The Long & Foster Cos. today reported November sales for all of its companies totaled $4.4 billion, an increase of 45 percent over November 2003. The company said it was the best November in its 36-year history.
Long & Foster sales continued strong for the first 11 months of 2004, and they are up 30 percent year-to-date over last year’s record levels, the company reported.
The numbers include: Long & Foster Real Estate Inc. with November sales of $3 billion, up 48 percent on 9,509 property transactions; Prosperity Mortgage, the firm’s mortgage affiliate, which reported $308 million in volume of business, up 40 percent; Long & Foster Insurance, $177 million, down 19 percent; and Mid-States Title with $862 million for the month, up 62 percent over the previous November.
“Home sales have been unprecedented throughout the year,” Wes Foster, chairman of the board and chief executive officer of The Long & Foster Cos., said. “This underscores the economics that are driving the region’s housing market – household growth, a stronger job market, low interest rates and a good economy,” he said. “Long & Foster anticipates a record-breaking $53 billion in company sales for 2004 compared to $43.4 billion in 2003.”
All of Long & Foster’s 10 regions posted increases for November. They were: Virginia/West Virginia (42 offices) was up 41 percent to $893 million; the overall Baltimore, Md./Southern Pa. region (47 offices) was up 37 percent to $594 million; Washington, D.C. (11 offices) was up 84 percent to $276 million; Suburban Maryland (19 offices) was up 47 percent to $472 million; Western Maryland (8 offices) was up 98 percent to $73 million; the Eastern Shore region (14 offices) was up 34 percent to $109 million; the Hampton Roads, Va., region (11 offices) was up 51 percent to $108 million; the Richmond region (20 offices) was up 28 percent to $167 million; the Southern Maryland region (16 offices) was up 34 percent to $165 million; and the Philadelphia/Delaware Valley region (16 offices) was up 61 percent to $120 million. Long & Fosters’ newest region, Southwestern Virginia, with eight offices, posted a sales volume of $53 million.
The top five sales offices in the company for November, and based on sales volume, were: Bethesda/Gateway, Md., ($93 million); and in Virginia: McLean ($73 million); Reston ($67 million); Fair Oaks ($64 million); and in the District of Columbia, Friendship Heights ($62 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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