The Institute for Luxury Home Marketing’s latest Luxury Market Report is a guide to an analysis on the trends and comparative data on the top-residential markets throughout Canada and the United States.
October’s report reviewed the current statistics for the luxury market in North America month-over-month, as well as the 13-month trend.
Now that the luxury real estate industry fully recognizes the significance of the changes in demand by the affluent—not just in terms of the properties they are looking to buy, but their location too—the Institute reviewed the impacts and reasons why.
These changes in demand were not only reflected in the Institute’s ongoing analysis of the luxury real estate market, but also corroborated by “on the ground” intel from its members in communities throughout North America.
The Institute revealed the substantial increases in third quarter results compared to the same period in 2019, and recognized new locations (both in the United States and Canada) that have witnessed increasing popularity.
They investigated the reasons why the luxury real estate market has not only bounced back but continued its momentum of growth during the last six months. Four key reasons were examined to understand their impacts:
– Remote Working
– Mortgage Rates
– The Stock Market
– Inventory Levels
The Institute also recommended that it is important for buyers and sellers in the luxury real estate market to recognize which of these many shifts will have lasting impacts, and which shifts will fade away once the pandemic is under control.
For homeowners looking to sell or buy their luxury home in today’s market, the Institute recommends working with a luxury 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.
See the Institute’s full report.
Get exclusive insights into the upper-tier real estate market in one of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!
