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.
December’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend.
As 2020 draws to a close, we investigate the trends in Q4 compared to the rest of the year and against 2019 statistics — and unsurprisingly, we see new trends in a year full of the unexpected.
The report reviews the monthly data for both single family homes and attached properties. It also examines various markets throughout North America to discover the reasons for these new trends.
We discover whether or not these decisions are being created by the pandemic, as a result of it, or if there are other factors influencing buying power.
The theme of this month’s report is “home is where the heart is” — and it is clear that this saying has never been more true (or relevant) than it has been in 2020. Not only have homes become a place of safety and refuge, but they’ve also become the place where we work, teach, order meals and other goods, and even cater to our leisure-activity needs. Ultimately, these Q4 trends of the affluent finding new homes to meet these new pandemic-inspired requirements do not seem to be going away anytime soon.
We look at markets that are seeing the benefit of winter migrations, including warmer destinations such as Florida, Hawaii, and the Caribbean, as well as winter-resort destinations such as Tahoe, Breckenridge, and Whistler, BC.
We also review what is happening in metropolitan cities and the surprising increase in demand, as well as what is governing this upswing and opportunity for savvy buyers.
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!