MEL FOSTER CO. CELEBRATES A SUCCESSFUL 2007 BUSINESS YEAR
2007 was a very good year for the Mel Foster Co. Real Estate Division, despite the continuing national headlines, radio and TV talk shows heralding the doom and gloom of the disastrous housing industry. We've grown to realize that housing is local, and Eastern Iowa and Western Illinois have maintained a positive market for real estate sales.
In fact, "revenues were up 1% over those of 2006 - which wasn't the banner year of 2005, but a profitable year nonetheless," President, Bonnie Sparks-Gray reported on Thursday. Total sales volume for the company stood at $799,324,155, just off the 2006 figure by .08%. Residential sales alone totaled $700,734,650 or 98.7% of the volume dollar closed in 2006.
Commercial sales climbed 15.6% over 2006 to close the year at $71,846,712. Other sales activity added another $26,742,793 to total the $799,324,155 year-end dollar volume.
The Quad City Metro Area faired even better showing an increase in market share virtually each of the 12 months, over the market share percentages in 2006 to close the year at 45.5% compared to 43.2% for 2006. Scott and Rock Island counties boasted $485,302,226, a significant increase over 2006's $472.67 million in sales volume. "Not only do these numbers speak positively of our local economy in general, it shows we're not a player in the ‘national housing downturn'," said Sparks-Gray. "In fact, the average sale price for closings within Mel Foster Co. was $133,626 compared to $126,148 in 2006 or a 5.6% increase in value although the number of closed sides was 5,244, off by 7.3% compared to 2006. And according to our local Multiple Listing Service, provided through the Quad City Area REALTOR® Association, the average days-on-the-market for residential sales in 2007 was just 57 days, down from 61 days in 2006, and the list-to-sale price ratio was 97.02% down marginally from 97.12% in 2006."
The year was favorable in new construction sales as well. Mel Foster Co. closed $127,239,356 in dollar volume or 51.3% of the new construction sales, compared to 45.7% in 2006. New construction sales for Mel Foster Co. in the Iowa Quad Cities amounted to $103,725,320 or 51.9% and $23,514,036 in the Illinois Quad Cities or 48.7%.
The number of agents needed to total all of these numbers has fallen in 2007 from 387 to 368, or a decrease of 5.16%. The National Association of REALTORS® has been predicting fewer agents and it's beginning to come to fruition throughout the country. We're beginning to see fewer agents doing more of the business," said Sparks-Gray. "Our agents must be as sophisticated and savvy as our consumers - it's an expectation. While the business isn't for everyone, for those who practice business planning and exceed customer expectations, our agents can experience a satisfying, rewarding career in real estate."
Mel Foster Co. is celebrating their agents and staff at their annual awards breakfast being held at the Golden Leaf Banquet Center at 8:30 am on 1-25-08 and at their gala dinner dance 1-26-08 at the River Center. "We want our staff and our agents to know how valued they are. This is one way we show our appreciation," concluded Sparks-Gray.
It looks like we're turning the corner! This is a great time to buy a home!
For more information on what these recent market statistics from the Quad Cities mean to you please call:
LUCKY LANG, QUAD-CITIES FAVORITE REALTOR®
Lucky Lang, Realtor ® Licensed in Iowa & Illinois
Mel Foster Co., Inc., 3211 E. 35th Street Ct., Davenport, IA 52807-2585
Cell: (563) 676-9031 Office: (563) 823-2213 Fax: (563) 459-6720 Toll Free: (800) 791-8132 Ext. 325
Don't let this great real estate buying opportunity pass you by!!!
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