· The report is a guide to the luxury real estate market in North America. It provides an overall analysis of 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 the luxury real estate market of 2022.
· We look at the predictions for 2022 against the reality of what happened during the last year to understand the impacts on the market during the year.
· We investigate why inventory levels played such as a significant part in the buying narrative of 2022, why new inventory is critical and how the market stalled.
· We also examine the outside influences and their impacts on the luxury market.
· And why despite the impacts of various negative influences throughout the year that the affluent are still eager to invest in luxury properties.
· While there are more opportunities for negotiation by buyers as fierce competition became a thing of the past during 2022, we recognize why prices haven’t fallen to the level that some predicted.
· We look at why the affluent are taking a longer-term view in their purchasing plans for the property, whether it’s a primary residence, second home, or investment property.
· Finally, we summarise what to expect as we move further into 2023.
· 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.
GARETT HUBER
REAL ESTATE ADVISOR
COMPASS
850.830.1801
