The Institute’s Luxury Market Report is your guide to an analysis of the trends and comparative data on the top-residential markets throughout Canada and the United States.
April’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 compare March’s statistics against March 2021 and review the biggest questions on many people’s minds currently. We also explore the “innovation” that’s happening as a counter to the issues of high demand, low inventory levels, and increasing prices in the luxury real estate market.
We look at the comparable statistics of March 2022 versus 2021 to review the level of demand, sales, price velocity, and new inventory entering the market this spring.
Big questions on everyone’s minds are focused on the sustainability of demand in the luxury real estate market and the repercussions of rising inflation, higher interest rates, and the war in Ukraine.
We reveal what experts such as Danielle Hale, chief economist with Realtor.com, Forbes.com, Lawrence Summers, a former Treasury Secretary, Harvard economist, and Mansion Global predict this spring?
Can we expect to see the return of more normal seasonal patterns this year, or will the continued shortage of homes for sale remain the biggest obstacle for buyers?
Out of this incredibly constrained market, we see the rise of ‘innovation’.
Affluent buyers are changing the real estate map once again – finding new locations on the fringe of more renowned locations and others are starting to see the upside of properties that need renovations.
As global supply chains continue to be a source of frustration, we look at some interesting solutions being implemented from using local resources to repurposing and recycling.
Interesting changes are also happening in the luxury condo market which is seeing development innovation at both the design and amenity levels.
Finally, even sellers of land or tear-down properties are stepping up their game – discover more about this new rising trend.
It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities, rather than just listening to the market rhetoric.
For homeowners looking to sell or buy their luxury homes in today’s market, we recommend working with a realtor 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!