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26
Housing Market in Q-C 'bubbling'
The Quad-City housing market remains strong, according to the annual prediction of a national real estate firm. Housing Predictor, an independent real estate research firm based in Destin, Fla., ranked the Quad-City region 24th on its Best 25 Real Estate Markets, according to editor Mike Colpitts. The ranking looked at 234 U.S. markets. The survey evaluated the Quad-City multiple listing service, or MLS, which includes Scott, Rock Island, Mercer and Henry counties. "We are doing OK. This prediction is coming out at the worst time of the year and we are still leading the pack," Shane Johnson, chief executive officer of the Quad-City Area Realtor Association, said. "The winter months are normally slow in the real estate industry," said Michael Banks, chairman of the association. "This year, however, things are bubbling more than they have in the past." Portland, Maine, topped the list with projected appreciation in local home values rising 3.6 percent in 2011. The Quad-Cities had projected appreciation of 2.5 percent in the coming year. Colpitts said Housing Predictor did an updated forecast for 2010 in August and the Quad-City MLS ranked 19th with a projected 4.2 increase for 2010. By the end of the year, the market actually finished at 3.3 percent, he said. "That was 3.3 percent for the market for the full year. That is still a pretty good forecast when compared to the majority of country," he said. "The Quad-City area is recovering more quickly than much of the nation, in part, because local lenders and Realtors, perhaps tempered by Midwestern values, were more careful in their practices than those from other cities," Johnson said. "And, generally our market is more stable which allows us to avoid the huge swings that have played havoc in other areas." More than 15 states are projected to experience housing appreciation during the year, based on the annual report. Four Iowa cities were listed among the 25 best markets: Iowa City, seventh at 3.2 percent; Cedar Rapids, 22nd at 2.6 percent; Des Moines, 23rd also at 2.6 percent. "While these numbers don't approach the gains we've seen in the past, it is encouraging to see improvements in our market and to see where we stand nationally," Banks said in a news release. The list of the 25 worst housing markets for 2011 was topped by Bend, Ore., with anticipated reduction in home values of minus 11.5 percent. Rounding out the bottom five were Las Vegas; Atlantic City, New Jersey; Miami, and Medford, Ore. Keep checking RuhlHomes.com for the most up to date information on the Quad Cities real estate market! Article Published in the Quad City Business Journal, January 21, 2011. 1000 loans
