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.
March’s report reviews the current statistics for the luxury market in North America month over month and the 13-month trend.
Over the last 18 months, the real estate market has been a hot topic, with luxury properties being the focus of many a news bulletin.
One constant in a sea of views and trend analysis is that ‘the home’ has officially become one of the most essential factors in today’s decision processes for how individuals choose their way of life.
While the parameters surrounding individuals’ search requirements may not have changed significantly from pre-pandemic times, we examine the cause behind this enormous demand, especially for luxury properties, and reveal some staggering statistics.
Discover the two other factors that have not only played a significant part but will probably have a much longer-lasting effect on demand for luxury properties.
Wealth-X’s research shines a light on both substantial increases of global wealth and, more significantly for the luxury real estate market, the population growth of individuals who are now classified as high-net-worth (HNW) – those with over $5 million in net worth.
We share the statistics from Coldwell Banker Global Luxury’s recent report, which focuses on the growth of the HNW population and their wealth and their increase of homeownership of properties over $1 million.
Equally impressive is the growth of multiple homeownership both in the US and internationally and how significant this new wealth has proven for many of these new HNW.
While extreme situations such as this pandemic will often cause equally extreme results, we examine why the growth (or decline) of the HNW population and their wealth will play a more important role in the long-term demand for luxury real estate.
It is essential 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 home 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 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!