Facts & TrendsR e a l E s t a t e

Ruhl&Ruhl Realtors Fall 2014

Closed sales volume for 2014 is down 1% compared to the first nine months of 2013 across the region of eastern Iowa, northwestern Illinois and southwestern Wisconsin. This is actually good as we are improving each quarter and definitely trending in the right direction!Sales Volume By Quarter Compared to 20131st 2nd 3rd Year-to-Date-9% -2% +4% -1% s There is considerable variation from market to market as shown on the Regional Real Estate Activity Chart on page 2. Six of our markets are down year to date and seven of our markets are up.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. See page 4 for the percent change in house prices in our major markets over the past year and over the past five years. 5) Good inventory and homes for sale. Months of inventory is a good way to measure the strength of a market. Our markets are shown below. A balanced market favors neither the buyer nor the seller.

6) Great low interest rates continue. At the time of this writing, rates were in the following ranges, with no points:30-year conventional fixed 4.000%15-year conventional fixed 3.375%30-year FHA/VA 3.750%5/1 ARM (adjustable rate mortgage) 3.000%We know these great rates can’t go on forever, so hopefully buyers will seize this opportunity. We expect a strong fourth quarter, but due to the tough winter, we anticipate 2014 to end flat compared to 2013.

Markets Steadily Improving

Caroline RuhlPresident

RuhlHomes.com

IN THIS ISSUE:page 4Ruhl Mortgage Partners with Quad City Bank & Trust

page 4Home Prices Appreciating in Our Markets

page 6Demand Strong, yet Iowa Farmland Value Decreases

page 7New Construction Sales and Inventory Rebound

WashingtonSW Wisconsin

MuscatineMaquoketa

Iowa CityIowa QCA

Illinois QCAGalena

DubuqueDeWittClinton

Cedar RapidsBurlington

Months of Inventory

0 5321 4 876 9 10 15 209.1

6.0

10.0

13.5

5.7

25.8

5.9

4.4

7.2

10.0

5.4

19.0

29.3

Sellers Market Balanced Market Buyers Market

Burlington AreaListing Inventory: There are 316 properties for sale in Burlington, Iowa and the surrounding area; a 10% increase from the same time in 2013 when there were 286 properties listed for sale.Properties Sold: There was no statistical change in the number of properties sold through the third quarter of 2014, comparing 440 sales through September 2013 to 441 sales through September 2014.Average Sales Price: The average sales price was $104,800, 7% less than the $112,700 average sales price through September 2013.Residential Sales Volume: Sales volume was down 7%, a decrease from $49,609,700 through the third quarter of 2013 to $46,231,800 through the third quarter of 2014.

Cedar Rapids AreaListing Inventory: There are 1,865 residential properties for sale in the Cedar Rapids area; 7% fewer than the

same time last year when there were 2,002 properties listed.Properties Sold: Through September this year, 3,064 properties sold and closed, 3% less than the 3,171 that were sold through September 2013.Average Sales Price: The average sales price was $163,200, 3% less than the average sales price of $168,700 through September 2013.Residential Sales Volume: Sales volume decreased 7%, from $535,086,100 through September 2013 to $499,978,900 through September 2014.

Clinton, Camanche & FultonListing Inventory: There are 365 properties for sale in the Clinton, Camanche and Fulton area; 14% more than the same time last year when there were 319 properties for sale.Properties Sold: 5% more properties sold and closed through the third quarter of 2014, an increase from 334 sales in 2013 to 351 sales in 2014.Average Sales Price: The average sales price through September 2014 was $103,800, a 3% increase from the average sales price of $100,800 through September 2013.Residential Sales Volume: Sales volume increased 8%, from $33,683,100 through the third quarter of 2013 to $36,444,300 through the third quarter of this year.

DeWittListing Inventory: DeWitt’s listing inventory is up 23%; from 48 properties

for sale last year to 59 properties currently for sale.Properties Sold: 84 properties sold through the third quarter of 2014, 9% more than last year when 77 properties sold.Average Sales Price: The average sales price of homes sold through September 2014 was $151,700, 1% more than last year when the average sales price was $149,700.Residential Sales Volume: Sales volume increased 11%, from $11,525,900 through September 2013 to $12,740,500 through September 2014.

Dubuque AreaListing Inventory: There are 531 residential properties for sale in the Dubuque area; a 5% decrease from the same time last year when there were 560 properties for sale.Properties Sold: 13% more properties sold through the third quarter of 2014, an increase from 776 closings through September 2013 to 874 closings through September 2014.

2 • RuhlHomes.com Summary continued on page 3

2014 Regional Real Estate Activity

Average 2014Sales Price

2014 Number

Sold

% Change in Average

Sales Price from 2013

% Change in Number Sold from

2013

2014Sales

Volume

Active Listing Count

2014Months of Inventory

% Change in Active Listings

from 2013

% Change in Sales Volume

from 2013Burlington AreaCedar Rapids AreaClinton/Camanche/FultonDeWittDubuque AreaGalena & Surrounding AreaIllinois Quad CitiesIowa Quad CitiesIowa City AreaMaquoketa/Preston/BellevueMuscatine/Wilton AreaSouthwest WisconsinWashington AreaRegional Total

$104,800$163,200$103,800$151,700$173,300$192,600$110,400$185,400$210,200$115,200$125,100$126,300$110,500$161,900

-7%-3%+3%+1%+8%+9%+3%+4%+2%+4%-4%

+15%+25%

+1%

0%-3%+5%+9%

+13%-2%+2%-5%-6%

-10%-4%+5%

+11%-2%

-7%-7%+8%

+11%+22%

+7%+6%-2%-4%-7%-8%

+20%+39%

-1%

9.16.0

10.013.55.7

25.85.94.47.2

10.05.4

19.0 29.3

+10%-7%

+14%+23%

-5%+9%-7%-1%+1%-5%

-22%-10%-20%-3%

4413,064

35184

87489

1,4881,7102,155

113377359118

11,223

3161,865

36559

531429978792

1,24711020741394

7,406

$46,231,800$499,978,900$36,444,300$12,740,500

$151,479,500$17,143,400

$164,299,600$317,032,400$452,916,700

$13,020,100$47,152,300

$45,326,200$13,041,100

$1,816,806,800

Through September

Summary of Regional Real Estate Activity

Cedar Rapids Area

Listing Inventory

Properties Sold

Average Sales Price

Residential Sales Volume

2,00

2

1,86

5

3,17

1

3,06

4

$168

,700

$163

,200

$535

,086

,100

$499

,978

,900

20132014 2013 2013 2013

2014 2014 2014

Dubuque Area

Listing Inventory

Properties Sold

Average Sales Price

Residential Sales Volume

560

531

776 87

4

$160

,000

$173

,300

$124

,197

,000

$151

,479

,500

2013 2014 2013 20132013

2014 2014 2014

Average Sales Price: The average sales price of homes sold through September 2014 was $173,300, 8% higher than last year’s average sales price of $160,000.Residential Sales Volume: Sales volume through the third quarter of 2014 was $151,479,500, up 22% from the sales volume of $124,197,000 through the third quarter of 2013. This follows a 5% decrease in sales volume from 2012 to 2013.

Galena & Surrounding AreaListing Inventory: There are 429 properties for sale in Galena, Illinois and the surrounding area; 9% more than the same time last year when there was 393 properties listed for sale.Properties Sold: There was a 2% decrease in the number of residential properties sold through the third quarter of 2014, comparing 91 sales in 2013 to 89 sales through September of this year.Average Sales Price: The average sales price was $192,600 through September 2014, 9% higher than the $176,800 average sales price through September 2013.Residential Sales Volume: Sales volume was up 7% in the area, an increase from $16,088,000 to $17,143,400 through September 2014.

Illinois Quad CitiesListing 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 CitiesListing 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.

Iowa City AreaListing Inventory: The number of properties for sale in Iowa City increased 1%; from 1,234 in 2013 to 1,247 homes and condominiums currently for sale.Properties Sold: Sales decreased 6% from 2,294 properties sold through the third quarter of 2013 to 2,155 properties sold through the third quarter of 2014.Average Sales Price: The average sales price is up 2%, from $205,800 through the third quarter of 2013 to $210,200 through the third quarter of 2014.Residential Sales Volume: Sales volume was $452,916,700 through September 2014, a 4% decrease from last year when it was $472,066,700.

Maquoketa, Preston & Bellevue

Listing Inventory: There are 110 properties for sale in the Maquoketa, Preston, and Bellevue area, 5% fewer than the 116 properties listed for sale at the same time in 2013. This follows a 35% increase from 2012 to 2013.Properties Sold: 10% fewer properties sold; a decrease from 126 sales through the third quarter of 2013 to 113 sales through the third quarter of 2014.Average Sales Price: The average sales price through September 2014 was $115,200, 4% more than the average sales price through September 2013 of $110,900.Residential Sales Volume: Sales volume was down 7%, from $13,978,700 through the third quarter of 2013 to $13,020,100 through the third quarter of 2014.

Muscatine & Wilton AreaListing Inventory: There are 207 homes and condominiums listed for sale in the Muscatine and Wilton area, 22% fewer than the same time last year when there were 264 properties for sale.Properties Sold: There was 4% fewer residential properties sold through the third quarter of 2014, comparing 392 sales last year to 377 sales through September 2014.Average Sales Price: The average sales price through September 2014 was $125,100, 4% less than the $130,100 average sales price through September 2013.Residential Sales Volume: Sales volume was down 8%, a decrease from $50,990,500 through September 2013 to $47,152,300 through September 2014.

Southwest WisconsinListing Inventory: There are 413 properties for sale in the southwest Wisconsin region, a 10% decrease from the same time last year when there were 459 listings.Properties Sold: There was a 5% increase in the number of residential properties sold through the third quarter of 2014, comparing 343 sales in 2013 to 359 sales in 2014.Average Sales Price: The average sales price through third quarter of 2014 was $126,300, 15% more than the $110,200 average sales price through third quarter of 2013.Residential Sales Volume: Sales volume was up 20%, an increase from $37,763,800 through the third quarter of 2013 to $45,326,200 through the third quarter of 2014.

Washington AreaListing Inventory: There are 94 properties for sale in Washington, Iowa and the surrounding area; 20% fewer than the same time last year when there was 117 properties for sale.Properties Sold: Through the third quarter of 2014, 11% more properties sold, comparing 106 sales through September 2013 to 118 sales through September 2014.Average Sales Price: The average sales price increased 25%, from $88,500 through September 2013 to $110,500 through September 2014.Residential Sales Volume: Sales volume was up 39%, from $9,383,100 through September 2013 to $13,041,100 through September 2014. This follows a 15% decrease from 2012 to 2013.

RuhlHomes.com • 3

Summary continued from page 2

Illinois Quad Cities

Listing Inventory

Properties Sold

Average Sales Price

Residential Sales Volume

1,04

9

978

1,45

3

1,48

8

$107

,000

$110

,400

$155

,414

,900

$164

,299

,600

20132014 2013 2013 20132014 2014 2014

4 • RuhlHomes.com

Regional Residential Real Estate Activity

Burlington Area (Burlington Board of Realtors)Cedar Rapids Area (Cedar Rapids Area Assoc. of Realtors)Southeast Cedar RapidsNortheast Cedar RapidsSouthwest Cedar RapidsNorthwest Cedar RapidsHiawatha & RobinsMarionEast of I-380: Mechanicsville, Anamosa, Mt. Vernon, Lisbon, etc.West of I-380: Walford, Fairfax, Atkins, etc.Corridor Area: Solon, Ely, SwisherCondominiumsClinton, Camanche & Fulton (Clinton Board of Realtors)DeWitt (Quad City Area Realtor Assoc.)Dubuque Area (Dubuque Board of Realtors)DubuqueNorth, South and West DubuqueIllinoisWisconsinGalena & Surrounding Area (Realtor Assoc. of Northwest IL)Illinois Quad Cities (Quad City Area Realtor Assoc.)Rock IslandMilan & Rural Rock Island CountyMolineCoal Valley, Rural Moline, MiscellaneousEast Moline & SilvisPort Byron, Upper Rock Island CountyMercer CountyHenry CountyCondominiumsIowa Quad Cities (Quad City Area Realtor Assoc.)DavenportBettendorf & RiverdaleBlue Grass, Buffalo, Durant & WalcottLeClaire, Pleasant Valley & PrincetonNorth Scott CountyMiscellaneousCondominiumsIowa City Area (Iowa City Area Assoc. of Realtors)Iowa CityCoralvilleNorthwest Iowa CityNortheast Iowa CitySoutheast Iowa CitySouthwest Iowa CityCorridor AreaMiscellaneousCondominiumsMaquoketa, Preston & Bellevue (Jackson County MLS)Muscatine & Wilton Area (Muscatine Board of Realtors)MuscatineWiltonMuscatine OutlyingCondominiumsWashington Area* (English River MLS)Wisconsin - Grant & Lafayette Co. (S. Central Wisconsin)MLS)(This representation is based in part on data supplied by the REALTOR Associations or their Multiple List ing Services. Neither the Boards nor their MLS guarantee or is in any way

responsible for its accuracy. Data maintained by the Boards or their MLS may not reflect all real estate activity in the market.) *Washington Area includes Mount Pleasant and Fairfield.

Through September

Ruhl Mortgage and Quad City Bank & Trust have formed a new joint venture to provide mortgage services and products to their clients. The combined entity, which will operate as Ruhl Mortgage, is pending certain regulatory approvals and will start operation in the fourth quarter of 2014. “Ruhl Mortgage, Ruhl&Ruhl Realtors and Quad City Bank & Trust all have their roots in the Quad Cities region,” said Caroline Ruhl, President of Ruhl&Ruhl Realtors. “Our companies share common philosophies: we are all relationship driven and focused on delivering extraordinary customer service.” Ruhl Mortgage offers purchase and refinance loans, including FHA, VA and Rural Development loans, second home loans, down payment and closing cost

assistance programs, and loans for investment properties and relocations. Additionally, because of the new partnership with Quad City Bank & Trust, Ruhl Mortgage will now be able to offer portfolio, bridge and new construction loans. All mortgage staff from Quad City Bank & Trust and Ruhl Mortgage is being offered positions with the new venture. The new company will be led by Jane Schneider, President. The operations center will be located at 1701 52nd Avenue, Moline, IL. The company will serve the same regional market as Ruhl&Ruhl Realtors in eastern Iowa, northwestern Illinois, and southwestern Wisconsin. Loan officers will be located in Davenport, Bettendorf, Moline, Dubuque, Iowa City, Muscatine, Clinton, and Cedar Rapids, with travel to other locations as needed. “We are a full-service mortgage banker dedicated to each relationship from application to closing,” said Jane Schneider, President of Ruhl Mortgage.

Ruhl Mortgage Partners with Quad City Bank & Trust

The eastern Iowa and northwestern Illinois region continues its steady climb in home price appreciation – with all of our markets showing positive gain. Nationally, home prices have increased 8.25% in the last five years. In our local markets the gains, while not as large, continue to be positive. We did not have the significant decline in home prices that other markets across the nation suffered, insulating our communities from the super highs and lows. Home prices are up: 7.83% in Dubuque; 5.11% in Iowa City; 3.64% in the Quad Cities and 2.19% in Cedar Rapids. This compares to other cities: Des Moines up 1.32% and Chicago, IL down 10.29%. This

data is provided by the Federal Housing Finance Agency (FHFA) for the 2nd quarter of 2014 (see chart and website below). This spring, while not as strong as previous seasons, home price appreciation for the nation as a whole remained positive, said FHFA Principal Economist Andrew Leventis. Locally, the modest, yet steady increase in home prices has made a stable market – good for buyers and sellers. “Now is a good time to buy or sell,” said Caroline Ruhl, President of Ruhl&Ruhl Realtors. “Buyers are ready to buy and low interest rates will likely go up in 2015. If you have considered selling or buying, please contact a Realtor for a consultation.”

Home Prices Appreciating in Our Markets

Information courtesy of Federal Housing Finance Agency (FHFA) for second quarter 2014. FHFA stats always run one quarter behind. Their full report is accessible at www.fhfa.gov. *Rankings based on annual percentage change in house prices.

Cedar Rapids, IADavenport-Moline-Rock Island, IA-ILDes Moines-West Des Moines, IADubuque, IAIowa City, IAUSA

220

205

149

197185

+1.20%

+1.73%

+3.14%

+1.98%+2.38%+5.25%

+2.19%

+3.64%

+1.32%

+7.83%+5.11%+8.25%

Metropolitan Statistical Areas (MSAs) 2014 2nd Quarter National Ranking of 276 MSA’s*

Percent Change in House Prices1 Year 5 Year

RuhlHomes.com • 5

Regional Residential Real Estate ActivityCurrent

MLS Listings% of Active

Listings2014 Avg.

Sales Price2014 Sales

Volume2014

# Sold% of Unit

SalesSales/

List2013

# Sold2013 Avg.

Sales Price2013 Sales

VolumeBurlington Area (Burlington Board of Realtors)Cedar Rapids Area (Cedar Rapids Area Assoc. of Realtors)Southeast Cedar RapidsNortheast Cedar RapidsSouthwest Cedar RapidsNorthwest Cedar RapidsHiawatha & RobinsMarionEast of I-380: Mechanicsville, Anamosa, Mt. Vernon, Lisbon, etc.West of I-380: Walford, Fairfax, Atkins, etc.Corridor Area: Solon, Ely, SwisherCondominiumsClinton, Camanche & Fulton (Clinton Board of Realtors)DeWitt (Quad City Area Realtor Assoc.)Dubuque Area (Dubuque Board of Realtors)DubuqueNorth, South and West DubuqueIllinoisWisconsinGalena & Surrounding Area (Realtor Assoc. of Northwest IL)Illinois Quad Cities (Quad City Area Realtor Assoc.)Rock IslandMilan & Rural Rock Island CountyMolineCoal Valley, Rural Moline, MiscellaneousEast Moline & SilvisPort Byron, Upper Rock Island CountyMercer CountyHenry CountyCondominiumsIowa Quad Cities (Quad City Area Realtor Assoc.)DavenportBettendorf & RiverdaleBlue Grass, Buffalo, Durant & WalcottLeClaire, Pleasant Valley & PrincetonNorth Scott CountyMiscellaneousCondominiumsIowa City Area (Iowa City Area Assoc. of Realtors)Iowa CityCoralvilleNorthwest Iowa CityNortheast Iowa CitySoutheast Iowa CitySouthwest Iowa CityCorridor AreaMiscellaneousCondominiumsMaquoketa, Preston & Bellevue (Jackson County MLS)Muscatine & Wilton Area (Muscatine Board of Realtors)MuscatineWiltonMuscatine OutlyingCondominiumsWashington Area* (English River MLS)Wisconsin - Grant & Lafayette Co. (S. Central Wisconsin)MLS)

3161,865

20128018714340

169235188128294365

595313581144514

42997817073

18841955483

20866

7924121382548344392

1,247284

7212944368052

2642861102071311554

794

413

10%14%9%7%2%9%

12%10%6%

21%

67%21%9%3%

17%7%

19%4%

10%6%8%

22%7%

52%17%3%6%4%5%

13%

23%6%

10%4%3%6%4%

21%23%

63%7%

26%4%

$104,800$163,200

160,400159,900140,600143,300246,700201,000146,300137,300270,400141,600

$103,800$151,700$173,300

177,500153,400171,500163,900

$192,600$110,400

88,900128,000104,600130,100100,300181,400102,400116,000131,400

$185,400137,000305,100175,200230,600218,700100,400154,200

$210,200252,900299,200276,600157,200153,100162,300289,800161,500162,600

$115,200$125,100

131,100141,500102,500120,900

$110,500$126,300

$46,231,800$499,978,900

42,492,90069,889,20044,288,70033,823,20016,037,100

73,968,60042,852,40033,908,10050,566,60092,152,100

$36,444,300$12,740,500

$151,479,500121,599,50020,249,400

6,515,7003,115,000

$17,143,400$164,299,600

22,215,60014,210,70035,877,600

7,414,40021,562,20010,159,8009,215,900

33,527,60010,115,900

$317,032,400116,477,800115,330,10011,215,20021,216,60018,588,800

5,521,50028,682,500

$452,916,700134,775,50046,379,20061,135,5008,804,3006,275,200

18,985,50020,573,70038,605,500

117,382,300$13,020,100$47,152,30032,650,2003,538,0008,305,1002,659,000

$13,041,100$45,326,200

4413,064

265437315236

6536829324718765135184

874685132381989

1,488250111343

572155690

28977

1,71085037864928555

1862,155

5331552215641

11771

239722113377249

258122

118359

8%13%10%7%2%

11%9%8%6%

26%

79%15%4%2%

17%7%

23%4%

14%4%6%

19%6%

50%22%

4%5%5%3%

11%

25%7%

10%3%2%5%3%

11%34%

66%7%

21%6%

94%98%96%97%98%97%98%98%96%96%98%99%95%93%94%95%94%92%85%83%96%96%96%95%97%95%97%95%95%96%97%97%98%97%97%97%98%97%98%98%97%99%96%96%96%98%97%99%94%96%96%95%94%96%95%88%

4403,171

261461279231

81394337227209691334

77776600133222191

1,453263116340

591646687

26791

1,808945348

79849051

2112,294

563171234

5238

11584

261776126392272337314

106343

$112,700$168,700158,500174,200143,100137,200256,900197,600152,500149,800273,100145,600

$100,800$149,700$160,000

164,100149,300122,800152,800

$176,800$107,000

87,200116,100101,100142,50095,000

161,500108,100110,300122,300

$178,300140,200283,400175,400238,000213,500109,000154,800

$205,800256,300299,000272,700155,300153,500152,600292,000153,300150,500

$110,900$130,100128,700124,700132,800155,500$88,500

$110,200

$49,609,700$535,086,100

41,367,10080,299,30039,936,80031,693,30020,810,10077,869,20051,408,80034,011,40057,078,400

100,611,700$33,683,100$11,525,900

$124,197,00098,435,40019,820,500

2,701,5003,209,600

$16,088,000$155,414,900

22,942,00013,468,20034,371,600

8,407,60015,582,70010,658,5009,408,600

29,443,70011,132,000

$322,430,200132,532,800

98,619,10013,854,10019,994,60019,214,1005,557,000

32,658,500$472,066,700144,304,400

51,122,50063,807,300

8,076,1005,833,000

17,543,30024,531,30040,022,900

116,825,900$13,978,700$50,990,500

35,004,0004,114,5009,695,0002,177,000

$9,383,100$37,763,800

(This representation is based in part on data supplied by the REALTOR Associations or their Multiple List ing Services. Neither the Boards nor their MLS guarantee or is in any way responsible for its accuracy. Data maintained by the Boards or their MLS may not reflect all real estate activity in the market.) *Washington Area includes Mount Pleasant and Fairfield.

6 • RuhlHomes.com

Regional New Construction Home SalesActive

Inventory 9/30/12

Active Inventory

9/30/14

Active Inventory

9/30/13

% Change in Inventory

from 2013Sales2012

Sales2014

% Change in Sales

from 2013Sales2013

Cedar Rapids Area Houses Condos/VillasDubuque Area Houses Condos/VillasIllinois Quad Cities (Rock Island County) Houses Condos/VillasIowa Quad Cities (Scott County) Houses Condos/VillasIowa City Area Houses Condos/VillasTotal Regional Combined

1831137064541023

419804238

19710493

547

15694625432221459

945341

221121100539

+3%+15%-15%

+20%+44%-14%-64%-60%-67%+26%+43%

+2%+19%+24%+14%+14%

2521589453521642

17613937

361191170848

-3%-11%

+12%+25%+8%

+900%+50%+50%+50%

-4%-1%

-14%-7%+1%

-15%-3%

16110853654619523

1187642

264150114613

245140105665610963

16913732

336192144825

2461489834313

16115

181130

51344176168821

Through September

Combined Iowa & Illinois Quad Cities MLS Statistics2010 2011 2012 20142013 % Change

2013 vs. 2014Current MLS ListingsAverage Sales PriceTotal Sales VolumeTotal # of Sales YTD

2,086$141,500

$384,509,4002,718

2,176$138,100

$366,783,6002,655

1,842$145,900

$438,962,2003,009

1,770$150,500

$481,332,0003,198

1,846$146,500

$477,845,1003,261

-4%+3%+1%-2%

Through September

Demand Strong, yet Iowa Farmland Value Decreases Despite a decrease in the value of cropland across the state of Iowa, there continues to be high demand for certain types of land. The Land Trends and Value Survey, presented by the Iowa Farm and Land Chapter #2 REALTORS Land Institute, reported a statewide average decrease of cropland values of 8.8% for the year from September 1, 2013 to September 1, 2014. This follows an average increase of cropland values of 10.6% for the year from September 1, 2012 to September 1, 2013; and an average increase of 18.5% for the year from September 2011 to September 2012. “The slight decline in land prices is a direct result of lower commodity prices and net farm revenue, however there is still high demand and low supply of quality farms,” said Eric Schlutz, ALC, Realtor and Manager of the Ruhl&Ruhl Realtors Muscatine Office. “We are also starting to see investor movement, driven by assets

leaving the stock market, into more stable land investments and a means of diversification.” The survey attributed the current land values to lower commodity prices, increasing interest rates, a lack of stable alternative investments, amounts of cash on hand and the limited amount of land on the market.

For the survey, participants are asked to estimate the average value of farmland as of September 1, 2014. These estimates are for bare, unimproved land with a sale price on a cash basis. Pasture and timberland values were also requested as supplemental information. Two of the nine Iowa crop reporting districts showed an increase in the last 6 months.

For local experts, the survey results don’t necessarily show the whole picture, stating that land will always be a hot commodity. “Some farmers remain in a good cash position, so when good land becomes available they are ready to buy and will pay top dollar,” said Ken Paper, Accredited Land Consultant and Realtor at Ruhl&Ruhl Realtors. “As the amount of tillable land shrinks, due to expansion of the urban communities, fewer acres are available for farming. No more land is being created.”

A division of Ruhl&Ruhl Realtors

To see land values in dollars per acre for various parts of the state and by

quality of cropland, please go to

RuhlLand.com.

RuhlHomes.com • 7

New Housing Starts20082011 2012 20142013 % Change

2013 vs. 2014Burlington AreaBurlingtonWest BurlingtonCedar Rapids AreaCedar RapidsMarionRural Linn CountyHiawatha & Mechanicsville AreasDubuque AreaDubuqueEast DubuqueGalenaJo Daviess CountyPeostaSurrounding Dubuque AreaIllinois Quad CitiesMoline & Coal ValleyRock IslandEast Moline & HamptonColonaPort ByronGeneseoRural Rock Island County & MilanSilvisWhiteside CountyIowa Quad CitiesDavenportBettendorfRural Scott CountyEldridge & Long GroveLeClaire & PrincetonBlue Grass - city ofIowa City AreaIowa CityCoralvilleNorth LibertyRural Johnson CountyWest BranchWilliamsburg, Wellman & KalonaWest LibertyMuscatine AreaMuscatineMuscatine CountyWiltonOther AreasClintonDeWittMaquoketa, Preston & BellevueWashington Area*Total Regional StartsDes Moines Area**

330

4332551105315

24177

11

268

128106

1917837

271222

25672992932177

2767538

12924154

17782

201244

N/A1,352

N/A

15141

3771971274310

28696

20

358

145101

15175719

202

2532592

107503439

335411442

12845

8170

2713131

2263

121

1,5071,389

16106

3972271104614

2456772

2113

135921021161

1029

212

27046

12443222411

32412824

13233

340

3310167

40119

146

1,4171,549

17152

4021871415618

28286

21

2515

153104

11117

1912

241

2861878

130190

42174

4303120397450

8111

232

183

2335

114

1,7721,742

-6%-33%

+200%-1%

+21%-22%-18%-22%-13%-22%

+250%+100%

-16%-13%-12%-12%-9%

+91%-86%-68%

0%+400%

+21%+100%

-57%-56%-41%-5%

-77%-48%-86%

+175%+7%+7%

-38%+78%-34%-63%-64%

-100%+43%

+400%-11%

+133%+74%

+267%+80%+27%+50%-20%-11%

Source: Municipal offices. There may be additional new homes built which are not included with this data. *Des Moines Area and Washington Area were recently added and little or no past data is available.**Des Moines Area is comprised of Adel, Altoona, Ankeny, Clive, Des Moines, Indianola, Johnston, Pleasant Hill, Polk City, Urbandale, Waukee, & West Des Moines.

Through September

Sales and Inventory Rebound continued on page 8

Year to date sales figures, as reported by Multiple Listing Services, reveal a decrease in new house sales of 2%, with condo sales down 3% for 2014. The condo sales figure actually reflects a 3rd quarter surge in sales, as they were down 12% at the end of the 2nd quarter. In fact, if a large slump in sales in the North Liberty market segment is disregarded, the remainder of the overall region shows a 3% increase in total sales over 2013. Please refer to the charts on pages 6 and 7 for local details on sales, inventory and new housing starts. The breakdown below shows continued upward movement in houses and condos:

The aforementioned surge in condo sales has increased their market share to 36% of total year-to-date sales, as opposed to houses at 64%. Ranch style houses continue to be the regional favorite, but two story and split level houses are becoming increasingly popular in many areas. Following is a brief summary of activity in each of the major market areas:CEDAR RAPIDS: An 11% decrease in house sales and a 12% increase in condo sales have combined for a 3% overall fall in combined year-to-date sales. Overall unit inventory is up 3% vs. the same time last year, equating to about a 5 month supply of new homes. New homes account for 1 of every 8.3 sales.DUBUQUE: The area continues strong growth in sales. Year-to-date sales are up 25% with gains in both house and condo sales. Unit inventory has increased by 20% and has resulted in slightly less than 8 months of available supply. Year-to-date, 1 in every 13.2 home sales has been new construction.IOWA CITY: House sales were up by 1 unit, while condo sales dropped by 15%, combining for an overall decrease of 7% in year-to-date sales. The North Liberty area continues a slow sales year with year-to-date sales down 26% vs. 2013. Iowa City has recorded increases in both house and condo sales, for an overall climb of 23%. Area inventories are up 19% over a year ago, resulting in just over 5 months of supply on hand. As a strong new homes market, 1 of every 5.6 homes sold year-to-date has been new.

New Construction Sales and Inventory

Rebound

Condos: Below $200K = 59% $200-$300K = 34% Above $300K = 7%

Houses: Below $300K = 40% $300-$400K = 40% Above $400K = 20%

Corporate Relocation Center5403 Victoria Avenue, Suite 100Davenport, IA 52807

RETURN SERVICE REQUESTED

Caroline RuhlPresident

RuhlHomes.com

The Largest Privately-Owned Real Estate Company in Iowa!

For further information or to be added to our mailing list, contact Caroline Ruhl or Veronica Pianca • 563.355.74745403 Victoria Avenue, Suite 100 • Davenport, Iowa 52807-3925 • CarolineRuhl@RuhlHomes.com or VeronicaPianca@RuhlHomes.com

8 • RuhlHomes.com

RuhlHomes.com/CareersFind out if a career in real estate is for you by taking the quiz at JoinTheRuhlTeam.com.

Think about setting your own hours, determining your pay and starting a business.

Enjoy the comfort of a stable, successful company supporting you every step of the way.

With its flexible and rewarding environment, a career in real estate could be for you!

Forbes.com rates Real Estate Agents as the Happiest Jobs in America!

way to a new .The career

Follow Us Online At:

Sales and Inventory Rebound continued from page 7QUAD CITIES: Overall sales are down 2% year-to-date, with house sales stable while condo sales are down 10%. New home inventory is up 12% vs. the same time last year. While condo sales represent 36% of market-wide sales, in this market they have accounted for 19%

of sales. The Quad Cities’ new home sales total ranks behind all other regional markets with only 1 in every 15 sales coming from new construction. With a regional decrease in unit sales of 3%, predictions of a “flat” new homes market for 2014 are holding true. We do gain encouragement from the increase

in available inventory of 14%, stabilized interest rates and materials costs plus some delays in additional regulations for the industry. A rebirth of housing development projects of various types and price ranges also speaks to a more positive attitude on the part of builders and developers.