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Sales Growth in 2009
Ruhl&Ruhl Celebrates Sales Growth in 2009; Announces Year End Results
Caroline Ruhl, President of Ruhl&Ruhl REALTORS, congratulated her sales associates and staff on "surviving and thriving in 2009". She thanked them for their extraordinary customer service. "You are knowledgeable and highly skilled professionals who consistently outperform your competition and are gaining market share." The company celebrated at an awards brunch at the i-wireless Center Friday morning. They honored 155 achievement club members. 1. Growth in Number of Properties Sold Ruhl&Ruhl REALTORS sold 3,770 properties in 2009, as either listing agent or selling agent. This was 4.7% more transactions than in 2008. This compares to a 3% decline in sales in the Quad Cities MLS, including a 1% decline in sales in the Iowa Quad Cities and a 5% decline in the Illinois Quad Cities. 2. Increase in Per Agent Productivity On average, Ruhl agents sold 16.1 properties per agent as either listing or selling agents. This is up from 15.2 sides per agent in 2008. Nationally, agents average 7 transactions per year. 3. Market Share Growth In the Quad Cities region, Ruhl&Ruhl has steadily increased market share from 25.16% in 2000 to 31.67% for the combined Iowa and Illinois Quad Cities in 2009. In the Iowa Quad Cities, they've grown from 32.05% in 2000 to 36.49% in 2009. In the Illinois Quad Cities, they have increased steadily from 14.22% in 2000 to 22.73% in 2009, an almost 60% increase in the past 10 years. 4. Average Sales Price Ruhl&Ruhl's average sales price was $145,329 in 2009, down from $154,147 in 2008 The decline was caused by an increase in first time buyers – from 29% of Ruhl buyers in 2008 to 38% of Ruhl buyers in 2009. The first time buyer tax credit prompted this jump in the first time buyers. The average sales price overall in the Quad Cities in 2009 was $138,400. 5. Sales Volume Ruhl&Ruhl's residential sales volume in 2009 was $547,890,896, about 1.3% less than 2008. When we add NAI Ruhl&Ruhl Commercial Company's 2009 sales volume of $147,692,346 to Ruhl's residential sales, the Ruhl companies total sales volume in 2009 was $695,583,242. Mel Foster Co. reported total sales volume of $600,480,000 for 2009, down 12% from $682,220,000 the company reported for 2008. 6. Revenue Revenue in a real estate company is primarily gross commission income, or g.c.i.. Ruhl&Ruhl's 2009 g.c.i. was .8% less than 2008 g.c.i., but earnings were up significantly. 7. 1862 Mortgage Penetration 27.3% of Ruhl&Ruhl's 2009 buyers used the services of 1862 Mortgage, Ruhl&Ruhl's mortgage partner. This was an increase from 25.5% buyer penetration in 2008. 8. New Construction Sales Ruhl&Ruhl REALTORS sold 236 new construction homes in 2009 for a sales volume of $70,813,508, and at an average price of $300,057. This was 21% less in sales volume than 2008. 9. What's Ahead in 2010? Caroline Ruhl expects the first half of the year to be particularly strong due to record low interest rates, the expanded homebuyer tax credit program that is no longer restricted to only first-time homebuyers, and to pent up demand. "My concern is that many existing homebuyers don't realize that they too are now eligible for a $6,500 tax credit – but offers must be written by April 30 and closed by June 30th," Ruhl commented. "The $8,000 first-time homebuyer tax credit has been very effective but we need to get the word out to existing homebuyers so they don't miss this free money." For the first three weeks of January, Ruhl&Ruhl's pending sales volume was up 100% over the first three weeks of last year, and the number of properties pended for sale was up 64%. Interest rates are also projected to go up about a percent in the second half of the year – another good reason for buyers to act now.
