Mel Foster Co.’s commercial real estate sales increased 83 percent from a year ago, the Quad-City company announced Thursday during its annual awards reception at the Quad-Cities Waterfront Convention Center in Bettendorf.
The increase in commercial sales is the highest sales volume since 2005, the company said in a news release. Ten commercial agents in the Bettendorf office ended 2012 as the No. 1 commercial real estate company for volume in the Commercial Multiple Listing Service, the company reported.
Mel Foster’s residential real estate division had a sales increase of 12.69 percent from last year, the number of sides increased 9.72 percent and the insurance division was up 16 percent in direct written premiums.
Rob Fick, Mel Foster’s chairman, president and chief executive officer, said the hard work of the sales associates and staff had a significant impact on sales growth.
A total of 114 agents were recognized for achieving membership in the company’s different sales club levels including, chairman, executive, president and honor.
Top honors were awarded to Brad Boeye, Iowa residential sales; Leigh Butler, insurance/personal lines; Thad DenHartog, commercial sales; Diane Franks, Illinois residential sales; Mike Kessel, insurance/employee benefits, and Mike Smith, insurance/top producer.
The average sale price of homes continued to show signs of strength in 2012, according to the news release. The average sale price for residential real estate was $146,553, an increase of almost 3 percent from 2011. Also, days on the market for residential and condos went from from 80 days in 2011 to 70 days for Iowa and Illinois combined.
Company officials also said Mel Foster Insurance, headquartered in Davenport, saw continued growth in all areas, including personal, business, employee benefits and group retirement planning.
With all three divisions seeing an increase, the total sales volume increased by 19.37 percent from 2011.
Mel Foster Co. residential real estate has four offices in the Quad-Cities; two in Davenport, one each in Bettendorf and Moline. There also are offices in Clinton and Eldridge, Galesburg, Geneseo, and Kewanee. In 2012, Mel Foster Co. added 25 agents and staff.