I wanted to share this with you all regarding auctions and their growing popularity domesticly. Some of this is due to the market and people running into trouble. This is not always the case as not all real estate is ideal for sale at auction.
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For Immediate Release
Contact: Chris Longly, Public Affairs Manager
National Auctioneers Association
(913) 541-8084 ext. 31
Auction Industry Projects Gross Revenues to Reach $269.6 Billion in 2007
37% of Real Estate Auctioneers Reported Increase in Home Auctions
Overland Park, KS " The National Auctioneers Association recently unveiled its third quarter survey results conducted by Morpace, Inc., projecting continued positive growth in the auction industry. Initiated in 2003, the quarterly survey compiles data and tracks the growth of the industry in the United States.
In 2006, the total value of goods and services sold at auction totaled $257.2 billion, an increase of 7.1% from 2005. Gross revenues in the first three quarters of 2007 have increased nearly 5% from the same time period one year ago. Current projections for 2007 gross sales receipts total $269.6 billion. Forty-seven percent of NAA members surveyed reported an increase in gross sales receipts in the first three quarters of 2007, with thirty-one percent reporting no change in sale receipts compared to the previous year.
Residential real estate auctions continue to be one of the fastest growing segments of the live auction industry with an estimated growth of 3.1% since the end of the second quarter. During this same period, commercial and industrial real estate auction has grown 2.9%. Thirty-seven percent of real estate Auctioneers surveyed reported an increase in real estate auctions, with thirty-two percent reporting no change. Total real estate revenues for 2006 include: Residential Real Estate ($16.0 billion), Commercial/Industrial ($15.0 billion), and Land/Agricultural ($25.3 billion).
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