Mel Foster Co. Maintains Market Share and Shows Promise in Fourth Quarter

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2009 showed promise for the Mel Foster Co. Real Estate Division, despite the country’s economic condition. The Quad Cities Real Estate leader in Eastern Iowa and Western Illinois, Mel Foster maintained a 42.3% market share for combined Scott and Rock Island counties in 2009.

We credit the knowledge of our trained agents and their ability to assist our clients with pricing properties accurately in the market

2009 showed promise for the Mel Foster Co. Real Estate Division, despite the country’s economic condition. The Quad Cities Real Estate leader in Eastern Iowa and Western Illinois, Mel Foster maintained a 42.3% market share for combined Scott and Rock Island counties in 2009.

The first time home buyer tax credit provided a strong incentive for buyers to enter the market.

This tax credit helped make fourth quarter of 2009 better than fourth quarter 2008. In comparing fourth quarter 2008 to fourth quarter 2009, there was a 24% increase in the number of sold properties in the market areas and homes on the market in fourth quarter ‘09 were one day less than fourth quarter ‘08. With the expanded first time and move-up homebuyer tax credits, 2010 could start off better than normal.

Also, the Mel Foster average sales price was $135,259 which increased over $1,000 in value since one year ago. The importance of this information is that we see a consistency in annual increase in value rather than seeing the drastic reduction in sale prices. “We credit the knowledge of our trained agents and their ability to assist our clients with pricing properties accurately in the market,” Director of Marketing, Kris Ratigan reported. The average home that closed was on the market for 67 days.

On average, Mel Foster Co. agents participated in the sale of almost 14 properties per agent. “Our agents are committed and highly trained professionals who consistently perform and continue to hold our market share,” she added. Mel Foster Co. has been nationally recognized by Leading Real Estate Companies of the World for competitively pricing homes within our market areas to produce the highest dollar possible in the shortest amount of time for our buyers and sellers.

Mel Foster Co. also continued to be the dominant leader in new construction sales by controlling $86,935,362 or nearly 50% of the total new construction sales market. The insurance division celebrated another great year in production with written premiums of $38,900,000. Total sales volume for the company stood at $600,483,386.

Mel Foster Co. celebrated with their agents and staff at their annual awards reception held at the Golden Leaf Banquet Center yesterday afternoon. “We want to show our appreciation and thank our agents and our staff for their continued dedication and hard work,” concluded Ratigan.

Awards were presented to 121 agents, members of the Chairman, Executive, President and Honor Clubs. These clubs represent the top agents in residential sales from Illinois and Iowa, the Commercial division and the Insurance division.

Top Illinois Sales – John Loquist
Top Iowa Sales – Brad Gibson
Top Commercial Sales – Thad Denhartog
Top Insurance Personal Line Sales – Leigh Butler
Top Insurance Sales – Mike Smith

Mel Foster Co. President & CEO, Rob Fick, Chairman of the Board – Mel Foster III and President of the Insurance Division Mark Fensterbusch, presented the 2009 awards and report on sales volume for the entire company of $600.5 million.

Founded in 1921, Mel Foster Company is the Real Estate Leader of Eastern Iowa and Western Illinois, and it is Iowa’s largest independently owned real estate company. The company specializes in residential sales and offers services in insurance, commercial, farm and land sales, land development, and management, rental, relocation, career development, new construction and senior services. Visit our website at http://www.melfosterco.com for more information.

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Tom Terronez

Kris Ratigan
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