Commercial real estate hub CoStar saw net sales reach an all-time high last quarter, according to the company’s latest earning reports. Accounting for the three-month period ending September 30, 2021, CoStar saw revenue hit $499 million, an increase of 17 percent over revenue of $426 million for the third quarter of 2020.
Net income for the third quarter was $64 million.
“CoStar performance continues to improve, with revenue returning to double-digit growth rates in the third quarter of 2021 and our CoStar sales team produced net sales bookings 57 percent higher quarter-over-quarter and 566 percent higher year-over-year,” said Andrew C. Florance, Founder and Chief Executive Officer of CoStar Group, via a press statement. “I’m very happy with the performance of our Ten-X and Residential businesses as well, both of which delivered exceptional revenue growth of 27 percent for Ten-X and 38 percent for Homesnap, on a year-over-year and pro forma basis, respectively.”
Companywide net bookings for the third quarter of 2021 were $47 million, which includes stronger than expected CoStar sales offset by sales results slowed by the ultra-low vacancy rates in Multifamily.
CoStar is adjusting its revenue outlook for the 2021 calendar year to a new range of $1.935-$1.940 billion—a 17 percent increase year-over-year at the midpoint of the range.