The Long & Foster Cos. reported that total June sales for all of its companies reached a record $6.7 billion for the month, surpassing the previous record of $6 billion in March 2004.
The numbers include: Long & Foster Real Estate Inc., with sales of $3.8 billion on 11,928 properties sold, an increase of 23 percent over last year’s record performance for June of 2003. The firm’s three affiliated businesses were up 44 percent in real estate sales values for June 2004. Prosperity Mortgage Co., the firm’s mortgage affiliate, reported $1.3 billion in volume of business. Strong numbers were also posted by company affiliates Mid-States Title, $1.2 billion, and Long & Foster Insurance, $435 million.
“Long & Foster’s record-breaking June sales are representative of the real estate market overall in the Washington-Baltimore marketplace”, said Wes Foster, president of The Long & Foster Cos. “The slight up tick in mortgage interest rates has influenced many consumers to buy now, and fierce competition among area home buyers is continuing to push real estate sales higher and higher,” Foster said.
All 10 of Long & Foster’s regions throughout the firm’s seven-state market area and Washington, D.C., posted increases for June. They were: Northern Virginia/West Virginia (37 offices) up 32 percent to $1.3 billion; Hampton Roads, Va. (11 offices) up 15 percent to $127 million; The Richmond, Va. region (21 offices) up 1 percent to $246 million; Washington, D.C. (10 offices) up 22 percent to $258 million; Suburban Maryland (19 offices) up 19 percent to $620 million; Southern, Md. (15 offices) up 20 percent to $182 million; Eastern Shore, Md. (11 offices) up 9 percent to $126 million; Baltimore Md./Southern Pa. (47 offices) up 75 percent to $705 million; Philadelphia (Delaware Valley) region (14 offices) up 55 percent to $138 million; and Western Maryland (8 offices) up 28 percent to $74 million. Long & Foster’s licensees, Webber & Associates in Winchester, Va., and Hall & Nixon in Elizabeth City, N.C., were up a combined 23 percent to $22 million.
The top five Long & Foster offices in descending order and based on June sales volume were as follows: Bethesda Gateway, in Montgomery County, Md. ($126 million); and in Northern Virginia they were, Fair Oaks ($82 million); Burke Fairfax Station/Clifton ($71 million); Sterling/Potomac Falls ($71 million) and McLean ($70 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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