February Luxury Market Report 2023

February Luxury Market Report 2023

· The report is a guide to the luxury real estate market in North America. It provides an overall analysis with trends and highlights comparative data on the top-residential markets throughout Canada and the United States.

 

· This month’s report displays the market statistics for North America month over month as well as the 13-month trend.

 

· In this month’s report we review why understanding real estate cycles are important for buyers and sellers especially as we transition from a market set for a correction, and what this truly means.

 

· We discover why the predictability of real estate cycles can help understand cyclical trends while appreciating that there will always be variables that will impact the speed of change and strength of each cycle.

 

· We research why 2023 is expected to return to a more normalized market with short-term cycles seeing typical ebbs and flows with respect to buying and selling trends.

 

· How, even though we have moved in the long-term cycle from a Peak Phase to a Recession Phase, the expectations for 2023 are not likely to see a ‘crash’ but instead a ‘correction’ in the level of sales activity and pricing.

 

· We discover the exceptions in this Recession Phase that are preventing a downturn in the market and the factors that could influence opportunities in the current market.

 

· We reveal the contradictions in today’s market that manifest in local markets experiencing very different results with respect to demand and price.

 

· Equally, we understand how different demographic demand for location, property type, and pricing is expected to impact both choice and decisions in 2023.

 

· Finally, we explore what can we expect, all present conditions remaining constant, in 2023 with respect to pricing, inventory, sales, and why ‘value for money’ will become an important part of the decision-making process again.

 

· It is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities, rather than just listening to the market rhetoric.

 

· 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.

 

 
It is my responsibility as your REALTOR to ensure that when others around you are lowering their expectations, this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.
 
 
Thank you
 

Garett Huber 

c.850.830.1801

 

 

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