LONG & FOSTER® REAL ESTATE REPORTS OVERALL SALES INCREASES IN MID-ATLANTIC HOUSING MARKET
Launches New "Market Conditions Report"

Chantilly, VA — 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 slight decline of 1.3% 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 agent 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.