The Fast-Growing Brokerage Spurs the Second Largest Listing Volume by Brand in NWMLS; Executives Plan for Closings and Supply to Double in Spring Sales Surge Over Next 60 Days
Realogics Sotheby’s International Realty announced the fast-growing real estate brand offers more than $500 million in active inventory today—including new construction listings—the second-highest such market share in the Northwest Multiple Listing Service (NWMLS) and more than twice the listing volume per broker compared to the next largest residential real estate brands in the region. The global real estate network closed $150 billion in sales in 2020, through 24,000 brokers in 1,000 offices located in 75 countries and territories. For its part, RSIR’s gross sales volumes swelled by 69 percent to $2.8 billion in 2020.
“Such tremendous growth in listing representation is a clear demonstration of consumer trust,” said Dean Jones, President and CEO of RSIR: “As we celebrate our 11th anniversary since joining the Sotheby’s International Realty® network, we look ahead to another decade with great enthusiasm and respect for our 350+ brokers and employees that comprise the RSIR Nation.”
According to Trendgraphix research, which aggregates data from the NWMLS, RSIR offers 77 percent of the active inventory for the brand, making it the largest affiliate in Washington. Jones has polled his brokers and believes RSIR’s total listings and sales volumes will double in the next 60 days.
“Our brokers and our staff are very busy preparing for a boom in March and April as we enter the spring sales season,” added Jones. “We are investing in our infrastructure to support the increases in our broker roster and approaching listing volumes.”
To be sure, the regional real estate market is very active and highly competitive. Year-to-date 2021, total listings recorded by the NWMLS in King, Snohomish, Pierce, and Kitsap counties have dropped 52 percent from 2020 levels with just 2,640 homes for sale, while pending sales are increased by 12 percent to 10,674 contracts so far this year, clearly indicating demand is outstripping supply. According to the latest report by S&P/Case-Shiller’s Home Price Index, as of December 2020 the median home prices for the Seattle metro area have swelled by 13.6 percent—second only to Phoenix for the largest percentage value gains in the U.S. in 2020. However, Seattle tops the nation in absolute value growth because home prices are twice the price compared to Phoenix.
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