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10
New Construction Inventory Falling
Across the region served by Ruhl&Ruhl REALTORS, new home sales dropped by an average of nearly 14% (see chart below for more detail) while Ruhl&Ruhl REALTORS experienced a company-wide increase of over 6% in unit sales for the year. Price level preferences were consistent with sales in the Quad Cities market, but the rest of the region expressed a much stronger preference for ranch style homes; at over 90% of sales in most areas. Inventory levels across the region fell by nearly 30%, compared to last year.
The Quad Cities Area Realtor Association's Multiple Listing Service sales and inventory figures for new homes in the Quad Cities have been compiled and the overall results for 2011 reflect a decrease in both sales and year-end inventory levels. Inventory of New Construction at the end of 2011 dropped 16% from a year ago, with available new houses down 29%. Inventory of available condos is at the same level as this time last year. Scott County is home to 79% of the 114 new homes listed on the MLS. Overall unit sales in the market dropped by 20% when compared with 2010, with new house sales down 28% and new condo sales down 1%. Scott County experienced a 29% decrease in houses and a 3% decrease in condos for a combined drop of 22%. Rock Island County saw an 18% drop in houses and a 9% increase in condos for a net decrease of 4%. Ranch style houses represented 48% of sales. Of the combined total of 217 new construction home sales reported by the MLS; 136 (63%) were houses and 81 (37%) were condos. Scott County reported 196 (90%) of the total sales for both counties. The most active price range for new houses remained from $200,000 to $300,000, followed by $300,000 to $400,000. These two ranges together represented nearly 57% of new house sales in 2011, but when compared with 2010 results, they also combined for 75% of the total sales decline in 2011. In 2010, they represented 62% of house sales. Condo sales were dominated by sales below the $175,000 level with 65% of sales falling under that point. A family-owned company since 1862, Ruhl&Ruhl REALTORS has grown to more than 275 sales associates, 58 employees and eleven offices, selling more than 4,300 homes in eastern Iowa, western Illinois and southwestern Wisconsin. The company has residential sales offices in Bettendorf, Burlington, Cedar Rapids, Clinton, Davenport, DeWitt, Dubuque, Iowa City, Maquoketa and Muscatine, Iowa; and in Moline, Illinois. In addition to residential sales, the company offers services in relocation, property management, real estate investments, new home sales, land development, farm sales, senior services, home vendor services, insurance services through the Nelson Brothers Agency and mortgage services through 1862 Mortgage. For more information on Ruhl&Ruhl, visit their website at www.RuhlHomes.com.
