June’s Highlights for Luxury Market Report
- The report is a guide to the luxury real estate market in North American. 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.
- This month we look at the significance of the substantial increase of new listings entering the market during May 2022 and the subsequent rising inventory levels.
- Based on 140 of North America’s luxury markets we review the data to understand how much inventory has entered the market, comparing the numbers against 2021 and 2020 – and the reality of what this truly means.
- We breakdown the factors that led up to this change in the market and reveal the major trigger during May for this significant shift and why homeowners are now ready to list their properties, when only a few months ago they were so hesitant.
- Is this really the luxury real estate bubble bursting or just the market finally cooling after an unprecedented two years? We look to put the facts into context.
- Discover the new reality of this increased inventory levels for potential buyers and the subsequent impacts expected for property prices.
- We review why most experts do not anticipate a major house price correction – reporting on the key reasons that are expected to effectively prevent this from happening, based on current metrics.
- However, we appreciate there is a growing need to understand the warning signs and new challenges that lie ahead – as the real estate market is currently open to uncertainty and negative influences from other market segments.
- 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, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.