Ruhl & Ruhl Realtors announced it posted a record year in 2017 and forecast home sales across the region to continue to rise in 2018.
The Quad-City based residential real estate firm reported sales volume of $885,559,275 as well as $126,438,295 in loan volume by Ruhl Mortgage. Sales volume rose 4.8 percent from 2016.
The year-end results were revealed Friday as Chris Beason, company president, and Caroline Ruhl, CEO, honored 223 award winners during Ruhl & Ruhl's annual awards event at the Waterfront Convention Center in Bettendorf. More than 300 agents, staff and affiliated business partners attended.
Ruhl announced these other company results in 2017:
- Properties sold: Ruhl & Ruhl sold 5,323 properties in 2017, as either listing agent or selling agent.
- Revenue: In real estate, revenue is primarily gross commission income, which was $26.18 million, or an increase of 4 percent from 2016 revenue.
- New listings: The company listed 3,071 properties for sale.
- Agent productivity: On average, Ruhl & Ruhl's agents closed 16.1 transactions in 2017, which is more than double the national average.
- Staff: The company ended 2017 with 331 residential agents and 53 employees.
- Ruhl Mortgage: Closed $126.43 million in loan volume with 758 loans. Ruhl Mortgage employs 24.
- New construction: Agents sold 212 new construction homes or condos in 2017. The average sales price was $393,210, up from $378,804 last year, resulting in a sales volume of $83.36 million.
- Insurance referrals – Ruhl agents referred clients resulting in 400 policies being sold by the Nelson Brothers Agency, Ruhl & Ruhl's affiliated insurance company.
- Commercial sales – NAI Ruhl Commercial Company, a joint venture with Ruhl & Ruhl Realtors, sold $133.04 million in commercial real estate in 2017. It employs 18 commercial agents and 14 staff.
- NAI Ruhl Property Management manages nearly two million square feet of space.
In her 2018 forecast for the region, Ruhl said she expects the improving economy and corresponding job growth and buyer confidence to fuel sales in 2018.
She also expects home values to continue to appreciate. "Last year homes appreciated from 2 percent to 4.7 percent in our region, depending on your market," she said.
But mortgage rates will trend upward in 2018, with experts predicting rates to be 4.5 percent by year's end and some predicting 5 percent.
According to Ruhl, the projected increase falls well below the perceived threshold of approximately 6 percent, which is the level that potential buyers may exit the market.
Thanking her team, Ruhl said "We are blessed to have you as part of our Ruhl & Ruhl family."
Founded in 1862, the family-owned company has grown to 331 sales associates, 53 employees and 11 offices serving eastern Iowa, western Illinois and southwest Wisconsin.