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Posts from May 2017
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May
10
10
Regional New Homes Market off to a Good Start in 2017
Builders and developers across the region are hoping that a solid increase in first quarter sales reflects stronger customer confidence and result in stronger sales levels for the entire year in 2017. Area MLSs reported an overall growth of 27% in unit sales YTD. New house sales were up 13%, while condo sales jumped 62%. Builders have also demonstrated their confidence by increasing inventory levels of houses by 6% and condos by 57% vs. 2016. As always, results vary by individual market segment.
The chart below displays the relationship between sales prices for ALL of 2016 vs. the first quarter of 2017. Please note that it is too early in the year to identify these results as a trend.
| Houses | 2016 | YTD 2017 |
| Below $300K | 22% | 34% |
| $300K-$400K | 44% | 39% |
| Above $400K | 34% | 27% |
| Condos | 2016 | YTD 2017 |
| Below $200K | 38% | 46% |
| $300K-$400K | 47% | 39% |
| Above $400K | 15% | 15% |
Early results continue to reflect this region's preference for ranch style homes. However, multilevel home sales have contributed to the lower average sales prices YTD. New home sales account for 1 in every 10 sales regionally. Following is a summary of activity in major markets:
CEDAR RAPIDS: All segments of the Cedar Rapids market reported sales increases over last year, with the biggest gains coming in the College Community District with triple the sales vs. 2016. The 4 Quadrants/Hiawatha/Robins market saw a 400% increase in condo sales, coupled with a 43% decrease in house sales. Marion reported a sales increase of 26%. Area inventory is down just 3%.
DUBUQUE: The area is off to a slower start than the rest of the region, reporting an overall drop in sales of 14%, with houses down 33% and condos up 100% vs. 2016. Overall inventory is up 35%, with houses up 10% and condos up 162%. House sales $175-225K represent the largest segment for first quarter sales.
IOWA CITY: Coralville-Tiffin continues to set the pace for sales in the Iowa City area with an increase of 123% over 2016 and 38% of area MLS sales. Iowa City was the only segment that did not report an increase in sales, but did report the same number of sales as YTD 2016. Overall sales in the area increased by 43% while area inventory jumped by 49%, with the largest increases in both sales and inventory coming in condos. 1 in every 5 area sales was a new home - twice the regional average.
QUAD CITIES: Area sales increased 2% over 2016 YTD. While house sales are up 23%, condo sales dropped 53%. Overall supply of new homes has grown 11%, with houses up 18% and condos up 6%. 86% of houses sold in the market were above $300K, while 57% of condos were also above $300K. This represents 43% of homes sold regionally in this price range, despite the fact that the area accounts for only 25% of regional sales.
We do expect to see the average sales prices to climb as the year progresses since there are no real signs of relief coming for materials, labor, land or regulation costs in the near future.
May
5
5
Luxurious Apartment Living with a View
Ruhl&Ruhl Realtors' Property Management department is excited to announce a partnership with new luxurious apartments for lease overlooking Downtown Davenport and the Mississippi River Valley in the completely renovated Kahl Mansion. The Gold Coast Apartments are an upscale, active community for adults 50 plus.
Located on West Ninth Street in Davenport, the Gold Coast Apartments have a variety of floor plans available, including studios, one bedrooms, and two bedrooms. Floor plans range from approximately 1,000 to 2,500 square feet and are available in both the historic mansion and the more contemporary addition. ADA compli...
May
3
3
The Quad Cities Experiences the Largest One-Year Gain in Region
Five-year home appreciation in our region was between 6.96% and 15.32% with all of our local Metropolitan Statistical Areas experiencing a positive gain.
"Although interest rates rose sharply during the fourth quarter, our data show no signs of a home price slowdown," said Federal Housing Finance Agency (FHFA) Deputy Chief Economist Andrew Leventis. "Although it will certainly take more time for the full effects of the elevated interest rates to be felt, there is no evidence of a normalization in the unusually low inventories of homes available for sale, which has been the primary force behind the extraordinary price gains."
In the past year, home prices are up: 4.33% in Dubuque; 2.02% in Iowa City; 5.50% in the Quad Cities and 2.44% in Cedar Rapids. This compares to other cities: Des Moines up 3.99% and Chicago, IL up 3.89%. This data is provided by the FHFA for the fourth quarter of 2016 (see chart and website below). Of course, there is considerable variation based on price range and location of properties, with more affordable properties appreciating more.
| Metropolitan Statistical Areas (MSAs) | Percent Change in House Prices | |
| 1 Year | 5 Year | |
| Cedar Rapids, IA | + 2.44% | + 6.96% |
| Davenport-Moline-Rock Island, IA-IL | + 5.50% | + 11.39% |
| Des Moines-West Des Moines, IA | + 3.99% | + 15.32% |
| Dubuque, IA | + 4.33% | + 11.67% |
| Iowa City, IA | + 2.02% | + 12.49% |
| USA | + 6.15% | + 33.05% |
Information courtesy of the Federal Housing Finance Agency (FHFA) for the fourth quarter of 2016. FHFA stats always run one quarter behind. Their full report is available at www.fhfa.gov. *Rankings based on annual percentage change in house prices.
"With such a low inventory of houses for sale," said Caroline Ruhl, president of Ruhl&Ruhl Realtors, "This could be an ideal time for you to sell your home and move up to your dream house. We recommend that you consult with your real estate professional to learn more about the real estate activity in your local neighborhood. The public can also request a Neighborhood Report from any Ruhl&Ruhl Realtor or go to ruhlhomes.com and click on "Get Neighborhood Market Activity' underneath the photo on the homepage."
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