Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, provides a state of the business report for 2020, highlighting progress in the past year.
The year 2020 was a remarkably interesting year for everyone, and we are thankful for people’s continued support as we have been blessed with good success during the time of the pandemic.
Real estate was generally one of the industries that performed very well in 2020, and it can be regarded as a “COVID winner.” During the past year, a lot of people decided that they were ready to make a purchase, sell or invest in real estate.
Currently, we are getting ready to finish our first year under the Sotheby’s International Realty brand. After spending the last 10 years as an independently owned company, Atlantic Shores affiliated with the Sotheby’s brand at the beginning of 2020. After a year under the Sotheby’s brand, we are happy to report that the company has seen significant growth.
Our number of transactions have increased by 33% over 2019, while our total volume increased 55% closed dollar volume in 2020.
As expected, we saw an increase in market share and in average sales price with the boost from the Sotheby’s brand. Our 2020 average sales price increased by 17%, thanks to the Sotheby’s value which enabled us to attract listings at much a higher price point.
As for actual company growth, we have increased our agent count by 50% over 2019, and we are going to have multiple new people joining us in the first quarter of this year as we continue to grow our presence in both the Maryland and Delaware beach market.
With interest rates expected to remain low at around 3%, combined with the surge in demand for vacation homes causing low inventory, we feel that we will continue to see prices rise throughout the year. We also expect our overall number of transactions to increase by the end of the year.
Economists are also predicting that 2021 will continue to be a good year for the real estate industry.
If you are thinking of buying or selling a property, contact us at 410.524.0919 and we would be happy to discuss it with you.