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.
January’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend.
In this month’s report, we review the luxury real estate market of 2022. We specifically look at the predictions for 2022 against the reality of what actually happened in order to understand the specific impacts on the market throughout the year.
We investigate why inventory levels played such a significant part in the buying narrative of 2022, why new inventory was so critical, and how the market stalled.
We examine the outside influences and their impacts on the luxury market. We also review why, despite the impacts of various negative influences throughout the year, the affluent are still eager to invest in luxury properties.
While there are now more opportunities for negotiation by buyers, particularly since fierce competition became a thing of the past during 2022, we recognize why prices haven’t fallen to the level that some predicted.
We look at why the affluent are taking a longer-term view in their purchasing plans for property, regardless of whether it’s a primary residence, second home, or investment property. Finally, we summarize what to expect as we move further into 2023.
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 a 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!