Celebrating a Decade of Success | Pacific Sotheby’s International Realty Achieved Record Sales in 2020
Turning Uncertainty into Opportunity and Setting a New Standard in Real Estate
2020 was a year of resilience, innovation, and change in the real estate industry. During a year when many homebuyers and sellers evaluated their housing needs due to COVID-19, Pacific Sotheby’s International Realty’s agents navigated through uncertainty. They led our industry in health and safety, innovation, and virtual solutions, all while delivering unparalleled service.
2020 also marked a major milestone for Pacific Sotheby’s International Realty: 10 years of successful business in the Southern California real estate market. Though there was no official celebration held, the company ended the year with a $6.7 billion sales volume, exceeding all previous sales records. Across the firm, the average sale price of real estate transactions increased by 15% to $1,123,671. The Sotheby’s International Realty global network’s true power was seen through the company’s relocation and referral service numbers that reached an all-time high of inbound closed 216 units resulting in $232,068,346 sales volume, in addition to 273 outbound closings.
The challenges of 2020 brought opportunity, innovation, and a new direction for Pacific Sotheby’s International Realty. With the technology and tools already in place, Pacific Sotheby’s International Realty was poised to deliver on virtually marketing properties and worked to ensure agents were well-prepared to adjust to the changing real estate landscape and client needs. The company leveraged existing virtual technology tools to showcase properties and stage homes virtually when many were sheltering in place.
In June 2020, Founder and CEO Brian Arrington assumed complete control of Pacific Sotheby’s International Realty to return his company to the core beliefs of total unyielding integrity, commitment to uphold the highest ethical standards in the industry and provide its agents with every opportunity to increase their business in a company that is anchored by the strategic pillars of service, respect, and value. Key organizational changes followed, including expanding its dynamic leadership team, aligning with agents whose integrity, experience, and business ethic match those of the Sotheby’s International Realty brand, and updating offices to offer a modern lifestyle experience for clients.
“2020 brought significant changes and allowed us the opportunity to move forward in a new direction, says Arrington. “With the right leadership team now in place, our focus is all about next-level quality. Our priority is to increase our agents’ productivity and the innovative services they provide to their clients through cutting-edge tools, resources, and experienced management.”
With mortgage rates expected to stay low, strong buyer confidence, and continued lack of inventory, Arrington sees no signs of a downturn in home prices and expects values to remain strong across all price points well into 2021.