A STEADILY GROWING INDUSTRY
This report produced by the National Auctioneers Association provides easy-to-read statistics about the live auction industry’s size in 2005. Auctions are a large and growing segment of the U.S. economy and are increasingly a first-choice method of sale for many people.
Within the many categories of auctions, the fastest growing segments are all related to real estate. Owners of real estate are seeing the many benefits of selling at auction, including being able to set a specific date of sale and the ability to set a minimum sale price, if the seller desires.
In fact, according to the Harris Interactive study, 40% of consumers believe that residential real estate will be more frequently sold through live auctions in the future. In the 2005 figures, residential real estate had the highest annual growth rate from 2004 at 8.4%, followed by land and agricultural real estate at 7.0%. Commercial and industrial real estate grew at 4.9%.
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