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.
November’s report reviews the current statistics for the luxury market in North America month-over-month, as well as the 13-month trend.
The Institute for Luxury Home Marketing, in September, provided data-driven insights for Coldwell Banker Global Luxury’s “A Look at Wealth 2020” report.
In reviewing the data of the top 10 percent of the real estate market, this report established that there were some significant trends created as a result of the affluent’s reaction to the COVID-19 pandemic.
The Institute’s Luxury Market Report analyzes if these trends are still ongoing in the market (since typically the overall market tends to slow as we approach the winter season), or if it’s still too early to predict.
These changes by the affluent are not only significant since they are changing the distribution of real estate wealth, but because they have also created a new wealth demographic—one that isn’t based on net worth, age or gender, but rather on safety and wellness instead.
Coldwell Banker Global Luxury has coined a new term to define this new demographic: Trailblazers. This demographic was then subdivided into three more specific groups based on the choice of destination: Explorers, New Suburbanites and Resorters.
It is still important for buyers and sellers in the luxury real estate market to recognize which of these many lifestyle changes and migration trends will have lasting impacts, and which will dissipate once the pandemic is under control.
See the Institute’s full report.
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