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Douglas Elliman posted a revenue increase in the first quarter of 2025 and narrowed losses as the company continues to find solid footing under the new leadership of CEO Michael S. Liebowitz, according to quarterly earnings data.
First quarter revenue was up year over year to $253.4 million from $200.2 million during Q1 2024, Douglas Elliman reported on Friday.
Michael S. Liebowitz | Douglas Elliman
“Our performance in the first quarter highlights the strength of our luxury brand and the incredible efforts of our agents, employees and leadership team,” Liebowitz said in a statement.
The company’s operating loss declined to $5.3 million during the first quarter, down from $41.5 million the year prior. Likewise, net loss decreased to $6 million or $0.07 per diluted share, down from $41.5 million or $0.50 per diluted share in Q1 2024.
Douglas Elliman Realty, the company’s real estate brokerage arm, grew gross transaction volume to $9.9 billion during the first quarter, up from $7.1 billion the previous year. The firm’s average price per transaction was $2 million, up from $1.6 million the year before.
In March, the company reported that it had ended 2024 with a net loss for the year of $76.3 million, well above its net loss in 2023 of $42.6 million. Net loss during the fourth quarter of 2024 was $6 million, down from $14.8 million the previous year. The fourth quarter was the first in which Liebowitz had served a full quarter as the company’s new CEO.
Chief Financial Officer Bryant Kirkland said that the company’s strong balance sheet would also help drive it through the year. Douglas Elliman Inc.’s cash and cash equivalents sat at $136.8 million as of March 31, 2025.
Bryant Kirkland | Douglas Elliman
During a call with investors on Friday, Kirkland said the firm’s agents had made great strides in transactions above $5 million and above $10 million. During the first quarter of 2025, agents sold 343 homes priced at $5 million or more, which was a 73 percent increase year over year. Agents sold 104 properties priced at $10 million or more during the first quarter, an increase of 76 percent year over year.
Kirkland also elaborated on the firm’s new development growth, noting that the Douglas Elliman’s current new development pipeline represents about $28.3 billion in gross transaction value, roughly $18.7 billion of which is located in Florida alone. The Development Marketing division’s revenue rose to $21.1 million during the first quarter, up from $6.6 million in Q1 2024.
“Douglas Elliman’s financial performance reflects the success of our balanced approach to driving growth while maintaining financial discipline,” Kirkland said. “Our investments in high-impact areas, such as the Development Marketing division, are delivering results and our strong balance sheet, with $137 million in cash and cash equivalents as of March 31, 2025, positions us well to build on this momentum throughout 2025.”
Liebowitz briefly touched on challenges the firm continues to deal with, including high mortgage rates, low inventory, soft transaction volume and broader economic uncertainty, but noted that these challenges had not significantly impacted the firm’s bottom line during the first quarter. Overall, he expressed optimism for the firm’s growth strategy and future success.
“I continue to believe in the strength and brand power of the Douglas Elliman brand and its scalability, and we are excited about our future,” Liebowitz said during the investors call. “The results of the last two quarters show we are continuing our turnaround and are doing extremely well. Our best days are ahead.”
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