The Long & Foster Cos. today reported that total May sales for all of its companies reached $5.6 billion for the month, up 28 percent from May 2003 but somewhat below March’s all-time company record of $6 billion.
The companies’ numbers include: Long & Foster Real Estate Inc., with sales of $4 billion on 11,985 properties sold, a new all-time record for the company, and an increase of 28 percent over last year’s record performance for May of 2003. The firm’s three affiliated businesses were up 23 percent in real estate sales values for May 2004. Prosperity Mortgage Co., the firm’s mortgage affiliate, reported $368 million in volume of business. Strong numbers were also posted by company affiliates Mid-States Title, $1 billion, and Long & Foster Insurance, $232 million.
“Real estate sales continue extremely strong,” said Wes Foster, president of The Long & Foster Cos. “Fifty of Long & Foster’s 200 sales offices throughout seven states and Washington, D.C., had their best sales month ever in May,” Foster said. “Interest rates are still incredibly low and the economy is strong in our market area, Foster concluded.
All 10 of Long & Foster’s regions throughout the firm’s seven-state market area and Washington, D.C., posted increases for May. They were: Northern Virginia/West Virginia (37 offices) up 26 percent to $1.3 billion; Hampton Roads, Va. (11 offices) up 53 percent to $150 million; Richmond, Va. region (21 offices) up 21 percent to $285 million; Washington, D.C. (10 offices), up 21 percent to $277 million; Suburban Maryland (19 offices) up 32 percent to $639 million; Southern Maryland (15 offices) up 35 percent to $204 million; Eastern Shore, Md. (11 offices), up 1 percent to $128 million; Baltimore, Md./Southern Pa. (47 offices) up 30 percent to $697 million; Philadelphia (Delaware Valley) region (14 offices), up 29 percent to $129 million; and Western Maryland (8 offices) up 25 percent to $72 million.
Long & Foster’s licensees, Webber & Associates in Winchester, Va., and Hall & Nixon in Elizabeth City, N.C., were up a combined 81 percent.
The top five Long & Foster offices in descending order and based on May sales volume were as follows: Bethesda Gateway, in Montgomery County, Md. ($152 million); and in Northern Virginia, Fair Oaks ($95.9 million); Burke Fairfax Station/Clifton ($84.5 million); McLean ($81 million); and Reston, Va. ($77 million).
The Long & Foster Cos. has more than 200 sales offices and 12,500 sales associates throughout Maryland, Virginia, Pennsylvania, West Virginia, Delaware, North Carolina, New Jersey and the District of Columbia.
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