“Those firms constantly reinvest in their service and are always looking to attract the next wave of buyers,” he explains. “Buyers change, the houses change, the media change. They can keep all those balls in the air, prioritize correctly, and create allegiances.”
According to the Market Action Index released by the Institute for Luxury Home Marketing (ILHM), the luxe housing market officially switched from a buyer’s game to a seller’s domain. On June 2, for the first time since 2008, the Market Action Index reached 30 and in subsequent weekly reports the index has maintained its heightened position.
“The ILHM National market is currently slightly in the Seller’s Market zone (greater than 30).The Market Action Index stands at 30 which indicates that luxury demand is relatively strong but the available supply of new listings doesn’t get acquired immediately,” the ILHM stated in a report released on June 23.
It’s clear that luxury homes are back in demand, but the resurgence of larger living spaces? Only time—and square footage—will tell.