After going public, Compass is back in business with expansions and acquisitions.
The brokerage firm announced Thursday that it had opened a new office in Raleigh, North Carolina. This is Compass’ third foray into a new market since going public earlier this month following its expansion in Delaware and Tampa, Florida.
Fifty-five agents have signed up and will serve the entire research triangle that includes Raleigh, Durham and Chapel Hill. The company plans to open a separate office in Durham in the future.
The new team includes several key agents, including Gretchen Coley of the Coley Group, who specializes in new and luxurious developments, and Linda Trevor, who brokered over $ 114 million in sales across the Triangle area last year.
Together, the new office’s 55 agents closed deals for $ 420 million in 2020.
You will compete with local brokerage firms like Coldwell Banker Howard Perry and Walston Realty, which, according to RealTrends, dominated 2019 with more than $ 2.4 billion in revenue.
Fonville Morisey, which is part of Long & Foster and HomeServices, and the Jay Crow Group at Keller Williams Realty are other major players in the region with 2019 sales of $ 1.6 billion and $ 1.1 billion, respectively.
Compass’ decision to plant roots in North Carolina makes sense given the glowing housing market in the area. As in many other parts of the country, the triangle saw sales surge in 2020, followed by home prices. According to Triangle MLS, the average sales price across the region rose nearly 11 percent year-over-year in March. Closed sales increased 6 percent.
This has also resulted in fewer apartments on the market: The number of available apartments in the Triangle region fell by 68 percent in March compared to the previous year, according to MLS data. In March 2020, houses were up for sale for 2.2 months; this year that number dropped to 0.6 months.
Compass has offices in more than 165 cities across the US Earlier this week it acquired Glide Labs, a San Francisco-based real estate transaction management platform. It’s the latest in the broker company’s ongoing acquisitions streak.
Contact Cordilia James