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.
September’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 (ILHM) took a look at the buying trends of the affluent comparing their spending habits and trends between 2019 and 2020, which have changed dramatically due to the recent impact of the coronavirus pandemic.
In September 2019, ILHM reported that demand for large luxury estate properties had reduced significantly over the previous few years. At that time, home purchase decisions by the affluent were based on diversifying portfolios, prioritizing quality over space and the inclusion of resort-like amenities.
A year later, and the restrictions of the coronavirus pandemic have changed both the preferences and lifestyle requirements of the affluent. In fact, the last six months have seen a resurgence in the buying of mega mansions and estate size homes—specifically properties that offer space, both inside and outside, separate home offices, gyms, and private amenities such as swimming pools, yoga studios and recreation rooms.
The report looks at some of the important variables such as the increase in median sales price, effects of working from home, and markets that have seen the greatest impact.
ILHM not only reviewed the growth of wealth and how the affluent are continuing to spend on luxury, but also the innovations that are facilitating their spending—from digital shopping to implementing health and wellness aspects into their lifestyle and increasing private luxury services to ensure their needs are met.
The changing face of the real estate industry now fully recognizes the importance of including amenities that address the physical, social and mental/emotional/spiritual dimensions of its residents.
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!