Douglas Elliman Swings to $7.4 Million Q3 Profit

Selling mansions is still a good business, even when the rest of housing stalls. Douglas Elliman said Monday it earned $7.4 million in the third quarter, reversing a $24.7 million loss in the same period of 2025, according to its earnings release ^[1].

The board also approved a $10 million stock repurchase program ^[1].

By the numbers

• Gross transaction value held at about $10.0 billion, the same as a year earlier ^[1].
• The average sale price per transaction rose to $1.83 million from $1.77 million ^[1].
• Operating income was $6.3 million, compared with an operating loss of $10.7 million a year before ^[1].
• The company held about $123 million in cash plus a Treasury bill and carries no long-term debt ^[1].

But the profit had help. The Real Deal noted the quarter included a $15.4 million litigation benefit, and adjusted EBITDA swung to a $5.3 million loss from $1 million of income ^[2]. Agent commission costs also climbed to $200 million from $192.8 million ^[2].

What it means for you

For investors watching the housing cycle, Elliman's numbers show a split market: deal count is soft, but higher-priced homes keep trading. Its development marketing pipeline of about $26 billion, plus $11.8 billion more due to hit the market through 2027, is a gauge of how much new luxury condo supply is coming ^[1]. If you own in a luxury condo submarket, that pipeline is future competition for resales.

Zoom out

CEO Michael Liebowitz said rivals are busy with mergers, a nod to Compass buying Anywhere Real Estate, while Elliman stays focused on growth ^[2]. The company also expects AI tools to cut non-commission costs starting in 2027 ^[1].