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November
22

November 22nd, 2010 by

Scott County year-to-date new house sales, as reported by the Quad City Area Realtor Association's Multiple Listing Service, have shown a 27.6% increase in unit sales, when compared with the first ten months of sales in 2009.  The month of October saw exactly the same number of both closed and pended new house sales as recorded during October of 2009.  Houses in the $225,000-$300,000 and $300,000-$400,000 prices ranges continued to show the strongest growth with a combined growth of over 32% more sales than the same period in 2009.  While house sales above $400,000 have not increased, recent sales have picked up to the point where the 2010 figures are nearly now the same as 2009.  While sales are up, overall new house inventory is about 10% below the levels of this time last year.  Sales of new condos in Scott County have not kept pace with new house sales, as overall unit sales have slipped 11....

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Categories: New Construction
April
20

April 20th, 2010 by
Residential new construction in Scott County is off to a promising start.  First quarter figures revealed that closed sales of both new houses and new condos were up slightly over the same period in 2009, yielding an overall 13.5% increase in unit sales.  At the same time, pended new construction residential sales in the month of March more than doubled those of March 2009.  House sales were particularly strong in the $175,000-$300,000 price range, where closed sales were up 60% from 2009.   Meanwhile, sales of homes priced above $400,000 remained unchanged.  Due to lack of inventory, no house sales under the $175,000 level were recorded in the Multiple Listing Service.  Lack of saleable inventory is also evident in other price ranges, as Scott County's new house inventory dropped 45% when compared to the 3/31/2009 inventory.  Condo sales were a...

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Categories: New Construction
April
20

April 20th, 2010 by
A review of the Iowa City area residential new construction market statistics for the first quarter of the year reveals that North Liberty continues to lead the way in unit sales, reporting 66% of the overall new home sales in the area, while Iowa City maintained a 14.6% market share with Coralville-Tiffin closing 12.1% of sales and the remaining outlying areas enjoying a 7.3% share of the new home market.  North Liberty's sales amounted to 50% of all the new houses and 69% of all new condos sold, with no change in overall unit sales, when compared to 2009.  Overall unit sales in the market dropped by 18%, compared with 2009. Of all closed new house sales, 81% were under $300,000, while 88% of condos sold were under $250,000.  House sales dropped by 11% and condo sales by 22% from last year, as condo sales represented about 60% of the unit sales.  I...

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Categories: New Construction
January
25

January 25th, 2010 by
2009 has been a year of mixed signals to the new home market.  In our regional markets we started to see daylight with some areas showing actual increases in overall unit sales, while most areas that showed decreases in sales experienced smaller decreases than in 2008.  To be certain, we are not experiencing a "boom" time yet, but the signs of stabilization are certainly present.  Inventories have been pared to levels where absorption rates are returning to 2005 -2006 levels.  Prices have not been severely impacted either.  In fact, one segment of the Quad City market had a 7% increase in the average new home sales price over the last year.   The Quad City area continues to see new construction very differently depending upon whether you are in Scott County, IA or in Rock Island County, IL. The Illinois side saw its market share...

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Categories: New Construction
December
22

December 22nd, 2009 by

Residential New Construction Coming Back to Life in Scott and Rock Island Counties The Quad Cities area residential new construction market is starting to show signs of life. At the end of November a number of indicators pointed in a more positive direction. The inventory of new homes has steadily declined over the past two years, with a number of segments of the market approaching inventory levels that appear depleted, rather than excessive. The decline in overall unit sales from previous years has slowed, with November house closings and pendings exceeding those of '08 by nearly 60% in Scott County, and with November closings in Rock Island County up by 40% for houses and condos combined. Year-to-date closings reflect an overall decline of 20% in unit sales in Scott County, but a 17% increase in unit sa...

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Categories: New Construction
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