The March 2023 Luxury Market Report

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The Institute’s Luxury Market Report is your guide to analysis on 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, as well as the 13-month trend.

Over the last two and a half years, the state of the luxury real estate market has become one of the hottest topics discussed in news outlets, multi-media platforms, and within the industry itself.

We recognize the biggest trend currently experiencing the most media attention – the declining level of sales – and review why there may be room for more optimism in the upcoming spring market.

We wonder if February’s statistical data for both single-family and attached properties sales could indicate the start of change, as they show an upward trend for sales.

New York and San Francisco are two markets reporting upticks in sales, but equally, markets that offer more affordability or potential price growth properties are seeing some increased demand.

However, it’s still important to note that the inconsistency between trend and data will likely be the key description of how markets will perform in terms of demand, pricing and sales this year.

Equally, expect to see the return of some old favorite trends and how they are likely to go hand-in-hand with new preferences.

We review the type of potential buyers who may become the main drivers of sales this year, and why it’s important to understand how their demands will play out in their choice of locations and property types.

It is important to understand why smart technology in conjunction with sustainability and luxury amenities are so highly valued, especially as the affluent continue to look for homes that provide physical and mental well-being, as well as privacy and security.

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.

Click here to see The Institute’s full report.

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!

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