Happy 2008!
The dawning of a new year is always an opportunity to reflect on the year past and to make predictions on the one ahead. Here is our Luxury Trends Report 2007-2008 (PDF 89kb).
Here's a peek inside:
"Although statistics have only been reported for the first eleven months of 2007, the National Association of Realtors predicts the year will wrap up as the fifth best year on record for resale housing. That’s the silver lining on the cloud of a declining residential real estate market. The years leading up to 2007 were so strong that despite the historical strength of last year, sales numbers declined and the market paled in comparison to the preceding record-setting years. Declining prices, growing inventories, and the problems associated with “creative” securitization of mortgages were the added factors making 2007 a less than banner year.
On a positive note, the luxury market outperformed the market in general. The very top of the market remained strong. New U.S. price records were set, broken, and set again in 2007..."
If you are an active Member of The Institute, please feel free to use this material (with attribution) in your newsletters or other marketing materials. Non-Members, please contact us for permission.
Best of luck for the new year!
