The Institute for Luxury Home Marketing (The Institute) Luxury Market Report is a leading analysis on the trends and comparative data on the top-residential markets throughout Canada and the United States.
July’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 reviews the first six months of the luxury real estate market during 2021, considering ongoing as well as new trends, comparing predictions at the start of the year against the reality of the last six months, and examining future expectations.
The Institute also discovers if predictions at the start of the year remained on target, or if there were a few surprises. The report also evaluates where the luxury market currently stands with respect to inventory levels versus the number of sales.
In addition to single-family homes, The Institute also analyzes the attached property market, which prior to the pandemic had been on trend to be the lifestyle of choice, with people moving back to enjoy the city and/or downsizing into smaller spaces.
Finally, The Institute reviews the changes that have occurred in the attached market with respect to townhomes, low-rise as well as high-rise apartments, highlighting who is buying these properties.
Another aspect explored in this month’s report is how COVID-19 created a huge focus on how homes are built and valued, discovering how the wealthy are influencing new expectations in the housing industry.
According to The Institute, it is important to understand the art of selling and buying should always include an analytical approach to truly understand the reality of the market, rather than just listening to the market rhetoric.