Howard Hanna Real Estate Services recently reported record home sales for 2011 through its 134 offices in Pennsylvania, Ohio, New York and West Virginia. This marks the 9th straight year Howard Hanna Real Estate Services has increased sales units and volume.
In 2011, Howard Hanna recorded 34,292 closed property transactions for a volume of $5.769 billion.
According to the company:
Howard Hanna ranks No. 1 in 2011 market share of sold volume in the West Penn Multi List with 28.6 percent. (Pittsburgh and Southwestern Pennsylvania)
Howard Hanna ranks No. 1 in 2011 market share of sold volume in the NEOREX and Firelands Multi Lists with 33.82 percent. (Cleveland and Northeast Ohio)
Howard Hanna ranks No. 1 in 2011 market share of sold volume in the NEOREX and Firelands with 30.7 percent. (Akron, Ohio)
CEO Howard W. Hanna, III states, “The firm’s uptick, primarily in the second half of the year, was based on the lowest interest financing available in 70 years on long term mortgages coupled with rebounding consumer confidence.”
Hanna also notes, “In 2011, 21 percent of our buyers elected to pay cash and not finance their purchase, which is dramatically higher than we’ve ever experienced. Typically, cash sales are in the 7-8 percent range.”
As Hanna looks to the future of real estate in 2012, he notes that he is bullish in the market going forward based on the consumer’s desire for home ownership, increasing employment rates leading to increasing consumer confidence, the Federal Reserve’s guarantee of low mortgage interest rates through at least the end of 2012, and stabilizing and increasing home values. He also notes that in Presidential election years such as 2012, home buying and selling activity has increased every year since 1972 with the exception of 1980.
For more information, visit www.HowardHanna.com.