Dubuque Real Estate Market Analysis (February 5th, 2009)
We’ve got increases this week in both the total number of listings (410) as well as the number of homes having gone under contract (82), reflecting the increased activity in Dubuque’s real estate market. Folks are seeing signs of spring around the corner and activity is definitely on the rise.
I’d like to explain the Supply of Homes figure below. Supply of Homes simply tells us whether we are currently in a “buyer’s market” or a “seller’s market”. If there is more than a six month supply of available homes, that is known as a buyer’s market, meaning there are more homes in supply than buyers actively searching for homes to purchase. Conversely, if we have less than a six month supply of homes that would be known as a seller’s market – more buyers in the market than available homes to purchase.
How do we figure the number? Easy. The local Dubuque market sold 718 homes in the last full year, a rate of 59.8 sales per month. The current amount of available homes is 328 homes. We divide the number of availalbe homes (328) by the rate of sales per month (59.8) to reach a figure of 5.5 month supply of homes, meaning that, at current market activity levels, it would take the current supply of homes 5.5 months to sell out of the market. If there were 428 homes available for sale today that would bring our supply figure up to a 7.2 month supply of homes, solidly a buyer’s market.
The numbers do change on a daily basis - it’s always very intersting to watch the trends over time. This winter we hit as low as a 5.2 month supply of homes, while only as recently as August ’08 we had a 7.0 month supply of homes in Dubuque’s market.
Current Total Listings: 410 ( + 21 )
Active/Available Listings: 328 ( + 3 )
Pending Sold Listings: 82 ( + 18 ) or 20.0 % of Current Market ( +3.5% )
Dubuque Area Sales Previous 12 Months: 718 ( +4 ) or 59.8 Homes Sold per month ( + 0.3 )
Supply of Homes (months): 5.5 Month Supply ( n/c ) or 18.2% per month ( – 0.7% )
Rolling Twelve Month Dubuque Sales Posted
Past One Year: 718 Sales ($147,896 avg. – avg. down 2.2% from previous yr.)
Two Years Past: 914 Sales ($151,151 avg. - avg. up 4.0% from previous yr.)
Three Years Past: 1030 Sales ($145,400 avg. – avg. up 3.9% from previous yr.)
Four Years Past: 936 Sales ($139,942 avg. – avg. up 9.5% from previous yr.)
Five Years Past: 918 Sales ($127,773 avg. sale price)
