November 2023 Luxury Market Report

November 2023 Luxury Market Report

• 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.
   
• While there is little doubt that the current luxury market is facing challenges, we investigate the slight shift in some of the market’s variables that could be the key to market growth in the future.
   
• We examine why for the last year the expectations and reactions of buyers and sellers have become entrenched in one of near stalemate.
   
• Is the biggest contributor of market imbalance ie. lack of inventory, especially new inventory, about to addressed, as numbers in both of these segments increased relative to sales and compared to October 2022.
   
• For the first time in 2023, monthly sales outnumbered the previous year’s sales in both single-family and attached markets – was this because of increased inventory?
   
• Additionally, buyers saw fixed mortgage rates fall slightly, sparking an increase in applications as well as speculation that rates may come down during 2024.
   
• We investigate the significance of these changes, and if they signify the start of a new trend.
   
• However, while we are optimistic, we also remain cautionary, recognizing that there are unlikely to be any dramatic repercussions, other than the start of moving away from a year of hesitation and resistance.
   
• As always it is important to understand that the art of selling and buying should always include an analytical approach to truly appreciate the realities within your local market, as they may differ from the viewpoint at the national level.
   
• 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.  

If you have any questions about the luxury market in Richmond, or if you have any general real estate questions, let's  set up a time to chat! 

804-350-0879 | [email protected] | chrissmallgroup.com

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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.

If you would like to know more about the current market, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at [email protected].

If you are looking to begin a home search, visit my website to get started!