The Long & Foster Cos. today reported that August sales for all of its companies reached $5 billion, an increase of 26 percent from August 2003. The company said it was the best August in the firm’s 36-year history.
Long & Foster sales have been up consistently in the first eight months of 2004, the company reported.
The numbers include: Long & Foster Real Estate Inc. with sales of $3.4 billion on 11,004 property transactions; Prosperity Mortgage, the firm’s mortgage affiliate, $288 million in volume of business, an increase of 27 percent; Long & Foster Insurance, $280 million, off 4 percent over the previous year’s August figures; and Mid-States Title, $1 billion for the month, up 28 percent over the previous August. The firm’s three affiliates together posted a year-to-date increase of 26 percent.
“Real estate continues to be a very good investment in the Mid-Atlantic region. Long & Foster’s strong sales volume for the first eight months is a good indication that 2004 will be another record sales year for our firm and for the real estate industry as a whole in our service area,” said Wes Foster, chairman of the board and chief executive officer of The Long & Foster Cos.
All of Long & Foster’s nine regions throughout the firm’s seven-state market area and the District of Columbia posted increases for August. They were: Virginia/West Virginia (41 offices) was up 20 percent to just over $1 billion; the Baltimore, Md./Southern Pa. region (47 offices) was up 52 percent to $700 million; Washington, D.C. (11 offices) was up 24 percent to $218 million; Suburban Maryland (20 offices) was up 29 percent to $507 million; the Eastern Shore region (14 offices) was up 24 percent to $149 million; the Hampton Roads, Va. region (12 offices) was up 33 percent to $123 million. The Southern Maryland region (16 offices) was up 24 percent to $191 million. The Philadelphia/Delaware Valley region (14 offices) increased its sales 15 percent to $121 million. The Western Maryland region (8 offices) was up 7 percent to $66 million. The Richmond region (20 offices) was up 3 percent to $208 million.
The top five Long & Foster offices in descending order and based on August sales volume were as follows: Bethesda Gateway, in Montgomery County, Md. ($99 million); and in Northern Virginia: Burke Fairfax Station/Clifton ($76 million); McLean ($71 million); Fair Oaks (67 million); and Reston ($66 million).
The Long & Foster Cos. has more than 200 sales offices and 14,000 sales associates throughout Maryland, Virginia, Pennsylvania, West Virginia, Delaware, North Carolina, New Jersey and the District of Columbia.
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