Jo Daviess County sees housing boom: County reports more transfer declarations in July than any month since 2006

GALENA–Jo Daviess County is in the midst of a housing resurgence, according to data from the courthouse showing that transfer declarations in July were the highest since June 2006.

The county had 110 transfer declarations, the most since 114 over 14 years ago.

“June 2006 is important because it marked the beginning of the great recession in Jo Daviess County–new home permits also began to fall at the same time,” said Dan Reimer, Jo Daviess County administrator. “Starting in June 2006, transfer declarations declined 23 of the next 24 months.”

The number of transfer declarations reflects sales of property involving money changing hands. The count does not reflect quit claim deeds or the number of parcels involved in a sale.

“Sales have been amazingly strong, which has been to the pleasure of all of the agents,” said Ginger Sreenan, association executive at the Realtor Association of Northwestern Illinois. “A lot of realtors have had multiple offers at the same time and for some it is the first time in a while they have had to handle that. It is refreshing to see the market be so strong.”

“We have a lot of accepted offers; we have a lot of activity in The Galena Territory and in Apple Canyon Lake,” said Steve McIntyre, realtor at KellerWilliams Realty. “One of our agents had 20 accepted offers on his properties, out of 35 listings. It is really going crazy now.”

McIntyre said some people are taking advantage of the situation and others are trying to find an escape from urban centers due to the pandemic.

“I have never seen anything like it in my nearly 44 years in the business, especially with it being in the middle of the pandemic,” said Terry Heim, managing broker at Coldwell Banker in Galena. “I have seen people coming from a lot of different states. The sales have been across the board, it is Galena, it is the county, it is the Territory and it is Apple Canyon Lake.”

“It has been crazy,” said Joel Holland, CEO of Apple River State Bank and First Community Bank of Galena. “The last few months we have been doing the volume that five years ago, we would do all year. We have had inquiries as far away as California.”

“We have been very, very busy,” said Jim Cox, designated managing broker at Eagle Ridge Realty. “We haven’t been this busy since the end of 2006 and 2007.”

McIntyre believes it might be too early to say that the county has officially rebounded as July is typically the busiest month for real estate transfers and the next few months will paint a better picture of the situation, but numbers for July are positive and a step in the right direction.

According to McIntyre, there was $6.7 million in sales at Galena Territory, the most since May 2006. There were 35 homes sold in the Territory, which is the most that McIntyre has a record for, dating back to 2003.

“It is unique that the whole COVID situation has turned into a positive for markets such as Apple Canyon Lake and The Galena Territory,” said Holland. “People are wanting to get out of the big cities and with improved internet, more people are deciding to work from home and they are able to do that here now.”

“Interest rates are so attractive, the fact that many people can work from home and want to leave areas that aren’t as conducive for working remotely have been driving factors in the market,” said Sreenan. “People don’t need to commute and can enjoy the great outdoors.”

“From what I have gotten from people, a lot of the time it has to do with getting out of Chicago and getting some place where they can get away,” said Cox. “There are also a lot of people who are wanting to move back home and looking to come back full-time. There are a lot of people looking for a change.”

“It is really the perfect storm with mortgage rates as low as they are,” said Holland. “Our mortgage lenders have been overwhelmed, but are really stepping up and coming through. It is a great time for people to refinance and take out a mortgage with rates at historic lows. I really think this is a combination of many different things that are allowing people the opportunity to move to the area.”

McIntyre said there are some limitations to a sustained growth for Jo Daviess County as some residents flee larger population centers.

“High-speed internet is key for our growth,” said McIntyre. “Jo-Carroll is doing a buildout in The Galena Territory and Apple Canyon Lake.”

Another concern for McIntyre is cell service in the area.

“Cell service can be problematic if you don’t have Verizon or US Cellular,” said McIntyre. “That is a big deal. From a tourist standpoint or downtown can even be problematic.”

McIntyre said the lack of connectivity for other cell services could be a problem for the tourism business as well.

“If they can’t post on social media due to connectivity, that can hurt our tourism,” said McIntyre. “Trying to get cell service is a big deal. Those kinds of things are weighing heavy on us and we are trying to figure out how to talk to businesses to invest in what we got going on out here.”

Even with those challenges, McIntyre believes that July is a good sign.

“I am convinced we are on an uptick,” said McIntyre. “It might be a little early to speculate or to boast about it, but before we get real excited we need to dig into it more.”

“We think there has been a lot of pent-up demand,” said Sreenan. “It is a strong market. Analysis is that the market will continue to be strong. We were all taking a wait and see attitude when COVID first hit, but buyers are still out there, with inventories so low, buyers are knocking on the door.”

“I think a lot of people are realizing how fragile life really is because of the pandemic. People come out here and live here because in a place like this you can go for a walk and not bump into someone every two minutes. It is that quality of life that people are looking for,” said Cox.

“It has been unbelievable,” said Holland. “I might be prejudiced, but I think Jo Daviess County is the best place to live and to raise a family.”