The Institute’s Luxury Market Report serves as your guide for analyzing trends and comparative data in the top residential markets across Canada and the United States.
The report for July provides a review of the current statistics for the luxury market in North America on a month-over-month basis, as well as the 13-month trend.
As we reach the six-month mark in 2023, we conduct a comprehensive analysis of both the North American and global luxury real estate markets to understand their status and major trends.
One of the most significant trends, despite continuous reports of lower sale volumes compared to 2022, is that the North American luxury real estate market, for the most part, remains a seller’s market.
In this report, we investigate the reasons behind this phenomenon, exploring the comparative decrease in sales volume in both the single-family and attached markets and the factors contributing to the ongoing favorability for sellers.
Our analysis delves into key aspects such as sales volume, existing and new inventory levels, as well as pricing, to grasp the market’s shifts over the last six months.
We ask if the resilience shown in the luxury market over the last six months is indicative of the North American market entering a period of stability and sustainability.
Furthermore, we extend our examination to the global market by consulting several experts to review their predictions for the luxury real estate market on a global basis.
We review the type of markets that luxury buyers have been investing and why diversifying their portfolio into markets outside their native market could well become a significant trend.
While the reasons for purchasing luxury real estate may evolve to satisfy immediate wants and requirements, it remains a reality that real estate will continue to be a long-term asset and a significant part of affluent individuals’ investment portfolios.
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 luxury homes in today’s market, we strongly recommend working with a realtor who can provide critical knowledge about your local market, maintain a high level of security and safety during the process, and leverage technology and strategies to offer 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!