The Trend Report, published by the Coldwell Banker Global Luxury® team, has established itself as the definitive guide to understanding the evolving preferences and behaviors of homebuyers and sellers.
Now, for the first time ever, the Coldwell Banker Global Luxury team is diving deeper into the trends at the halfway point of the year. The Mid-Year Report 2024 builds on the foundation laid by its predecessor, The Trend Report. Armed with fresh insights from the Institute for Luxury Home Marketing, Wealth-X, and an exclusive survey of Global Luxury Property Specialists worldwide, the Mid-Year Report 2024 examines which predictions from the initial January report have materialized and which new trends could shape the real estate landscape for the remainder of this year.
What's inside the Mid-Year Report 2024:
- Market of Resilience. Growing optimism among high-net-worth individuals propelled a robust spring market as summer settled into a slower pace. Overall, the luxury real estate market showed resilience in the first six months of 2024, slightly outpacing performance from the equivalent period in 2023. Sales of luxury single-family properties increased by 2.66% whereas attached property sales grew marginally by only 0.25%, per the Institute for Luxury Home Marketing.
- New, "Right" Inventory Powers the Market. A notable uptick in sales was observed from January to May, coinciding with the introduction of new listings. Conversely, the subsequent contraction of inventory in June was mirrored by a diminished sales volume.
- Agent Optimism is High. Nearly 70% of Coldwell Banker Global Luxury Property Specialists expressed confidence in the health of the 2024 luxury market.
- Price Stability Expected. Nearly 50% of Luxury Property Specialists anticipate stable pricing through the remainder of the year.
- Demand High for Property "Unicorns." Over 44% of Luxury Property Specialists reported buyer demand for "have-it-all" properties - impeccably presented, move-in ready or new construction homes with attractive pricing.
- Buyer Relief Could Be on the Way. An increase in luxury home inventory is expected, with 59.3% of Luxury Property Specialists predicting a slight rise. Additionally, 34% foresee a shift by sellers away from aspirational pricing strategies. Finally, 32.8% anticipate the wait-and-see crowd making moves after the U.S. election.
- Long-Term Thinking and the "Forever" Dream Home Take Hold - Over 22% of Luxury Property Specialists reported a growing buyer preference for adaptable homes that cater to changing lifestyles, including multi-generational living, aging in place, and hybrid work arrangements.
Enjoy and as always, reach out to me directly with any questions and let me help you navigate through your this ever changing world of Real Estate.
Shane Spencer
Click Here for the Mid-Year Global Luxury Report
