August Luxury Market Report 2023

The August 2023 Luxury Market Report

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The Institute’s Luxury Market Report offers a comprehensive analysis of trends and comparative data for top residential markets across Canada and the United States.

The August report provides a month-over-month review of the North American luxury market statistics and a glimpse into the 13-month trend.

In this month’s report, we delve into the past to understand why the luxury real market has truly changed, how this new reality was created, and why it needs to be fully appreciated by both buyers and sellers.

We compare the differences and similarities between 2019 and 2023, focusing on how the pandemic-induced changes, especially in inventory levels, have reshaped the real estate scene.

Conventionally, a decelerating market would result in significant increases in inventory levels, falling prices, and a decline in sales. Yet, 2023’s outcomes defy these traditional expectations.

Explore the reasons behind the sales volume in 2023 being relatively lower than the past three years but stronger than 2019, and understand the implications of this trend.

Furthermore, gain insights into why comprehending inventory levels — both the total available and new monthly listings — is crucial to effectively navigating today’s market.

While the dynamics of buying and selling luxury real estate have evolved, it’s essential to recognize that demand trends have shifted as well.

In a time when both the affluent and middle class can own the same luxury brands, the wealthy are increasingly prioritizing intangible experiences over tangible goods as symbols of status.

We reveal the growing emphasis on “the experience” for luxury homeowners. Astute homeowners, real estate professionals, developers, architects, and designers are all eager to incorporate this emerging trend into their properties.

Grasp the idea that luxury is less about lavish spending and more about crafting experiences that evoke a sense of opulent well-being and security. Discover how these demands are being met and what the affluent now expect.

True comprehension of the art of buying and selling requires an analytical perspective, not just adherence to market narratives.

Click here to see The Institute’s full report.

For those considering buying or selling a luxury home in the current market, we advise partnering with a realtor knowledgeable about your local market. Choose someone who prioritizes security during transactions and is adept at leveraging modern technology and strategies for optimal exposure and assistance.

Gain 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!

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