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5
Quad Cities Real Estate Sales Volume Highest Ever
The residential real estate sales volume in the Quad Cities reached its highest mid-year level ever through June of this year. Combined sales in the Iowa and Illinois Quad Cities were up 3.5% over last year. This increase was reflective of 4.1% fewer actual properties sold, but an 8% increase in average sales price from $169,800 to $183,400.
● Iowa Quad Cities: the highest number of sales in 15 years, since 2004. Compared to the 1st half of 2018, sales volume was up 12%. Listing inventory is up 3% and there are 2.8 months of inventory - a seller's market. The average sales price is $222,600.
● Illinois Quad Cities: 5-year low in the number of sales. Sales volume is below mid-year 2017 and 2018. There were 6% more properties for sale and 4.8 months of inventory - a market balanced between buyers and sellers. The average sales price is $130,100.
Low Interest Rates Ignite Home Sales - Great Time to Refinance
With interest rates at their lowest levels in 3 years, this is a good time to look into refinancing. People refinance for a variety of reasons: to reduce their monthly payments, to get cash to invest in income property or other investments, to pay off higher interest rate debt, or to do home improvements. It's worth going to Ruhl Mortgage's website to check out your options or apply online at www.ruhlmortgage.com . It's easy to use via your phone, tablet or computer. Or call 866-441-1862. Interest rates, as of August 1, with no points were: 15-year Conventional Fixed 3.125% 30-year Conventional Fixed 3.625% FHA/VA 30-year Fixed 3.250% 5/1 ARM (Adjustable Rate Mortgage) 3.750%
Home Prices Appreciating in Quad Cities
According to the FHFA, homes in the Quad Cities MSA appreciated 2.72% in the past year and 13.76% over the past 5 years. Of course, there is considerable variation based on property location and price range. Generally, more affordable homes are appreciating more based on greater demand and less supply.
