Agents affiliated with Sotheby’s International Realty closed more than $90 billion in sales through the third quarter of 2020 in the U.S., and increased sales volume 61.8 percent year over year in Q3. The changing needs of luxury customers during the COVID-19 pandemic played a key role in the sales volume explosion for the Realogy-owned global luxury brand.
“As a result of the pandemic, the lives of our clients evolved,” Sotheby’s International Realty CEO Philip White, said in a statement. “Many discovered they were transitioning to a fully remote workforce or, while sheltering in place, realized that they needed extra space for remote learning.”
“I’m proud to say that Sotheby’s International Realty was there to support its clients during this life-changing time and that our network of talented professionals rose to the challenge to ensure clients received informed guidance when navigating the market and were well-advised on innovative tools to promote their homes during the pandemic.”
Sotheby’s International Realty’s parent company Realogy posted its best third quarter in company history — hitting $1.9 billion in total revenue — but the brand even outpaced its parent. Combined closed transaction volume from Realogy’s own-side and franchise business increased 28 percent year over year in the third quarter, compared to the 61.8 percent Sotheby’s International Realty posted.
The company saw an even bigger increase in the $2.5 million to $10 million range, with sales volume of homes within those parameters climbing 106 percent.
The quarter saw Sotheby’s International Realty expand into a number of new markets, including Germany, Dubai, Montenegro, Romania and Ukraine, internationally, as well as a dozen new domestic markets in five states.
The company also launched a new website and dove deeper into virtual technology tools to continue to showcase properties to an international clientele, at a time when shelter-in-place orders differed from state-to-state and country-to-country.
“Our clients trust that Sotheby’s International Realty will be there to support their needs and provide high-quality service despite any market condition,” White said. “I continue to be inspired by the strength, resilience, and success of our network and look forward to closing out the year on a positive note.”