| January 10, 2007 Good morning from Cedar Falls, .. .. What an amazing run it has been for 2006. The residential real estate market in the Cedar Valley had another excellent year, with a new sales record in Cedar Falls and a strong year in Waterloo. The sales of detached single family homes as reported in the monthly Comparable Sales data of the Waterloo-Cedar Falls Board of REALTORS® Multiple Listing Service (MLS) reached its highest level ever in Cedar Falls with 516, up from 511 in 2005. Waterloo reported 959 sales in 2006, down 8.14% from 1,044 in 2005. .. .. The average sale price for Waterloo was $98,910.75, up 2.89% from 2005. In Cedar Falls the average sale price was $190,828.46, an increase of 5.25% over 2005. The increase in average sale price is a reflection of the continued growth of new construction in the Cedar Falls market. In 2006 there were 214 building permits issued by the city of Cedar Falls, versus 203 in 2005. However in 2005, only 38 of the 203 were condos or townhouses. In 2006, of the 214 permits, 81 were for condos or townhouses. .. .. The strong demand in Cedar Falls is being driven by families with school-age children and the recognition that property taxes in Cedar Falls are far less than in Waterloo. The base tax rate in Waterloo for the tax year 2005-06 is $43.91 per thousand dollars of taxable value. In Cedar Fall it is $35.60, a difference of $8.31 per thousand. That's 23.34%. On a home with an assessed value of $200,000, it amounts to $746.56 per year. . ... One of the statistics that is surprising is that in Waterloo, there were 38 homes that sold for over $200,000, while in Cedar Falls there were 192 over $200,000, that's five times more home in that range. Last year I forecast an increase in average sale price of 4% to 8% and a slight decrease in overall sales. For 2007, I'm forecasting steady interest rates of 6% to 7½%, and a leveling out of average sale prices, I expect to see building down just slightly, but the continued development of residential lots in Cedar Falls. Please note the following figures were complied by our Brokage Company. These figures are data using a average and not a median number. Townhomes, condo’s were not entered to draw these numbers. This is single family homes in both communities only. Mike Hill |
Cedar Falls Waterloo 2006 Market Report
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