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November
9
9
New Homes Market Steadies Regionally
Steady, if modest, growth in the regional new homes market has continued through the 3rd quarter of 2016. Area Multiple Listing Services (MLSs) have reported a sustained increase of 7% YTD. Both house and condo sales increased equally. At the same time, area inventories are 6% above this time last year, with house supply decreasing 5% while there are 22% more condos available. The average new house sales prices in our larger markets actually fell from $353,779 in 2015 to $350,724 YTD. New condo prices, conversely, rose from $212,983 last year to $239,610. The drop in average new house sales prices actually reflects less activity above $500K. However, overall prices seem to continue their upward trend, as shown by the breakdown in the following charts:
Ranch style houses continue to be the regional preference, but more cost effective multi-level and 2-story plans continue their rise in popularity, especially on smaller urban lots. We feel this trend will need to grow if new home sales are to rise significantly above the current level of 1 in every 10.5 home sales. Following is a brief summary of activity: CEDAR RAPIDS: Sales rebounded in the 3rd quarter, leaving YTD totals 2% below 2015. House sales were down 5% with condos up 1%. The 4 Quadrants segment saw sales drop 31% vs. 2015, while the Marion/Hiawatha/Robins area has experienced a 35% increase in sales. In the overall Cedar Rapids market, house inventory is down 16% while condo inventory is up 97% vs. the same time last year. DUBUQUE: While the market has maintained its 53% unit sales increase over a year ago, average new house sales prices are up 17% over last year, to $309K. Condo prices have dropped by 11%. Sales volume through 9/30/16 has already exceeded all of 2015. While house inventory is down 19%, there is a 54 month current supply of new condos. IOWA CITY: Sales in the overall market were up 13% vs. 2015 with new house and condo sales both up that same amount. The sales increase has been accomplished with inventory levels unchanged from a year ago. Iowa City, itself, maintains the largest share of market sales and inventory with new development in Tiffin displaying its anticipated strength, especially in condo sales (up 627%). The average price of a new houses in the area actually dropped 2% vs. 2015 to $370K while average condo prices rose 10% to $248K. QUAD CITIES: With relatively stable sales, the market has seen some shifts in inventory. There are 30% more available houses than last year, but 22% fewer condos. The average price of a new house in Scott County fell from $427K last year to $403K YTD and average new condo prices rose from $243K to $279K. While representing a small percentage of QCA new home sales, the Rock Island County market has doubled YTD sales over 2015. NOW is a great time to begin the process of combining your dreams with the reality of today's exciting plans and products. Take advantage of low interest rates and begin to live your dream… TODAY! Contact us at customerservice@ruhlhomes.com or call us at 866-441-1776! Or visit ruhlhomes.com/newconstruction/builders to find the perfect builder for your new home!
| Houses: | YTD 2016 | YTD 2015 |
| Below $300K | 39% | 43% |
| $300 - $400K | 37% | 35% |
| Above $400K | 24% | 22% |
| Condos: | YTD 2016 | YTD 2015 |
| Below $200K | 36% | 58% |
| $200 - $300K | 46% | 36% |
| Above $300K | 18% | 6% |
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