{"id":2239,"date":"2021-05-13T16:35:23","date_gmt":"2021-05-13T16:35:23","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2021\/05\/13\/q1-real-estate-earnings-share-some-surprises\/"},"modified":"2025-03-13T02:37:38","modified_gmt":"2025-03-13T02:37:38","slug":"q1-real-estate-earnings-share-some-surprises","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2021\/05\/13\/q1-real-estate-earnings-share-some-surprises\/","title":{"rendered":"Q1 Real estate earnings share some surprises"},"content":{"rendered":"\n

Real estate earnings reports unsurprisingly show good news, but Realogy had some pleasant surprises.<\/p>\n\n\n\n

Housing sales in the first quarter were at the highest levels since 2006 across all segments continuing the run that started in Q3 2020.\u00a0Despite record-low inventory numbers at the start of the first quarter, it’s incredible that agents are finding and unlocking homes so that they can generate this record level of sales. <\/p>\n\n\n\n

As for some of the nation\u2019s giants, it was unsurprisingly almost all good news.\u00a0We’ve reviewed the first quarter 2021 earnings reports for Realogy, eXp, Compass, Redfin, RE\/MAX, Realogy, Redfin, Keller Williams, and Zillow.\u00a0<\/p>\n\n\n\n

Double-digit transaction count for Realogy<\/h4>\n\n\n\n

Realogy had an incredible first quarter and not just because their financials were on the upside.\u00a0Most importantly, after growing their transaction count in the very low single digits for the past few years, they saw 20% to 22% growth in closed transactions in the first quarter over the prior year\u2019s first quarter for both the franchise and owned brokerage segments.\u00a0The increase for Realogy beat the market rate of growth significantly.\u00a0After several years of lagging the market, Realogy gained share.<\/p>\n\n\n\n

Exceptional agent count for eXp<\/h4>\n\n\n\n

There were fewer surprises with eXp<\/a>.\u00a0The size of their growth was exceptional with agent count up 77% over the prior period. Transactions were up 95% and transaction volume up 123% in the same comparisons.\u00a0 Revenues were up 115% and gross profit was up 95%.\u00a0The fast growth of eXp was not unexpected given what we hear from the market in general.<\/p>\n\n\n\n

Compass saw 80% year-over-year revenue increase<\/h4>\n\n\n\n

Compass’ Q1 results were not surprising on the bottom line, reporting a $31 million loss as measured by Adjusted EBITDA.\u00a0It did however see an 80% year-over-year increase in revenues, boosted by a corresponding 67% increase in transactions.\u00a0Compass also announced it had formally entered into the Rhode Island, Delaware and Tampa markets, which brings its total metro market presence to 47.<\/p>\n\n\n\n

Most Redfin metrics showed improvement <\/h4>\n\n\n\n

Redfin also turned in exceptional quarter-over-quarter growth.\u00a0Closed transactions were up 38% over the prior first quarter, gross revenues were up 40% and gross margin was up 229% for the same period. Also of note was that the net loss shrunk from $60 million in the first quarter of 2020 to a net loss of $36 million in the first quarter of 2021.\u00a0Most metrics for Redfin showed improvement during the period. Read their real estate earnings report.<\/a><\/p>\n\n\n\n

RE\/MAX shows solid quarter<\/h4>\n\n\n\n

RE\/MAX had a solid quarter with worldwide agent count growing 6.4% to 140,214.\u00a0In North America the growth was 0.7%.\u00a0Revenues increased 2.0% in the period and EBITDA increased 18.5% to $23 million. Its new Motto Mortgage franchise had its best year ever in franchise sales. RE\/MAX agent growth showed the highest trailing 12 months in over a decade.<\/p>\n\n\n\n

Global growth strong for Keller Williams<\/h4>\n\n\n\n

Keller Williams had another strong quarter with closed transactions up 21.3% over the first quarter of 2020 and closed volume up 39.7% in the same period.\u00a0Global growth<\/a> was also strong with agent count outside North America up 23.1% over the first quarter\u00a0of 2020.\u00a0Closed transactions and volume\u00a0were also up over 58.7% and 100% respectively.<\/p>\n\n\n\n

Zillow traffic increased 15% year over year<\/h4>\n\n\n\n

Zillow also had a strong first quarter.\u00a0Internet, Media and Technology (IMT) revenues were up 35% and mortgage revenues were up 169% in the first quarter of 2021 over the first quarter of 2020.\u00a0Traffic to Zillow increased 15% on a year-over-year basis.\u00a0Zillow<\/a>‘s real estate earnings report showed that its trailing 12-month EBITDA reached a new high at $519 million.<\/p>\n\n\n\n

These real estate earnings results are not all that surprising given the record high level of housing sales and general public interest in the rapidly rising housing price environment.\u00a0The largest surprise to us was the recovery in Realogy\u2019s core business \u2013 a surprising turnaround from prior years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate earnings reports unsurprisingly show good news, but Realogy had some pleasant surprises.<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[19],"class_list":["post-2239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nQ1 Real estate earnings share some surprises - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Real estate earnings reports show good news and a few surprises for companies like Realogy. 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