Richmond July 2023 Luxury Marketing Report

Richmond July 2023 Luxury Marketing Report

  • Chris Small
  • 07/17/23

July’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.
  • Six months into 2023 and we review both the North American and global luxury real estate markets to understand the status and major trends at play.
  • The most significant trend, and one that seems contrary despite the continuous reports of lower sale volumes compared to 2022, is that for the most part in the North American luxury real estate it remains a seller’s market.
  • We review why, despite a comparative decrease in sales volume in both the single-family and attached markets, that many markets continue to remain favorable to sellers.
  • We look at the sales volume, inventory levels – both existing and new – as well as price to ascertain how the market has shifted during the last six months.
  • We ask if the resilience shown in the luxury market over the last six months is to indicative of the North American market entering into a period of stability and sustainability.
  • Looking further afield into the global market we connected with 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.
  • In the long-term, the reasons for purchasing luxury real estate may change to satisfy immediate wants and requirements, but the reality is that real estate will continue to be a long-term asset and a significant part of the affluent’s investment portfolio.
  • 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.

Work With Us

We pride ourselves in providing personalized solutions that bring our clients closer to their dream properties and enhance their long-term wealth. Contact us today to find out how we can be of assistance to you!

Follow Us on Instagram