The Institute for Luxury Home Marketing’s July 2023 Luxury Market Report serves as your guide for analyzing trends. It also has comparative data for the top residential markets across Canada and the United States.
The report for July provides a review of the current statistics for the luxury market in North America on a month-over-month basis. Additionally, it includes the 13-month trend.
As we reach the six-month mark in 2023, we conduct a comprehensive analysis of both the North American and global luxury real estate markets. As a result, we can understand their status and major trends.
July 2023 Luxury Market Report: Seller’s Market Continues
One of the most significant trends, despite continuous reports of lower sale volumes compared to 2022, is that the North American luxury real estate market, for the most part, remains a seller’s market.
In this report, we investigate the reasons behind this phenomenon. We explore the comparative decrease in sales volume in both the single-family and attached markets. Also, we look at the factors contributing to the ongoing favorability for sellers.
Our analysis delves into key aspects such as sales volume, existing and new inventory levels, as well as pricing, to grasp the market’s shifts over the last six months.
We ask if the resilience shown in the luxury market over the last six months is indicative of the North American market entering a period of stability and sustainability.
Furthermore, we extend our examination to the global market by consulting several experts to review their predictions for the luxury real estate market on a global basis.
We review the type of markets that luxury buyers have been investing and why diversifying their portfolio into markets outside their native market could well become a significant trend.
Real Estate Remains a Long-Term Asset
The reasons for purchasing luxury real estate may evolve to satisfy immediate wants and requirements. However, it remains a reality that real estate will continue to be a long-term asset. As a result, it will be a significant part of affluent individuals’ investment portfolios.
It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities. Don’t just listen to listen to the market rhetoric; talk with an expert.
For homeowners looking to sell or buy luxury homes in today’s market, we strongly recommend working with a qualified REALTOR®. They can provide critical knowledge about your local market. Also, they will maintain a high level of security and safety during the process, and leverage technology and strategies to offer maximum exposure and assistance.
Get exclusive insights into the upper-tier real estate market. Join one of The Institute for Luxury Home Marketing’s live or online training sessions. Enroll today!
Choose a Qualified Luxury Real Estate Agent
Looking for a qualified Luxury Real Estate Agent? My certifications and designations include all of the following, and more:
- Certified Luxury Home Marketing Specialist
- KW Relocation Specialist
- Graduate REALTOR® Institute (GRI)
- Certified Risk Management Specialist
- Professional Standards Committee, Hearing Panel for Arizona Association of REALTORS®
- Keller Concierge Certified
- Master of Real Estate Society, Arizona Association of REALTORS®
Call me for a complimentary consultation: 480-788-5446
Courtesy of the Institute for Luxury Home Marketing.