Zillow’s stock has been soaring lately. And so is the company’s traffic.
The online real estate powerhouse announced today that it attracted 63.6 million unique visitors during the month of August — a healthy 75 percent growth rate. Zillow had 36 million visitors for the same month last year.
Zillow is investing tens of millions of dollars in a nationwide advertising campaign, part of an effort to establish itself as the leading online real estate brand in the country.
“To put our audience growth in perspective, during just the past year, we added the equivalent in unique users of almost an entire Move Inc. or two thirds of a Trulia,” Zillow CEO Rascoff, referring to his company’s two primary competitors, in a conference call with analysts last month. “This is staggering growth.”
That’s a different approach from Trulia, which hasn’t invested as much cash in advertising. It attracted 34.9 million visitors per month, according to the company’s quarterly earnings report in July.
Zillow, which went public at $20 per share in July 2011, now is trading at $94.90. It has a market value of $3.59 billion.
