Pennsylvania Real Estate Firms in Business Longer than National Average

LEMOYNE, Pa., Jan. 29, 2015 (GLOBE NEWSWIRE) -- Real estate firms tend to have more staying power in Pennsylvania compared to national averages, according to a recent survey conducted for the Pennsylvania Association of Realtors® (PAR).

Fifty-nine percent of firms owned by association members report their firms have been in business for at least 16 years, compared to just 46 percent of firms nationwide that have been in business at least as long. According to research collected by Keystone Analytics®, 69 percent of firms in Pennsylvania have been in business for at least 11 years, also outpacing the nationwide average of 55 percent of firms who make it to more than 10 years of business.

"Pennsylvania has a steady real estate market," according to PAR President Ron Croushore. "It's no surprise that firms here have a long history in their communities. This expertise and knowledge of the real estate market makes Pennsylvania Realtors® a valuable resource to home buyers and sellers."

The survey also revealed that Pennsylvania real estate firms are less likely than firms nationwide to be confined to a single office. In the National Association of Realtors®' (NAR) survey of firm owners nationwide, 81 percent of firms were identified as having a single office, where 70 percent of firm owners in PA had a single office. Twenty-four percent of Pennsylvania firms had at least two offices, compared to 19 percent of firms nationwide.

The online survey of Pennsylvania real estate firm managers compared the characteristics of real estate firms in the Commonwealth to firms across the nation recently surveyed by the National Association of Realtors®. The survey yielded a statistically valid response rate of 6 percent, with 165 Realtor® members identified as likely firm owners responding from a sample of about 2,700 members.

For additional information, visit keystone-analytics.com.

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 30,000 members in the Commonwealth of Pennsylvania.

Keystone Analytics® is a Pennsylvania-based business and research firm that provides a cohesive approach to a wide range of services, including market and constituent surveys and analysis, and conducting issues management.