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.
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 we move firmly into the last month of 2023, it seems the glimmer of change first seen in October’s data grew a little brighter during November.
We review various key data parameters such as the sold property numbers, new inventory entering the market, sold prices and the sold-price-to-list-price ratios to understand their significance. While sales have not increased month-over-month, and nor would we expect them to at this time of year, we appreciate that compared to the same month in 2022 we see an optimistic change in the current market.
We investigate why consumer sentiment is important, how it could affect how the market performs in the coming year, explore what economists predict regarding mortgage rates in 2024 and how they could help the market rebound or cause problems if they drop too fast!
As always it is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities within your local market, as they may differ from the viewpoint at the national level. If you are already a member of The Institute for Luxury Home Marketing, monthly local market reports are available to download in your Member Portal.
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 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!