The company’s revenue grew to $ 10.1 billion in the first quarter of 2021, up 71 percent from the same period last year.
New York-based real estate agent Douglas Elliman saw sales, revenue and profits spike in the first quarter of 2021 thanks to a hot market that resulted in “robust closed sales activity” according to a new earnings report.
Parent company Vector Group report found Douglas Elliman had sales of $ 10.1 billion between January and March, up 71 percent year over year. The company also had revenues of $ 272.8 million compared to $ 165.6 million in the first quarter of 2020. In addition, the company posted income of $ 13.9 million for the quarter compared to $ 69 million a year earlier.
Howard M. Lorber, President and CEO of Vector, said in the report that “our real estate business with Douglas Elliman had continued and robust closed sales.”
“We are encouraged by Douglas Elliman’s $ 107.2 million increase in sales in key markets such as New York City, the Hamptons, Palm Beach, Miami, Los Angeles and Aspen,” added Lorber. “We are optimistic that this strong momentum will continue.”
Speaking to investors, Lorber added that closed sales in key markets continued to improve in the first quarter and that commissions in New York City specifically increased 34 percent.
“This trend seems to be continuing,” continued Lorber, later adding, “I think when the city comes back to life it will continue.”
Asked about other strong markets during the call, Lorber pointed to South Florida, the Hamptons, California, and Colorado. Regarding Florida, however, Lorber said he expects that market to flatten out in the near future, while the New York City market has more growth potential.
Douglas Elliman’s profits come in the same week that other major real estate companies such as eXp, Zillow and Redfin saw strong sales growth.
Vector also makes tobacco products. Overall, the company’s sales increased by 19.6 percent compared to the previous year. The company’s shares traded around $ 13.70 in the hours after earnings were posted, a slight increase for the day.
Email Jim Dalrymple II