The Institute’s Luxury Market Report is your guide to an analysis on the trends and comparative data on the top-residential markets throughout Canada and the United States.
May’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend.
This month we look at a tale of three very different spring markets for the luxury real estate market — and how, one year in, the unimaginable effects of COVID-19 have impacted the sale of luxury properties and the demands of affluent buyers.
We review the overall statistics for North America, based on data collected from over 100 luxury markets, to determine what is actually happening with respect to inventory levels and the number of sales (comparing April’s data for the last three years — 2019, 2020 and 2021).
Taking a deeper dive, we identified three very different markets across North America — exploring Miami in Florida, East Bay in California, and Vancouver in British Columbia — to identify the trends and investigate the similarities and differences at a local level for inventory and number of sales for April over the same three years.
Do these figures consolidate the trend growth of luxury real estate? Turning to the year ahead, we seek to answer the question “will this growth be sustainable?”
We unravel a number of the major influencers currently driving the market, and discuss their significance, both in the short and long term.
For homeowners looking to sell or buy their luxury home in today’s market, we recommend working with a luxury real estate professional who can provide you with critical knowledge about your local market, maintain a high level of security and safety during the process, and who knows how to leverage technology and strategies to provide maximum exposure and assistance.
Get exclusive insights into the upper-tier real estate market at one of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!