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.
November’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend.
The Institute for Luxury Home Marketing is recognized as the leading source for providing statistical data and analysis on the luxury real estate market and in September provided data driven insights for Coldwell Banker Global Luxury’s “A Look at Wealth 2020” report.
In reviewing the data of the top 10% of the real estate market, this report established that there were some significant trends created as a result of the affluent’s reaction to the COVID-19 pandemic.
In the Institute’s Luxury Market Report, we review October’s figures to analyze if these trends are still ongoing in the market (since typically the overall market tends to slow as we approach the winter season), or if it’s still too early to predict.
These changes by the affluent are not only significant since they are changing the distribution of real estate wealth, but because they have also created a new wealth demographic — one that isn’t based on net worth, age, or gender, but rather on safety and wellness instead.
Coldwell Banker Global Luxury has coined a new term to define this new demographic: Trailblazers. This demographic was then subdivided into three more specific groups based on the choice of destination: Explorers, New Suburbanites, and Resorters.
It is still important for buyers and sellers in the luxury real estate market to recognize which of these many lifestyle changes and migration trends will have lasting impacts, and which will dissipate once the pandemic is under control.
For homeowners looking to sell or buy their luxury home in today’s market, we recommend working with a 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!