Ruhl&Ruhl Celebrates Market Share Gains
Ruhl&Ruhl Announces Year-End Results
Caroline Ruhl, President of Ruhl&Ruhl REALTORS, congratulated her sales associates and staff for their strong results and great customer service in 2008. Caroline thanked them for being “Winter Soldiers”. “You are not summer soldiers or sunshine patriots, eager when the market is easy and absent when times are tougher. You are Ruhl&Ruhl Realtors’ Winter Soldiers. You are committed and Football highly skilled professionals who consistently outperform your competition and are gaining market share.” The company celebrated at an awards brunch at the i-Wireless Center, Friday morning.
1. Market Share Growth
In the Quad-Cities region, Ruhl&Ruhl has steadily increased market share from 25.16% in 2000 to 31.31% for the combined Iowa and Illinois Quad-Cities in 2008.
In the Iowa Quad-Cities alone they’ve grown from 32.05% in 2000 to 37.99% in 2008.
And in the Illinois Quad-Cities, they’ve increased steadily from 14.22% to 18.82%.
2. Average Sales Price
Ruhl&Ruhl’s average sales price increased in 2008 to $153,992. This exceeds the average sales price in the Quad-Cities of $140,000 and also exceeds Foster’s average sales price of $134,245.
3. Per Agent Productivity
On average, Ruhl agents sold 16 properties in 2008, as either listing or selling agents. This compares to an average nationally of 8 sales per agent and is more than Foster and Re/Max agents produce in the region. In the Quad-Cities region this equates in sales volume to $1,950,000 per Ruhl agent, $1,821,800 per Re/Max agent and $1,769,500 per Foster agent.
4. Sales Volume
Ruhl&Ruhl’s residential sales volume in 2008 was $554,678,890, about 16% below 2007 sales volume. When we add NAI Ruhl&Ruhl Commercial Company’s 2008 sales volume of $174,083,050 to Ruhl’s residential sales, the Ruhl companies’ total sales volume in 2008 was $728,761,940.
Yesterday, Mel Foster Co. reported total sales volume of $682,220,000 for 2008. Residential accounted for $589,060,000, commercial Bears contributed $74,560,000 and referrals and auctions added $18,590,000.
5. Revenue, which for real estate companies is GCI (Gross Commission Income) fell 13.4% in 2008. However, because Ruhl&Ruhl had fewer agents in 2008, GCI per agent only fell 4.6%.
6. Mortgage Penetration – 1862 Mortgage – Ruhl&Ruhl’s mortgage partner, was the lender in 25.5% of Ruhl&Ruhl transactions.
7. New Construction Sales
Ruhl&Ruhl sold 291 new construction homes in 2008 for a sales volume of $89,414,130 and at an average sales price of $307,265. This was 20% less in sales volume than in 2007. Caroline Ruhl notes that in the Quad-Cities there were 324 new construction sales in the Quad-Cities MLS during 2008 – 217 single family homes and 107 condos or villas. Compared to 2007, there were 12% fewer homes sold and 26% fewer condos/villas sold. Again, our region was way healthier than the national new home sales, which were down 35%.
What’s Ahead in 2009?
2009 is a great year to buy for first-time home buyers, move up buyers and investors due to the historically low interest rates and excellent inventory on the market. With the S&P index down 40% in 2008, we encourage investors to consider residential real estate a great place to invest their monies for a good return. There is a strong demand for rental housing, both single family and multi-family.
It is important for sellers to price their homes properly from the “get go” to get a timely sale. Since home prices didn’t go up as much in our markets, they won’t come down nearly as much. In fact, the 3rd quarter OFHEO report showed our prices slid for the first time, but cheap nfl jerseys less than 1%, compared to the national price declines in 2008 of 11%-14%. To put this in perspective, in 1985-1986 when J.I. Case, International Harvester and Caterpillar exited the Quad-Cities, our prices were falling at Mortgage 1% per month – so this is very manageable. Where wholesale nfl jerseys would people rather have their money invested – the stock market that fell 40% in 2008 or residential real estate that declined in value less than 1%?
There is plenty of mortgage money available: contrary to what one is led to believe cheap nfl jerseys by the national media, mortgage money is readily available in our region. So long as a prospective
buyer has paid their bills and can document their income and has a decent credit score, they can get a mortgage. FHA requires a 3-1/2% down payment and investors typically need a 20% down payment now. But interest rates are great!
Ruhl&Ruhl expects 2009 to be a stable year with lots of opportunity for those who take advantage of our favorable market conditions.
For a complete wholesale nfl jerseys list of Ruhl&Ruhl award winners, please click on the message at the bottom of our website home page at www.RuhlHomes.com.
A family-owned company since 1862, to Ruhl&Ruhl REALTORS annually sells approximately 3,400 homes in eastern Iowa, western Illinois and southwestern Wisconsin. Caroline Ruhl is the President and owner of Ruhl&Ruhl REALTORS, and is the fourth generation of the Ruhl family to lead the residential brokerage and home services company. Headquartered in Davenport, Iowa, the company has 237 sales associates and 44 employees based in sales offices located in Bettendorf, Bellevue, Clinton, Coralville, Davenport, DeWitt, Dubuque, Maquoketa, and Muscatine, in Iowa, and in Moline, Illinois. In addition to residential sales, Ruhl&Ruhl offers services in relocation, new home sales, farm sales, senior services, and mortgage services through 1862 Mortgage. For more information on Ruhl&Ruhl, visit their website at www.RuhlHomes.com.
Note: See Attachments: 1.) Per Agent Productivity – Volume Sold Year End 2008 2.) Firm Market Share Quad-Cities 3.) Firm Market Share IA Quad-Cities 4.) Firm Market Share IL Quad-Cities 5.) New Construction Home Sales