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February
12
12
New Construction Inventory Picking Up
Three percent fewer newly constructed homes sold in the region in 2014 than sold in 2013, a decline from 1,117 sales to 1,081 sales. As always, there was considerable variation by market:
Throughout the region new house sales were down 5% while new condo sales were down 1%. Houses represented 65% of the sales and condos 35%, compared to the existing resale market where 84% of the sales are houses. New ranch homes continue to be the regional preference, but a greater variety of styles is a continuing trend. A breakdown of sales by general price range follows:
Following is a brief summary of activity in each of the major market areas: CEDAR RAPIDS: With house sales down 14% and condo sales up 22%, the market managed to drop only 1% in unit sales in 2014. The inventory of new homes and condos is up 7% compared to this time last year. 25% fewer house sales in Marion accounted for all the loss in this market. New homes accounted for 1 in every 9.7 sales in 2014. DUBUQUE: New home sales grew 35% in the area this year, with house sales up 20% and condo sales up 550% balanced across all price levels. House inventories remain stable, although entry level condo inventory exceeds demand. Ranches continue to dominate sales and inventory levels. New home sales represented 1 in every 12.5 home sales in the market. 
IOWA CITY: Although the area remains the strongest new home market in the region, the Iowa City MLS reported sales declines in both houses (-4%) and condos (-14%) for 2014. Sales increases in Iowa City (+27%) and the outlying areas (+37%) were offset by 28% decreases in North Liberty, Tiffin and Coralville. Area inventory of houses was stable, but condo inventory more than doubled, for an overall new home increase of 33%. In 2014, 1 in every 5.8 sales was a new home. QUAD CITIES: New house sales (-5%) and condo sales (-12%) combined for an overall decrease of 7% in 2014, despite a 15% increase in house inventory. Houses above $400K and condos above $225K showed good increases while sales in lower price ranges witnessed sizable decreases from 2013. Ranch style houses made up only 50% of sales. Houses enjoyed a 79% market share, compared to 67% regionally. Only 1 in every 14.3 sales was a new home, making the QCA the weakest per capita new home market in our region. 2014 new home sales were not expected to grow and, regionally, they did not. However, an influx of exciting new projects, increased inventory levels, low interest rates and a stabilizing economy could lead to much better results for 2015 – there will never be a better time to buy your new home!
| Market | % Change |
| Cedar Rapids | -1% |
| Dubuque Area | +35% |
| Illinois Quad Cities | 0% |
| Iowa Quad Cities | -7% |
| Iowa City Area | -8% |
| Houses: | Condos: |
| Below $300K = 44% | Below $200K = 59% |
| $300 - $400K =33% | $200 – 300K = 33% |
| Above $400K = 23% | Above $300K = 8% |
IOWA CITY: Although the area remains the strongest new home market in the region, the Iowa City MLS reported sales declines in both houses (-4%) and condos (-14%) for 2014. Sales increases in Iowa City (+27%) and the outlying areas (+37%) were offset by 28% decreases in North Liberty, Tiffin and Coralville. Area inventory of houses was stable, but condo inventory more than doubled, for an overall new home increase of 33%. In 2014, 1 in every 5.8 sales was a new home. QUAD CITIES: New house sales (-5%) and condo sales (-12%) combined for an overall decrease of 7% in 2014, despite a 15% increase in house inventory. Houses above $400K and condos above $225K showed good increases while sales in lower price ranges witnessed sizable decreases from 2013. Ranch style houses made up only 50% of sales. Houses enjoyed a 79% market share, compared to 67% regionally. Only 1 in every 14.3 sales was a new home, making the QCA the weakest per capita new home market in our region. 2014 new home sales were not expected to grow and, regionally, they did not. However, an influx of exciting new projects, increased inventory levels, low interest rates and a stabilizing economy could lead to much better results for 2015 – there will never be a better time to buy your new home! 
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