Sotheby’s International Realty achieves historic year with record global sales volume of $204 billion
NEW YORK, February 22, 2022 /PRNewswire/ — Sotheby’s International Realty is pleased to announce that its global network reached a record US$204 billion in global sales volume in 2021, representing a 36% increase in sales growth from a year-over-year as U.S. cities saw renewed interest following the pandemic and sales activity in secondary and resort markets around the world remained strong. The brand’s U.S. sales volume increased 33.8% year-over-year, significantly outpacing NAR’s 20.6% national increase year-over-year,¹ highlighting brand leadership in the high-end market.
“Real estate has proven to be a hot investment in 2021,” said Philip White, President and CEO of Sotheby’s International Realty. “Once again, agents affiliated with Sotheby’s International Realty outperformed the industry average and achieved record home sales as buyers continued to depend on their trusted expertise to navigate a constrained market.”
Renewed interest in cities and continued strength in secondary markets boosted sales
Sotheby’s International Realty® The brand’s existing presence in major metropolitan and resort markets around the world has ensured the brand is well prepared to respond to the renewed interest in cities and the continued boom in second home markets.
Interest in American cities such as new York, Miami, San Franciscoand Austin returned to pre-pandemic levels and helped spark record sales. Other American cities, such as Atlanta, Houstonand Los Angelesalso posted strong performances in 2021.
With remote and hybrid work models influencing buyer behavior in 2021, secondary markets and resort areas continued to generate strong demand and price increases. In the United States, areas such as Florida, Hawaiiand Colorado saw record performances. Globally, second home markets in Australia, Spainand Switzerland and resort areas in the Bahamian, Cayman IslandsTurks and Caicos Islands, and Porto Rico achieved notable growth and record sales.
As buyers continued to prioritize properties with more space and land, states with no income tax such as Florida, Texasand Wyoming offered additional appeal, while the Bahamian, Cayman Islands, Switzerland, hong kongand Singapore remained popular for their favorable tax structures and recorded significant gains.
An award-winning year for the brand’s innovative technology and offerings
Sotheby’s International Realty continued to lead the industry through its technology and marketing efforts. Sothebysrealty.com recorded over 46 million visitors in 2021, a 25% year-on-year increase and the highest number of visits to the website in its history. The site was also named Best Real Estate Website in the People’s Choice category at the 25th Annual Webby Awards, acknowledging the brand’s efforts to introduce translations into 14 languages, nearly 60 currency conversions and a mobile-first approach. first to emphasize the method in which customers buy and sell homes.
Property videos, which exploded in popularity during the 2020 lockdown, continued to trend as more buyers begin the initial viewing process online. Videos produced by Sotheby’s International Realty agents played nearly 90 million times, a 50% year-over-year increase.
Sotheby’s International Realty has also been awarded the honor of 2021 Top Luxury Brokerage by Inman, the industry’s leading source of real estate information. This prestigious award is a testament to the brand’s achievements in luxury marketing, record sales and high quality service.
“Buyers continue to rely on virtual technology to make their home buying process more convenient,” said CMO, Bradley Nelson. “As a brand, we have always sought to set the highest standards for marketing luxury properties and I am proud that our investments in marketing and technology have been recognized as the ‘best’ in the industry in 2021. .”
Fortify a strong network with global growth
In another banner year, Sotheby’s International Realty continued to strategically expand its presence across the globe. In 2021, the brand opened 86 new offices, bringing the brand’s total presence to over 1,000 offices in 79 countries and territories with over 25,000 Independent Sellers globally.
“Sotheby’s International Realty continued its international expansion in key markets,” said Tammy Fahmi, Senior Vice President of Global Maintenance and Strategy for Sotheby’s International Realty. “In 2021, the brand opened offices in five new territories and our international sales volume grew 56% year-over-year. Our global presence appeals to our agents and customers, and we continue to value markets that will support our strategic growth.”
In the EMEIA region, the brand has expanded to Oman and Morocco and opened three new offices in the Swiss Alps region. In the Caribbean and Latin America, the brand opened new offices in Jamaica and Saint Kitts and Nevis during a boom Caribbean interest.
As affluent individuals sought to buy homes in a market with limited inventory, Sotheby’s International Realty acted as true global real estate advisers. SKU sales volume within the brand’s global network increased nearly 80% year over year and the average selling price of these SKUs increased 21% year over year. other.
“Our ability to produce another historic year in an environment of record demand and low inventories undoubtedly shows that Sotheby’s International Realty are resourceful, committed and knowledgeable in meeting and exceeding their customers’ needs,” concluded White.
¹Copyright ©2021 “Existing Home Sales.” NATIONAL ASSOCIATION OF REAL ESTATE AGENTS®. All rights reserved. Reprinted with permission. January 20, 2022, https://cdn.nar.realtor/sites/default/files/documents/ehs-12-2021-overview-2022-01-20_0_0.pdf
Sotheby’s International Realty
Sotheby’s International Realty was founded in 1976 as a real estate service for the discerning clients of Sotheby’s auction house. As of Q4 2021, the company’s global footprint spans more than 1,000 offices located in 79 countries and territories around the world, including 47 company-owned brokerage offices in major metropolitan and resort markets. In February 2004, Realogy has entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the granting of licenses to Sotheby’s International Realty name and the development of a franchise system. The franchise system is made up of a network of affiliates, where each office is independently owned and operated. Sotheby’s International Realty supports its affiliates and agents with a wealth of operational, marketing, recruiting, training and business development resources. Affiliates and agents also benefit from an association with the venerable auction house Sotheby’s, established in 1744. For more information, visit www.sothebysrealty.com.
The affiliate network is operated by Sotheby’s International Realty Affiliates LLC, and the company-owned brokerages are operated by Sotheby’s International Realty, Inc. Both entities are subsidiaries of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. Sotheby’s International Realty Affiliates LLC and Sotheby’s International Realty, Inc. fully support the principles of the Fair Housing Act and the Equal Opportunity Act.
Senior Public Relations Manager
Sotheby’s International Realty
SOURCESotheby’s International Realty