The luxury market remains steady and pretty much unwavering in this overarching review of the current median price for a luxury home – whether it’s attached or detached. The most significant trend is that the North American luxury market is decidedly in the buyer’s control, with only a few markets showing a demand that is stronger than its current inventory – which signifies a Seller’s Market.

To add some significance to this month’s overall swing into a Buyer’s Market from last month’s reported Balanced Market, this is due to a substantial drop of roughly 10% in the sales ratio of markets that have been especially high in their Seller Market ratios to date, such as Silicon Valley, Seattle and San Francisco.

In contrast, several cities saw landmark luxury condominium sales which could prove an indication of growth into the luxury condo market.

As we move into the Fall/Winter season, we predict that many markets will see an upswing in inventory that may affect list price. “Snowbird Communities” such as Scottsdale, Kauai and Florida will start their busy season and we will continue to watch for any significant or unexpected trends to emerge.

A big focus this month is a report recently released by Wealth X about the ultra-wealthy and major drivers influencing their net worth. While wealth is not controlled by gender or borders, GDP and Equities has had a large impact with on ultra-wealthy population dramatic growth.

The trend in these groups is to expand their real estate portfolio through the number of homes they own. We are seeing luxury homeowners looking for more than just one expansive mansion, but rather a variety of properties that offer choices in location and flexibility of movement.

Luxury realtors must shift their focus and be aware of this new reality of diversity in purchasing, requirements and expectations in order to have continued success in the luxury real estate space.

To review more statistics and our more in-depth analysis on the current luxury trends, click here to check out our digital Luxury Market Report for North America.  

Members of The Institute have access to download the full report which also includes monthly reports about luxury markets in over 55 cities in North America – by clicking here and using their membership login.

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