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24
Quad Cities Real Estate Update: Local Market is Up
While sales volume is down 1% for the region, the combined Iowa & Illinois Quad Cities have seen a 1% increase in sales volume in the first nine months of 2014 compared to last year. Overall, the market is actually improving each quarter and definitely trending in the right direction! Sales Volume By Quarter Compared to 2013 1st 2nd 3rd Year-to-Date -9% -2% +4% -1% Six of our markets are down year to date and seven of our markets are up. The Illinois Quad Cities is up 6% in sales volume and the Iowa Quad Cities is down 2% in sales volume. Overall, the total market is up 1% in sales volume. What's Happening in our Markets 1) "Sluggishness in the general economy with lower than expected job growth, stagnant household income and tight credit conditions are taking the expected toll on housing sales," said Steve Murray, editor of the REAL Trends Housing Market Report. 2) First-time home purchases are at historic lows. They have accounted for only 28% of existing home sales year to date, according to the National Association of Realtors. This is six percentage points below the 5-year average. The economic slowdown has been especially tough on 24-35 year olds. Many recent college graduates have crushing levels of student debt and are frustrated with the challenging job market. Additionally, FHA fees and premiums have increased, hurting buyers' ability to qualify for loans. Thankfully both Iowa and Illinois offer attractive first-time buyer bond programs. None the less, Ruhl&Ruhl's first-time buyers only account for 24% of our total buyers, down from 26% last year. 3) It is tougher to get a mortgage. In recent testimony before Congress, Federal Reserve chairwoman Janet Yellen stated: "It has now become the case that any borrower without a pretty pristine credit rating finds it awfully hard to get a mortgage." 4) Slow but steady climb in home price appreciation in our markets. Our markets have been insulated from the extreme highs and lows. 5) Good inventory and homes for sale. Months of inventory is a good way to measure the strength of a market. Overall, the Iowa Quad Cities has 4.4 months of inventory and the Illinois Quad Cities has 5.9 months of inventory – both showing a balanced market, which favors neither the buyer, nor the seller. All of our markets are shown below. Illinois Quad Cities Listing Inventory: The number of properties for sale is down 7% from the same time last year in the Illinois Quad Cities; a decrease from 1,049 listings to 978 listings currently for sale. Properties Sold: Through the third quarter of 2014, there was a 2% increase in the number of properties sold, comparing 1,453 sales to 1,488 sales through September 2014. Average Sales Price: The average sales price increased 3%, from $107,000 through September 2013 to $110,400 through September 2014. Residential Sales Volume: Sales volume increased 6%, from $155,414,900 through the third quarter of 2013 to $164,299,600 through the third quarter of 2014. Iowa Quad Cities Listing Inventory: There are 792 properties for sale in the Iowa Quad Cities; 1% fewer than the same time last year when there were 797 properties for sale. Properties Sold: 5% fewer properties sold through the third quarter of 2014, a decrease from 1,808 sales in 2013 to 1,710 sales in 2014. Average Sales Price: The average sales price is up 4%, from $178,300 through September 2013 to $185,400 through September 2014. Residential Sales Volume: Sales volume decreased 2%, from $322,430,200 through the third quarter of 2013 to $317,032,400 through the third quarter of 2014.
