87% 4 176,500 705,900
Condominiums 209 20% 146,400 5,854,700 40 11% 97% 43 154,300 6,634,000
Illinois Quad Cities (Quad City Area Realtor Assoc.) 896 $111,600 $33,705,800 302 95% 364 $114,500 $41,683,600
Rock Island 133 15% 92,700 5,374,600 58 19% 93% 52 75,400 3,919,800
Milan & Rural Rock Island County 51 6% 100,900 2,017,400 20 7% 93% 21 170,600 3,582,800
Moline 152 17% 91,600 6,777,000 74 25% 94% 91 99,700 9,074,700
Coal Valley, Rural Moline, Miscellaneous 48 5% 173,700 2,258,100 13 4% 97% 18 131,400 2,364,300
East Moline & Silvis 87 10% 102,300 3,172,500 31 10% 95% 43 99,300 4,271,800
Colona, Green Rock, Port Byron, Upper Rock Island Co. 36 4% 237,000 2,607,400 11 4% 94% 23 165,500 3,805,700
Mercer County 88 10% 82,400 1,482,600 18 6% 96% 24 86,600 2,078,100
Henry County South 45 5% 93,800 1,407,100 15 5% 95% 14 99,000 1,386,600
Henry County North, Geneseo, Whiteside 127 14% 133,300 5,866,200 44 15% 95% 54 134,100 7,242,700
Condominiums 129 14% 152,400 2,743,000 18 5% 96% 24 164,900 3,957,000
Iowa City Area (Iowa City Area Assoc. of Realtors) 1,799 $181,000 $47,054,300 260 94% 311 $188,000 $58,471,500
Iowa City 690 38% 206,800 17,995,100 87 33% 94% 110 205,700 22,626,300
Coralville 259 14% 232,800 7,216,300 31 12% 95% 36 278,800 10,037,100
North Liberty, Oxford, Tiffin & Conroy 353 20% 156,300 11,407,500 73 28% 98% 59 179,400 10,581,600
Tipton & West Branch 61 3% 134,300 1,342,900 10 4% 95% 12 153,000 1,836,100
West Liberty, Lone Tree & Hills 40 2% 178,200 1,247,400 7 3% 95% 7 178,700 1,250,900
Williamsburg, Kalona, Wellman & Riverside 137 8% 140,300 2,244,000 16 6% 90% 17 158,100 2,687,700
Corridor Area 78 5% 206,300 1,444,300 7 3% 97% 15 208,700 3,130,800
Miscellaneous 181 10% 143,300 4,156,800 29 11% 87% 55 114,900 6,321,000
Cedar Rapids Area (Cedar Rapids Area Assoc. of Realtors) 1,577 $140,800 $81,360,800 578 96% 654 $150,700 $98,530,800
South East Cedar Rapids 195 12% 121,800 8,771,300 72 12% 96% 77 $128,700 9,913,200
North East Cedar Rapids 174 11% 156,100 17,485,600 112 20% 96% 104 $133,900 13,921,600
South West Cedar Rapids 179 11% 135,500 13,008,600 96 17% 98% 98 $135,500 13,281,300
North West Cedar Rapids 92 6% 104,900 3,986,100 38 7% 91% 62 $141,500 8,770,700
Marion 213 14% 172,500 16,908,500 98 17% 98% 116 $177,500 20,594,400
Hiawatha & Robins 44 3% 186,200 2,234,100 12 2% 97% 12 $308,100 3,697,500
East of I-380: Mechanicsville, Anamosa, Mt. Vernon, Lisbon, etc. 364 23% 127,800 9,713,900 76 13% 94% 86 $151,100 12,996,500
West of I-380: Walford, Fairfax, Atkins, etc. 172 11% 110,500 5,301,700 48 8% 92% 67 $128,900 8,639,500
Corridor Area: Solon, Ely, Swisher 144 9% 152,000 3,951,000 26 4% 98% 32 $209,900 6,716,100
Dubuque Area (Dubuque Board of Realtors) 549 $144,800 $23,452,000 162 93% 125 $142,600 $17,818,700
Dubuque 350 64% 146,100 17,091,200 117 72% 94% 93 149,600 13,914,400
North, South and West Dubuque 131 24% 160,000 4,481,000 28 18% 92% 24 125,900 3,021,900
Illinois 34 6% 89,000 623,400 7 4% 88% 3 133,500 400,500
Wisconsin 34 6% 125,600 1,256,400 10 6% 86% 5 96,400 482,000
Muscatine Area (Muscatine Board of Realtors) 274 $118,500 $9,720,800 82 93% 99 $121,300 $12,012,200
Muscatine 164 60% 118,600 6,998,800 59 72% 92% 69 122,800 8,473,800
Wilton 28 10% 96,500 289,600 3 4% 91% 9 117,100 1,054,000
Muscatine Outlying 62 23% 92,600 1,574,900 17 20% 97% 18 108,100 1,945,400
Condominiums 20 7% 285,800 857,500 3 4% 90% 3 179,700 539,000
Clinton, Camanche, Fulton Areas (Clinton Board of Realtors) 163 $85,700 $4,284,900 50 93% 87 $105,900 $9,212,600
DeWitt Area (Quad City Area Realtor Assoc.) 81 $99,000 $791,600 8 90% 21 $122,900 $2,580,500
Maquoketa, Preston & Bellevue Area (Jackson County MLS) 74 $113,500 $1,361,500 12 91% 23 $104,000 $2,392,700
Wisconsin (South Central Wisconsin MLS) 381 $159,300 $10,513,400 66 90% 50 $203,200 $10,160,400
Grant County 287 75% 137,900 7,306,400 53 80% 86% 45 215,700 9,706,400
Lafayette County 94 25% 246,700 3,207,000 13 20% 90% 5 90,800 454,000
Current % of Active 2009 Avg. 2009 Sales 2009 % o Unit Sale/ 2008 2008 Avg. 2008 Sales
MLS Listings Listings Sales Price Volume # Sold Sales List # Sold Sales Price Volume2009 Through March