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August
19
19
Housing Market Stabilizing in Cedar Rapids
We have been on a roller coaster ride for the past 18 months, with residential sales roaring ahead, then falling back and now slowly, but steadily, stabilizing and gradually improving. For the first six months of 2014, the total number of properties sold in our eastern Iowa, northwestern Illinois and southwestern Wisconsin region is down 4%, from 6,949 properties sold in 2013 to 6,683 properties sold in 2014. Sales volume for the total region is also down 4% to $1,065,971,100. As always, there is considerable variation from market to market, as shown on the Regional Real Estate Activity Chart below. Ruhl&Ruhl Realtors had predicted a flat year in 2014 compared to 2013 and we are hopeful that continued market and economic improvement will result in that end. "We appear to have reached a plateau that absent an increase in the market for jobs, income growth or looser underwriting standards, there are no evident drivers of a sustained recovery in housing unit sales," said Steve Murray, CEO of REAL Trends. "The recent increase in inventory will help, as will the recovery in the general economy." Inventory is up in most of our markets – see the Regional Real Estate Activity Chart below. New construction inventory is up 15% in the region while sales of new homes are down 3% compared to last year. Prices are also rising slowly in most of our markets. Overall, things are trending in the right direction and from our vantage point, stability is good, and slow and steady growth is great. Cedar Rapids Area Listing Inventory: There are 1,884 residential properties listed for sale in the Cedar Rapids area, 3% less than the same time last year when there were 1,936 properties listed. Properties Sold: Through June this year 1,848 properties sold, 6% less than the 1,962 that sold through June 2013. Average Sales Price: The average sales price was $163,900 through June 2014, 6% less than the average sales price of $174,100 through June 2013. Residential Sales Volume: Sales volume decreased 8%, from $329,225,600 in the first half of 2013 to $302,887,500 in the first half of 2014. 
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