The company also saw its sales volume climb to $10.1 billion in the first quarter of 2021, up 71 percent compared to the same period in 2020.

New York-based brokerage Douglas Elliman saw its sales volume, revenue and profit all soar during the first quarter of 2021 thanks to a hot market that, according to a new earnings report, drove “robust closed sales activity.”

The report, from parent company Vector Group, revealed that Douglas Elliman closed $10.1 billion in sales between January and March, which represents a year-over-year increase of 71 percent. The company also brought in $272.8 million in revenue, compared to $165.6 million during the first quarter of 2020. Additionally, it saw $13.9 million in profit during the quarter, up from $69 million a year ago.

Howard Lorber

Howard M. Lorber, Vector’s president and CEO, said in the report that “our Douglas Elliman real estate business saw continued and robust closed sales activity.”

“We are encouraged by Douglas Elliman’s $107.2 million increase in revenues across major markets like New York City, the Hamptons, Palm Beach, Miami, Los Angeles, and Aspen,” Lorber added. “We are optimistic that this strong momentum will continue.”

In a call with investors, Lorber added that during the first quarter, “closed sales continued to improve in major markets,” and said that commissions in New York City specifically were up 34 percent.

“This trend seems to be continuing,” Lorber continued, adding later that “I think as the city comes back to life that’s going to keep going.”

Asked during the call about other strong markets, Lorber pointed to South Florida, the Hamptons, California and Colorado. Regarding Florida, however, Lorber said he expects that market to level out in the near future, while the market in New York City has more potential to grow.

Douglas Elliman’s earnings come the same week that other major real estate companies such as eXp, Zillow and Redfin also reported strong revenue growth.

Vector also manufactures tobacco products. Overall, the company’s revenue was up 19.6 percent year-over-year. The company’s shares were trading for about $13.70 in the hours after the company published its earnings, up slightly for the day.

Email Jim Dalrymple II

Douglas Elliman
Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×