BrokerageIndustry News

ZipRealty Q1 net loss totals $7.5 million

Transaction volume rises 33.6% over Q1 '08
Published on May 6, 2009

ZipRealty Inc. on Tuesday announced a net loss of $7.5 million in the first quarter, or 38 cents per share, with revenues growing 5.3 percent compared to the same quarter last year and real estate transaction volume up 33.6 percent. The quarterly net loss was larger than the $7.3 million loss in first-quarter 2008. Revenues totaled $21.7 million in the first quarter, compared with $20.6 million in the same quarter last year. ZipRealty, which has operations in 36 market area in 22 states and Washington, D.C., reported 4,171 closed real estate sale transactions in the first quarter, up from 3,121 in first-quarter 2008. The average net transaction revenue per sale decreased about 20.6 percent though, from $6,447 in first-quarter 2008 to $5,119 in first-quarter 2009. The total value of real estate transactions closed grew from $884 million in first-quarter 2008 to $909 million in first-quarter 2009. As of March 31, ZipRealty had 2,989 agents -- which the company refers to as &qu...

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