Davenport Iowa Real Estate

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Banner Year for Real Estate Company!!!

MEL FOSTER CO. CELEBRATES A SUCCESSFUL 2007 BUSINESS YEAR

Mel Foster Company

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

LuckyLang.com

Don't let this great real estate buying opportunity pass you by!!!

237 Ridgewood Avenue, Davenport, Iowa 52803 - SOLD!

593 Clover Hill Lane, LeClaire, Iowa 52753

5535 Delton Drive, Davenport, Iowa 52804

5445 Delton Drive, Davenport, Iowa 52804 - SOLD!

1432 Rhinelander Drive, Davenport, IA 52804 - SOLD!

1609 W. 66th Street, Davenport, Iowa 52806 - SOLD!

8201 54th Street Ct., Coal Valley, IL 61240 - SOLD!

219 Colony Drive, Davenport, Iowa 52806

Lot 1, Shabonee Estates, Route 84, Rapids City, Illinois 61275

2419 Carey Avenue, Davenport, Iowa 52803 - SOLD!

334 S. Elmwood Avenue, Davenport, Iowa 52802

711 Vine Street, Davenport, Iowa 52804

420 E. 6th Street, Davenport, Iowa 52803

414 E. 6th Street, Davenport, Iowa 52803

Call Lucky @ (563) 676-9031

For info about Real Estate Anywhere in the World, please call:

LUCKY LANG, VOTED FAVORITE REALTOR®

Lucky Lang Davenport Iowa Real Estate for Sale

Lucky Lang, SRES®, RFC, M.I.S.

Licensed in Florida & Iowa

Premiere Plus Realty, 886 Park Ave. #103, Marco Island, FL 34145

Cell: (563) 676-9031

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Don't let this great Real Estate buying opportunity pass you by!!!

Comment balloon 10 commentsLucky Lang • January 25 2008 08:41PM

Comments

Certainly some promising numbers Lucky, if it keeps you this will be over in no time.  Very good time to buy now.
Posted by Jason Smith (DreamDirt Auction) over 12 years ago
Hi, Lucky - It sounds like you guys are doing pretty well.  Real estate IS local.  We're still churning along up here as well... a speck slower, but still moving forward.  For that, we can't complain.
Posted by Jesse & Kathy Clifton, Retired (Jesse Clifton & Associates, REALTORS®) over 12 years ago
Lucky, congrats to Mel Foster Co., We too in-spite of the Media prediction of foreclosure in the 33% rate have had a very profitable 2007. If the media would push for the cost of a barrel of oil reduction no telling where our business could lead us.
Posted by Frank Rubi, FrankRubiRealEstate.com (Frank Rubi Real Estate, LLC) over 12 years ago

Jason,

I already have over $2 million in sales written on the books to close this year!

This year is going to ROCK!

BTW, I like your new picture!

Thanks for stopping by!

Lucky :)

Posted by Lucky Lang, Marco Island & Naples Florida Real Estate (Premiere Plus Realty Marco Island) over 12 years ago

Jesse,

At this time of year in Alaska, I'm surprised that you are doing anything except hibernate!

Take care, my friend!

Lucky :)

Posted by Lucky Lang, Marco Island & Naples Florida Real Estate (Premiere Plus Realty Marco Island) over 12 years ago

Frank,

You're exactly right!  They sure wield a lot of power!

Have a great 2008!

Lucky :)

Posted by Lucky Lang, Marco Island & Naples Florida Real Estate (Premiere Plus Realty Marco Island) over 12 years ago
Congratulations.  Proves that for qualified buyers, it's an excellent time to buy.
Posted by DDR Realty, Orange County NY (DDR Realty) over 12 years ago

Congratulations on a Respectable Year.  As our stats shake out, it looks like 2007 will be the 5th or 6th best year in our market.

Things were hot, now they are back to normal.  I am looking forward to a Great 2008!

Best Wishes, All!

Posted by Laurie Logan, South Central WI Real Estate (Keller Williams Realty, Inc., Broker Associate) over 12 years ago

Derrick,

Right On!

Lucky :)

Posted by Lucky Lang, Marco Island & Naples Florida Real Estate (Premiere Plus Realty Marco Island) over 12 years ago

Laurie,

Same to you!!!

Take care,

Lucky :)

Posted by Lucky Lang, Marco Island & Naples Florida Real Estate (Premiere Plus Realty Marco Island) over 12 years ago

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