WASHINGTON - CoStar Group (NASDAQ:CSGP)'s Homes.com has been recognized for its significant improvement in organic visibility, securing the 43rd spot in SISTRIX's IndexWatch 2023 ranking. The IndexWatch list annually identifies U.S. domains that have exhibited the most substantial growth and decline in organic visibility on Google (NASDAQ:GOOGL).com.
SISTRIX, which tracks over 100 million domains for their performance on 100 million Google keywords, highlighted Homes.com's achievement from the U.S. index specifically. This recognition comes after Homes.com became the second most visited real estate portal in the United States in September 2023, surpassing competitors like Realtor.com and Redfin (NASDAQ:RDFN).
Andy Florance, Founder and CEO of CoStar Group commented, "It is an honor to be recognized by SISTRIX™s IndexWatch 2023 for the significant growth and awareness that Homes.com has experienced throughout 2023. We set out to create a platform with the highest quality content on neighborhoods, schools, and parks that benefits homebuyers and all agents. This visibility growth is a testament not only to the quality of the product, but to the quality of our team for consistently producing the best user experience."
The growth of Homes.com is part of CoStar Group's broader expansion, a company with over 6,200 employees worldwide, dedicated to digitizing the real estate industry.
This report is based on a press release statement from CoStar Group.
InvestingPro Insights
In light of CoStar Group's Homes.com recent recognition for improved organic visibility, investors may find particular interest in the company's financial health and market performance as of the last twelve months leading up to Q3 2023. According to InvestingPro data, CoStar Group (CSGP) holds a market capitalization of 34.55 billion USD, which underscores its substantial presence in the digital real estate market. The company's revenue has grown by 12.88%, a testament to its expanding influence and the success of platforms like Homes.com. With a gross profit margin standing impressively at 80.55%, CoStar Group demonstrates a strong ability to convert sales into profits.
InvestingPro Tips further enrich our understanding of the company's financial nuances. Notably, CoStar Group holds more cash than debt on its balance sheet, providing a cushion for operational flexibility and potential investments. Additionally, the company's liquid assets exceed its short-term obligations, ensuring it can meet immediate financial needs. However, it is worth noting that CoStar Group is trading at a high earnings multiple, with a P/E ratio of 85.29, suggesting that its stock price is high relative to its earnings. Investors interested in a deeper dive into CoStar Group's financial metrics can explore the full range of InvestingPro Tips, which currently lists a total of 13 additional insights.
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