Real Estate Still Booming

A recent article in the Philadelphia Inquirer mentioned a number of statistics about the currently booming real estate industry. Some interesting facts & figures include:

• More than 200,000 Realtors have flowed into this market over the last five years, with the greatest percentage increase coming in 2002 and 2003. The current number of NAR members is now at 1 million.
• NAR members account for just 53.1 percent of those with state licenses who actively sell real estate, and 40.7 percent of all licensees, whether they sell or not.
• The number of FSBOs has increased to as high as 25% in some markets.
• The median age of a broker in 2003 was 52, 49 for an agent. However, the median age for agents who have joined the NAR since 2000 is 43, and one in eight is under 30.
• The median income for new agents is $22,500, compared with $39,300 for all sales agents. But after only a couple of years, the median for the new ones can reach $45,900. Two in seven Realtors work in other occupations, earning a median of only $14,700 for spending 25 hours a week selling houses. Full-time Realtors work an average of 43 hours a week and earn a median of $36,000 (both new and old agents).

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