NEWS Contact: Vicki Bendure, APR
FOR IMMEDIATE RELEASE 540-687-3360
vicki@bendurepr.com
LONG & FOSTER® REAL ESTATE REPORTS OVERALL SALES
INCREASES IN MID-ATLANTIC HOUSING MARKET
Launches New “Market Conditions Report”
Chantilly, Va., November 20, 2009– Long & Foster® Real Estate, Inc. released a third quarter company report today, “The Long & Foster® Market Conditions Report”, which demonstrates that average home sales prices throughout the company’s primary markets—Washington, D.C., Baltimore/Towson, Md., Philadelphia, Pa., and Richmond, Va.—are trending upward from the second quarter of the year. Virginia Beach/Norfolk/Newport News shows a slight decline of 1.3 percent, suggesting prices are stabilizing in that market as well.
“As the largest privately held residential real estate company in the U.S., and the industry leader in the Mid-Atlantic, we thought that it would be important to release our quarterly reports to the general public,” stated Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies. The reports have been developed as part of Long & Foster Real Estate’s dedication to its sales associates and their customers. “This is one tool, of many, that we provide to our sales associates so that they can help homebuyers and sellers make informed decisions.” The reports compare current quarter to past quarter and current quarter to the same quarter of the prior year.
While the Washington, D.C. region dominates with sales of 18,882 residential units (up 3.9 percent from last quarter), Philadelphia, Pa. shows the greatest percentile improvement (up 14.2 percent over last quarter) with a total of 10,514 units. The average sales price has also increased in Philadelphia by 3.1 percent, while Washington, D.C. held onto the highest average sales price in the Mid-Atlantic of $364,982, up just 1.6 percent over last quarter.
The Baltimore/Towson, Md. region saw a 7.5 percent uptick in residential sales over last quarter and an increase of 3.3 percent in average sales price, which rose to $289,155. The Virginia Beach/Norfolk/Newport News region reported housing sales up 5 percent, while average sales price dipped slightly by 1.3 percent to $250,388.
“We realized that our data provides meaningful insight into the housing market in our primary regions,” explained Barry S. Redler, chief marketing officer for The Long & Foster Companies. Of particular note are the regional differences. “Now perhaps more than ever, it’s important that buyers and sellers have their sales associate interpret this type of information for them and fully explain the trends in their immediate marketplace. Local markets could differ from the trends identified in the larger Metropolitan Statistical Areas identified in the report,” Redler added.
The Long & Foster Market Conditions Report demonstrates that most market conditions are trending upward. “This is a positive sign for recovery,” stated Redler.
To see the complete Long & Foster Market Conditions Report, visit the Long & Foster press room at http://www.longandfoster.com/Press_Release/press_releases.aspx.
Editor’s Note: A copy of the full report is available by contacting Marcia Massenberg at 540-687-8990 or marcia@bendurepr.com.
About Long & Foster® Real Estate, Inc.
Long & Foster® Real Estate, Inc. is the largest privately held residential real estate company in the United States. The company is part of The Long & Foster® Companies, which also includes Prosperity Mortgage® Company; Walker Jackson® Mortgage Corporation; Long & Foster Insurance Agency, Inc.; and Long & Foster Settlement Services. Long & Foster Real Estate, Inc. represents more than 13,000 agents in seven Mid-Atlantic states, plus the District of Columbia. The company sold more than $26.4 billion worth of homes and helped people buy and sell homes 76,714 times in 2008. The Long & Foster Companies 2008 combined sales for the year were in excess of $48.9 billion.
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