Residential real estate auction revenue increase 5.3% despite housing market downturn
OVERLAND PARK, Kan., Jan. 28 /PRNewswire-USNewswire/ — In 2007 the gross revenue from goods and services sold at live auction grew 5.3% to $270.7 billion. In 2006, the auction industry sold $257.2 billion in goods and services at auction, an increase of 7.1% from 2005. The annual report was compiled by Morpace, Inc. on behalf of the National Auctioneers Association (NAA) which surveys auction professionals to determine the state of the industry, as well as track key auction specialties within the industry.
While traditional real estate professionals continue to face the challenges of a housing market downturn, the real estate auction market continues to be one of the fastest growing auction sectors generating $58.4 billion in 2007. Within the real estate segment (e.g. residential, land/agricultural, commercial/industrial), residential real estate auctions witnessed the largest growth, increasing 5.3% from 2006. Accounting for 32% of the total live auction industry, automobile auctions continue to be the largest sector of the industry generating $87.8 billion in sales. Charity auction revenue grew from $15.6 billion in 2006, to $16.2 billion in 2007, an increase of 4.1%. The overall number of live auctions conducted in 2007 increased by 4.6%.
“The live auction industry continues to grow at an amazing pace,” said NAA president Tommy Williams, CAI. “More and more consumers are realizing the benefits of buying and selling at auction. Consumers are buying and selling their homes, personal property, art and antiques, and even fundraising for charity with the professional assistance of an Auctioneer.”
To assist consumers interested in real estate auctions, the NAA launched the first real estate auction multiple listing service (MLS) in 2007. Prospective bidders from across the world can access www.auctionmls.com to view upcoming real estate auctions ranging from residential, to farm/agricultural real estate. In addition to launching the first auction MLS, the NAA partnered with the Auction Network to develop the first 24/7 multi-media network devoted to the auction industry. Everyone from the enthusiast to the casual bidder can participate real-time in a wide variety of auctions taking place worldwide by visiting www.auctionnetwork.com.
About the NAA
Headquartered in Overland Park, Kansas, the National Auctioneers Association (NAA) represents the interests of approximately 6,000 auctioneers in the United States, Canada and across the world. Founded in 1949, the mission of the NAA is to promote the auction method of marketing and enhancing the professionalism of its members through education and technology. In 2007, the auction industry grew by 5.3% with over $270 billion in goods and services sold. To learn more about Auctioneers, auctions and the NAA visit: www.auctioneers.org.
SOURCE National Auctioneers Association
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