The Institute for Home Luxury Marketing (The Institute) 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.
This month, The Institute looked at a tale of three very different spring markets for the luxury real estate market—and how, one year in, the unimaginable effects of COVID-19 have impacted the sale of luxury properties and the demands of affluent buyers.
They reviewed the overall statistics for North America, based on data collected from over 100 luxury markets, to determine what is actually happening with respect to inventory levels and the number of sales (comparing April’s data for the last three years — 2019, 2020 and 2021).
Taking a deeper dive, they identified three very different markets across North America—exploring Miami in Florida, East Bay in California, and Vancouver in British Columbia—to identify the trends and investigate the similarities and differences at a local level for inventory and number of sales for April over the same three years.
Do these figures consolidate the trend growth of luxury real estate? Turning to the year ahead, they sought to answer the question “will this growth be sustainable?”
The Institute unraveled a number of the major influencers currently driving the market, and discussed their significance, both in the short and long term.
Click here to see the Institute’s full report.