Region’s Housing Market Turned the Corner in Third Quarter entry level homes, sellers of those homes can buy new, more expensive homes, and we will see increasing average sales prices. Home prices in our region continue to be stable, as show in the Federal Housing Finance Agency chart on page 6. Ranked by price appreciation, all of our regional markets are in the top 25% of 296 Metropolitan Statistical Areas nationally. This continues to be a great time to buy a home in our markets. Interest rates are still near record lows – in the range of 5%-5.25% for 30-year conventional and FHA mortgages and 4.375%-4.625% for 15-year mortgages. All sellers are advised to get pre-approved for a mortgage before listing their homes for sale if they are planning to purchase a new home. Because of the tightened credit requirements, some sellers have sold their homes only to find they no longer qualify for a mortgage to purchase a new home. While mortgage monies are still readily available in our region to buyers with good credit, nationally nearly one-third of all borrowers who applied for a loan last year were turned down, according to the Federal Reserve. Call 1862 Mortgage to get preapproved at 563.441.1862. Iowa Quad Cities Listing Inventory: There were 964 homes and condominiums listed for sale as of September 30, 2009, which is a 13% decrease from last year when there were 1,103 properties for sale. The data this year does not include 73 properties that are classified as “To Be Built.” Properties Sold: 11% fewer properties sold and closed in 2009 compared to 2008, a drop Facts & Trends Ruhl&Ruhl REALTORS • Fall 2009 Real Estate In this issue: page 3 Hard Facts About Our Soft New Construction Market page 4 RuhlHomes.com ~ Totally New Website page 6 Ruhl Adds Property Management to Services page 6 Home Prices Stable Here Compared to National Depreciation According to economists surveyed by the National Association for Business Economics, the recession, which began in December 2007, has ended. Further, they noted the housing recovery “will gather momentum” and 2010 will be the first year since 2005 that the housing sector will contribute to overall growth. After flattening out this year, house prices, they said, will see a “modest gain of 2% in 2010.” Third quarter marked the turnaround point for housing sales in our markets. At Ruhl&Ruhl, for example, we sold and closed on 8.4% more properties during the third quarter of 2009 than during the third quarter of 2008, comparing 1,187 sales this year to 1,095 sales last year. Pending sales written in September of 2009 and not yet closed were up 23% over September of last year and sales written during the first three weeks of October were up 55%. So fourth quarter sales closed will be well ahead of fourth quarter 2008 as well. The 2009 Regional Real Estate Results chart on page 2 shows that year to date the number of properties sold is still down from last year, ranging from 3% down in the Iowa City area to 17% down in the Maquoketa/Preston/Bellevue markets. This reflects the devastating first quarter results. In most markets, year to date sales volume is also down more than the number of properties sold. This is because more lower- priced homes have been selling due to the first-time homebuyer tax credit. This change in the mix of deals to more lower-priced sales and fewer higher-priced sales has also resulted in lower average sales prices in most of our markets. The good news is – now that first-time buyers have purchased RuhlHomes.com – Continued on page 2 RuhlHomes.com ~ 1 Darrin Huggins Realtor 563.288.2968 [email protected]
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Transcript
Region’s Housing MarketTurned the Corner in Third Quarter
entry level homes, sellers of those homes
can buy new, more expensive homes, and
we will see increasing average sales prices.
Home prices in our region continue to be
stable, as show in the Federal Housing
Finance Agency chart on page 6. Ranked by
price appreciation, all of our regional
markets are in the top 25% of 296
Metropolitan Statistical Areas nationally.
This continues to be a great time to buy a
home in our markets. Interest rates are still
near record lows – in the range of 5%-5.25%
for 30-year conventional and FHA
mortgages and 4.375%-4.625% for 15-year
mortgages. All sellers are advised to get
pre-approved for a mortgage before
listing their homes for sale if they are
planning to purchase a new home.
Because of the tightened credit
requirements, some sellers have sold their
homes only to find they no longer qualify for
a mortgage to purchase a new home. While
mortgage monies are still readily available
in our region to buyers with good credit,
nationally nearly one-third of all borrowers
who applied for a loan last year were turned
down, according to the Federal Reserve.
Call 1862 Mortgage to get preapproved at
563.441.1862.
Iowa Quad CitiesListing Inventory: There were 964 homes
and condominiums listed for sale as of
September 30, 2009, which is a 13%
decrease from last year when there were
1,103 properties for sale. The data this year
does not include 73 properties that are
classified as “To Be Built.”
Properties Sold: 11% fewer properties sold
and closed in 2009 compared to 2008, a drop
Facts & TrendsR u h l & R u h l R E A L T O R S • F a l l 2 0 0 9
Illinois Quad CitiesListing Inventory: The number of
properties for sale is down 8% from
September of last year, a decrease from
1,059 listings last year to 972 listings this
year. This is preceded by a 6% increase
at the same time last year. The 2009 data
does not include 36 properties that are
classified as “To Be Built.”
Properties Sold: Year to date, 11% fewer
properties have sold than during this
period in 2008, comparing 1,257 sales
this year to 1,414 sales last year.
Average Sales Price: The average sales
price increased 2% from $111,800
through September of 2008 to $114,000
through September of 2009.
Residential Sales Volume: Sales volume
shrank by 10% from $158,070,600 in
2008 to $143,340,100 in 2009. 37% of
Quad Cities’ sales volume was sold on
the Illinois side, which is consistent with
the same time period in 2008.
Cedar Rapids AreaListing Inventory: There were 1,830
residential properties listed for sale on
September 30, 2009, 14% less than at the
same time last year when there were
1,574 properties listed.
Properties Sold: 3,128 properties sold
and closed year to date, 10% fewer than
the 2,818 that were sold through
September of 2008.
Average Sales Price: The average sales
price in the Cedar Rapids region was
$150,300 through September 2009, 1%
less than the average sales price of
$152,000 through September 2008.
Residential Sales Volume: Sales volume
fell 11%, from $475,558,300 in 2008 to
$423,530,600 in the same period of 2009.
Clinton, Camanche & FultonListing Inventory: There are 7% more
properties listed for sale this year than
last, comparing 246 properties for sale in
September of 2008 to 262 properties for
sale in September this year. This is
compared to an 8% decrease from 2007
to 2008.
Properties Sold: 13% fewer properties
sold and closed through September 2009,
a decrease from 346 sales in 2008 to 300
sales in 2009.
Average Sales Price: The average sales
price in Clinton, Camanche and Fulton
during the first nine months of 2009 was
$96,600, 6% lower than the average sales
price of $103,000 through September of
2008.
Residential Sales Volume: Sales volume
was down 19% from $35,651,500 in
2008 to $28,985,900 in 2009.
DeWittListing Inventory: DeWitt’s listing
inventory is 19% more than last year, an
increase from 54 listings in September
2008 to 64 properties for sale in
September of 2009.
Properties Sold: 76 properties sold and
closed during the first nine months of
2009 compared to 82 sales in 2008, a 7%
decrease.
Average Sales Price: The average sales
price of homes sold through September
2009 was $138,300, 2% less than last
year’s average sales price of $141,600.
Residential Sales Volume: Sales volume
in DeWitt shrank by 10% from last year,
a decrease from $11,612,700 to
$10,507,700.
DubuqueListing Inventory: There were 704
residential properties listed for sale in
Dubuque this September. This is a 15%
increase from last year’s 610 properties
listed.
Properties Sold: 13% fewer properties
sold and closed year to date compared to
last year, a decrease from 801 closings in
2008 to 695 closings through September
of this year.
Average Sales Price: The average sales
price of homes sold through September
2009 was $153,500, compared to the
average sales price of $143,000 through
September of 2008, a 7% increase.
Residential Sales Volume: Sales volume
year to date of $106,682,100 was down
7% from last year’s sales volume of
$114,510,700.
Iowa CityListing Inventory: There was an
– Continued from page 1
– Continued on page 4
New Housing StartsThrough September
RuhlHomes.com ~ 3
Iowa Quad Cities 502 366 266 189 -29%
Davenport 138 86 70 59 -16%
Bettendorf & Riverdale 129 98 75 61 -19%
Rural Scott County 116 90 58 22 -62%
Eldridge & Long Grove 58 25 23 22 -4%
LeClaire & Princeton 56 52 37 21 -43%
Blue Grass - City of 5 15 3 4 +33%
Illinois Quad Cities 185 194 118 95 -19%
Moline & Coal Valley 27 23 18 16 -11%
Rock Island 17 8 10 4 -60%
East Moline & Hampton 18 10 5 4 -20%
Colona 15 18 2 2 0%
Port Byron 8 4 3 1 -67%
Geneseo 13 13 6 4 -33%
Rural Rock Island County & Milan 45 62 37 26 -30%
Silvis 22 8 3 5 +67%
Whiteside County 20 48 34 33 -3%
Iowa City Area 436 534 410 383 -7%
Iowa City 86 113 85 94 +11%
Coralville 79 78 24 57 +138%
North Liberty 206 278 243 167 -31%
Rural Johnson County 39 41 45 35 -22%
West Branch 10 6 6 5 -17%
Williamsburg & Wellman 11 14 7 19 +171%
West Liberty 5 4 0 6 +100%
Cedar Rapids Area 526 499 500 468 -6%
Cedar Rapids 285 226 252 278 +10%
Marion 171 183 182 126 -31%
Rural Linn County 64 71 54 54 0%
Hiawatha & Mechanicsville Areas 6 19 12 10 -17%
Dubuque Area 381 340 229 291 +27%
Dubuque 66 72 46 54 +17%
East Dubuque 2 0 0 28 +100%
Galena 6 3 1 3 +200%
Jo Daviess County 103 80 58 30 -48%
Peosta 19 16 16 11 -31%
Surrounding Dubuque Area 185 169 108 165 +53%
Muscatine Area 57 49 37 28 -24%
Muscatine 16 15 8 14 +75%
Muscatine County 36 32 26 13 -50%
Wilton 5 2 3 1 -67%
Other Areas – Clinton, DeWitt & MaquoketaClinton 50 41 39 18 -54%
DeWitt Area 8 4 7 2 -71%
Maquoketa, Preston & Bellevue 7 9 5 1 -80%
Total Regional Starts 2,152 2,036 1,611 1,475 -8%
(Source: Municipal offices. There may be additional new homes built which are not included with this data.)
2006 2007 2008 2009% Changefrom 2008
As much as we in the Midwest like to think
we are insulated from the tremendous swings
in the market often experienced by the coasts
and some larger markets, the truth is – this
time we are in it too! Developers and
builders in our region continue to suffer
through a drought when it comes to
financing being available for anything from
a single spec home to any kind of new
development. Loans that are already on the
books are being scrutinized very closely,
with new appraisals and cash calls becoming
very common among builders and
developers of all sizes and capabilities. This
has resulted in a situation where shrinking
new home sales becomes a “self-fulfilling
prophesy” as spec inventories dwindle and
cannot be replaced, and pre-sold
opportunities are missed because of
tightened lending practices for both
consumers and builders.
In the region served by Ruhl&Ruhl
REALTORS, while the year-to-date sales of
all new residences is down from the same
period in ‘08, there are some signs of stability
and a few bright spots. The three largest new
construction markets within our region are
the Quad Cities, the Iowa City area and
Dubuque. Of the three, Dubuque has shown
the most stability, as unit sales recorded are
exactly equal to the same nine month period
in ‘08. Overall, Quad Cities market unit sales
have dropped 23% in the same period and
the Iowa City market is off by 26%.
Hardest hit in all of these markets is the
sale of free-standing houses. The three major
markets combined have suffered a 48%
reduction in sales so far this year, as
compared to the same period in ‘08. But,
sales of condos, townhomes and zero lot line
residences are up 13% across these same
markets. The net result is still a loss of 26%
in unit sales for these three markets but a
56% increase in market share for condos,
townhomes and zero lot line homes. An
additional underlying factor is that a
relatively high percentage of the condo sales
increase is in a price range of $150,000 and
less, meaning that fewer dollars were spent
and there was less “ripple effect” in our
HARD Facts AboutOur SOFT New
Construction Market
RuhlHomes.com/Careers.aspx
Change is GoodChange is Good
563.441.5102
For information on a real estate career, go to RuhlHomes.com/Careers.aspx
or call Darcy Holle, Director of Career Development,
563.441.5102– Continued on page 7
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 September
RuhlHomes.com ~ Totally New:Look, Functionality & Information
On September 1, Ruhl&Ruhl
REALTORS launched an improved, even
easier to use website, with additional
bells and whistles to provide much more
information, faster to our customers.
RuhlHomes.com, the #1 real estate
website in the area for 10 years, provides
detailed information on over 11,000
properties from ten different Multiple
Listing Services in the region, including
the Iowa/Illinois Quad Cities region;
Cedar Rapids, Clinton,
Dubuque, Iowa City,
Muscatine, Jackson
County, IA; DeKalb
and Sauk Valley, IL;
Southwest, WI; and the Realtors Land
Institute.
The website includes larger photos
and Guided Tours, and gives users the
ability to search available properties on
an interactive map. In addition, listing
information is updated more frequently
from each multiple listing service,
showing new listings and updates
several times a day, instead of once
every 24 hours, as it was previously.
The website also improved its current
Personal Shopper, a feature that allows
customers to be the first to know about
new listings through pre-registered
property search criteria. Customers can
now create multiple saved searches,
receive email notifications and new
properties that meet desired
specifications, and have the ability to
save any properties to their “Favorites”
to view at a later date.
For Ruhl&Ruhl clients, the new site
offers Seller Activity Reports, which
include web visit counts and information
on local competing properties, including
new listings and price changes, among
others. These reports are emailed weekly
to each client who currently has a
property listed with Ruhl&Ruhl.
In addition, each Ruhl&Ruhl agent
also has their own website, allowing
consumers more avenues to search for
properties and giving them access to
listings right from their agent’s website.
Additional benefits to users include:
• Easy to use property search, by map,
address, MLS #, price range, school
district, new construction and more.
• Market pricing trends, competitive
market analysis and other reports
available online for an overview of the
market and how your home compares.
• Online applications for a pre-approved
loan with 1862 Mortgage, a partner of
Ruhl&Ruhl REALTORS.
• New construction subdivision
informat ion and
ability to learn about
the many quality
builders represented
by Ruhl&Ruhl.
• Home Services Vendors listings that
provide resources for home repair,
information on how to hook up
utilities, and move preparation.
• Relocation information including
welcome packets and community
tours, cost of living comparisons,
schools, taxes and much more.
• From the website, users can download
Mobile Ruhl, an application used to
search and provide real estate listing
information on your cell phone.
Mobile Ruhl displays listings on a
map, has GPS capabilities to show
properties for sale in the area around
the user’s location and allows users to
view real time property information,
such as photos, square footage,
number of bedrooms and bathrooms,
and other property details. Consumers
are able to refine their search to see
almost any listing in eastern Iowa,
western Illinois and southwestern
Wisconsin using their personal cell
phones, whether it is listed by
Ruhl&Ruhl or another company.
In addition, Ruhl&Ruhl also updated
the look and function of the company’s
blog, www.RuhlBlog.com. The blog
includes real estate trends, facts and
information. It is accessible through the
new website as well.
Visit www.RuhlHomes.com to view
all the new capabilities and improved
functions Ruhl&Ruhl REALTORS has
to offer.
RuhlHomes.com ~ seeproperties for sale from tenMLS’s in the region...
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.)
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
6 ~ RuhlHomes.com
Ruhl&Ruhl Adds Property Management to Services
According to the Federal Housing
Finance Agency, home prices fell
nationally 6.1% from the second quarter
of 2008 to the second quarter of 2009.
In our markets, as shown to the right,
home prices increased: 0.14% in Cedar
Rapids; 0.84% in Dubuque; and 1.25%
in Iowa City; and decreased only 0.43%
in the Quad Cities. Additionally, of the
296 MSA’s (Metropolitan Statistical
Areas) ranked by appreciation, our
markets ranked highly, all in the top 35%
– Iowa City at 20th; Dubuque at 33rd;
Cedar Rapids at 64th; and the Quad
Cities at 93rd.
Prices in our region have been stable
in the lower price ranges, $150,000 and
under, due in part to the demand
triggered by the first-time homebuyer
tax credit. The depreciation we have
seen has been in the higher priced homes
– as sellers who were transferred or had
to sell chose to cut their carrying costs
and accepted lower offers, thereby
pulling down comparable sold
information and future appraised values.
Home Prices Stable Here Compared toNational Price Depreciation
Cedar Rapids, IA 64 +0.14% +9.23%
Davenport - Moline - Rock Island, IA - IL 93 -0.43% +14.47%
DesMoines - West DesMoines, IA 99 -0.56% +10.95%
Dubuque, IA 33 +0.84% +16.11%
Iowa City, IA 20 +1.25% +14.28%
USA -6.13% +6.70%
Percent Changein House PricesMetropolitan
Statistical Areas
National Rankingby Appreciationof 296 MSA’s* 1 Year 5 Years
Information courtesy of Federal Housing Finance Agency (FHFA) for second quarter 2009. FHFA statsalways run one quarter behind. Their full report is accessible at www.fhfa.gov.*Rankings based on annual percentage change in house prices.
Ruhl&Ruhl REALTORS now has a
Property Management Department,
expanding their services to better assist
their clients.
The Ruhl&Ruhl Property Management
Department provides comprehensive
property management to a wide range of
clients – from the investor with one or
two properties to large
apartment complexes.
The focus is on
residential property
management and tenant
placement services for
both renters and owners
of rental property. In
addition, the department
will provide assistance
and education in
purchasing investment real estate.
The division will initially service the
immediate Quad Cities area, with future
plans for expansion into Ruhl&Ruhl’s
additional markets, including Iowa City,
Dubuque, and Muscatine, Iowa.
“We are excited to offer this service to
property owners and tenants,” said Jason
Young, Ruhl&Ruhl Senior Property
Manager/Broker. “Our expertise and
tools to service our owners and potential
tenants will ensure the highest customer
satisfaction and timely response.”
The division operates using the
sophisticated Yardi Accounting System,
supplying owners with customized
reports and operating costs. “The team
also works to
enhance the
value of the
property by
preserving
the exis t ing
income stream
and minimizing
a n y l o s s ,”
Young added.
In addition,
the Ruhl&Ruhl Property Management
Department provides:
• Full management services for
investment or residential properties.
• From placing renters to managing
the property; to evictions and court
appearances.
• 24 hour emergency support.
• Reliable maintenance and repair
vendors.
• Professional property management
tracking software.
• Monthly reporting to owners.
• Tenant placement (owners):
• Rental market analysis.
• Advertising for the property.
• Provide qualified, screened renters.
• Turn the property and tenant over to
the owner for private management.
• Tenant Placement (renters):
• Tenant representation.
• Show potential renters the area and
available rentals.
• Follow-up to ensure customer
satisfaction and maintain relationship.
• Executive Transferee Rental Assistance:
• Provide information and tours of the
area.
• Show available executive rentals.
• Maintain long term relationship with
Ruhl&Ruhl REALTORS.
If you are a tenant or owner looking to
rent a property, call us to see if we can
help, or view all of our properties for
lease at:
www.RuhlPropertyManagement.com
563.441.5230
Jason Young, Ashley Brown, Edward Owens
RuhlHomes.com ~ 7
Scott County 267 195 131 -33% 253 219 160 -27%
Houses 158 105 80 -24% 162 157 104 -34%
Condos/Villas 109 90 51 -43% 91 62 56 -10%
Rock Island County 101 49 47 -4% 48 33 35 +6%
Houses 52 20 13 -35% 32 20 12 -40%
Condos/Villas 49 29 34 +17% 16 13 23 +77%
Scott & Rock Island Counties Combined 368 244 178 -27% 301 252 195 -23%
Houses 210 125 93 -26% 194 177 116 -34%
Condos/Villas 158 119 85 -29% 107 75 79 +5%
*Note: 2009 Active Inventory reflects homes under construction or completed. This year it does not include homes listed as “To Be Built.”(Source: Quad City Area REALTOR Association Multiple List ing Service. Data may not reflect all real estate activity in the market.)
Total # of Sales YTD 3,687 3,592 3,424 3,077 2,751
Through September
increase of 12% in properties for sale in
September of this year compared to
September of last year, a step up from
1,406 last year to 1,580 homes and
condominiums currently on the market. In
September of 2008, listings were down
19% compared to the same period in 2007.
Properties Sold: Sales have decreased
3% from 1,954 properties sold through
the first nine months of 2008 to 1,889
sales closed through September of 2009.
Average Sales Price: The average sales
price of homes sold in the Iowa City
region did not change. Through
September of 2009, the sales price was
$183,200, compared to $183,900 in 2008.
Residential Sales Volume: Sales volume
shrank 4%, decreasing from
$359,203,200 through the first nine
months of 2008 to $346,022,800 in 2009.
Maquoketa, Preston & BellevueListing Inventory: There are 57
properties for sale in the Maquoketa,
Preston, and Bellevue area, 34% less than
the 86 properties listed in September of
2008. This follows a 30% decrease in
2008, compared to 2007.
Properties Sold: 17% fewer properties
sold through the first nine months of 2009
than 2008, a decrease from 103 sales last
year to 85 sales this year.
Average Sales Price: The average sales
price of homes sold through September
of 2009 was $112,700, no change from 2008.
Residential Sales Volume: Sales volume
shrank by 14%, from $11,084,300
through September of 2008 to $9,578,400
through September of 2009.
Muscatine & Wilton AreaListing Inventory: There are 298 homes
and condominiums listed for sale in the
Muscatine and Wilton area, 5% less than
the same period in 2008 when there were
314 properties for sale.
Properties Sold: There were 10% fewer
residential properties sold through the
first nine months of 2009 than 2008,
comparing 336 sales this year to 375 sales
last year.
Average Sales Price: The average sales
price in the Muscatine area was $125,900
as of September 30, 2009, slightly higher
than the $125,600 average sales price last
year during this period.
Residential Sales Volume: Sales volume
is down 10% in the Muscatine area year
to date, a decrease from $47,108,900 to
$42,286,400 in 2009.
Southwest WisconsinListing Inventory: There are 436
properties for sale in the southwest
Wisconsin region.
Properties Sold: There were 23% more
properties sold and closed year to date,
compared to last year, an increase from
236 closings in 2008 to 290 closings
through September of this year.
Average Sales Price: The average sales
price of homes sold through September
of 2009 was $125,200, compared to the
average sales price of $142,700 through
September of 2008, a 12% decrease.
Residential Sales Volume: Sales volume
year to date of $36,314,700 was up 8%
from last year’s sales volume of
$33,676,900.
various communities’ economies. Overall,
the decrease in sales volume is far greater
than the drop in number of properties sold.
As condo, townhome and zero lot line
home sales have increased from 35% to
55% of sales, their inventory levels have
fallen from 54% to 51% of the market,
leaving an overall market inventory that is
14% smaller than at the end of ’08, but
more balanced with current sales activity.
– Communities continued from page 2
– New Construction continued from page 3
For further information or to be added to our mailing list, contact Caroline Ruhl or Veronica Pianca563.355.7474 • 5403 Victoria Avenue, Suite 100 • Davenport, Iowa 52807-3925
(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.) 964 $160,800 $240,224,900 1,494 97% 1,663 $164,500 $273,535,600