The Institute’s Luxury Market Report is your guide to an analysis on the trends and comparative data on the top-residential markets throughout Canada and the United States.
May’s report reviews the current statistics for the luxury market in North America month over month, as well as the 13-month trend.
At the beginning of April, some real estate experts predicted a 30-40 percent decrease in inventory and that sales would drop dramatically due to “stay at home orders.” However, rather than hit the panic button, it seems that the luxury real estate market hit “pause.”
This month, The Institute talks with four real estate brand leaders to get a better understanding on the current situation in the luxury market from their agent’s perspective:
– Craig Hogan, Vice President of Coldwell Banker Global Luxury
– Anne Miller, Vice President of Luxury and Commercial at RE/MAX LLC
– Mike Miedler, President and CEO of CENTURY 21 Real Estate® LLC
– Kuba Jewgieniew, Found and CEO of Realty One Group
The report reviews the statistical data about inventory, sales and prices to understand why there has been a relative stability as well as any expectations for the upcoming months. Discover if there have been any significant changes in demand with regards to the affluent choices for location and property types and how the affluent are re-evaluating their living situations.
The report shared some insights into how real estate agents are embracing the new restrictions while developing strategies to ensure they are able to continue providing high levels of professional service to their clients.
Finally, including a few anecdotes about how luxury buyers are looking to purchase a safe, secure environment that still offers a sense of freedom for their families.
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 during the transaction, and knows how to leverage technology 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!