Key Highlights

  • Sotheby’s announced +61.8% in closed sale volume
  • Keller Williams reported +16% in closed transactions
  • RE/MAX announced decrease of -0.7% in Q3 earnings

Go figure…in the midst of a global pandemic, lockdowns, terrible unemployment rates and a perhaps forever change in our working norms, many large brokerages announced more than positive earning reports for Q3 2020. eXp World Holdings, the parent company of eXp Realty, certainly took the cake with its +100% revenue explosion (see a separate piece also posted this week entitled “WOW! eXp Increased Revenue by +100% in Q3 2020” for more explicit details), but Sotheby’s and Keller Williams also posted positive results. RE/MAX reported a slight decline in earning in Q3 2020. Lets take a look.

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Sotheby’s International Realty, privately held, saw an increase of +61.8% in closed sales volume compared to last year at this time however, where Sotheby’s really shined brightly was in the luxury sector of the US home market. Sotheby’s posted a +106% increase in the closed volume sales in the US market sector of $2.5M – $10M units. Volume sales totaled some $90B.

According to the president and CEO of Sotheby’s International Realty, Philip White said, “As a result of the pandemic, the lives of our clients evolved. Many discovered they were transitioning to a fully remote workforce, while sheltering in place, and realized that they needed extra space for remote learning.”

With such client realizations, many big city residents moved to luxury vacation towns into homes with more indoor and outdoor space to accommodate remote working and learning and to distance themselves and their families from highly dense living situations.

Keller Williams reported that, as of September 30, its firms and agents in the US and Canada increased their closed transactions by +16% compared to the same period last year by reaching the number 374,824. Keller Williams also increased its closed sales volume by +25.4% over the same period last year for a total of $127.5B.

RE/MAX did not have such a sparkling Q3 2020 as its earnings fell -0.7% to $71.1M.

Thanks to HousingWire.

Also read: Higher Profits on Fewer Flips, Rental Growth Hits +3% in November 2019 & Existing Sales Volume Hit +10.8% y/y in December 2019, Prelude to 2020 – Home Prices Up As Well As New Home Sales in November

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