Auction market grows exponentially

The National Auctioneers Association recently unveiled its third quarter survey results conducted by Morpace, Inc., projecting continued positive growth in the auction industry. Looking for real estate specific stats I was lucky enough to find that 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).