Luxury Real Estate Market Report

Home buyers will have more options as more inventory becomes available for home buyers across the United States compared to last year with Denver, Colorado experiencing the highest year-over-year jump in new listings for January 2024, according to the recent Realtor.com report. 

Wealthy buyers showed continued interest in ultra-luxury real estate in America throughout 2023 as annual sales volumes increased in several markets year-over-year with the highest annual increase in Palm Springs, according to the 2023 Ultra-Luxury Report from Compass.

The number of luxury single-family homes and condos decreased compared to November and the past several months. Median price and price per square foot were down 5% and 7% respectively for luxury homes.

Zillow released their list of “Hottest Housing Markets of 2024”, based on predicted home value growth, number of homeowner households, amount of home construction, and labor market changes.

Home sales have slowed in one of Canada’s largest cities, however, demand for homes is predicted to grow in 2024, according to Rennie & Associates Realty Ltd.

Remax agents expect a more active real estate season for 2024 with more transactions and a slight increase in average home prices varying across Canada.

The number of luxury single-family homes remained the same as October and September at 29. Median price increased 4.5%; the list price to sales price ratio increased, as did the percentage of homes sold above asking price. Luxury homes sold much more quickly than last month, after an average of 50 days on market.

In Redfin’s Housing Market Predictions for 2024, buyers can look forward to declining mortgage rates, more inventory, and softening housing prices across America.

Home prices are predicted to increase in Q4 of 2023 across Greater Montreal, as the market stabilizes, according to recent reports from Royal LePage Canada. 

Demand holds strong for Luxury Homes in Q3 as affluent buyers are choosing to make their purchases with all cash offers as a way to avoid higher interest rates being offered in the current market, reports Redfin.

The number of luxury single-family homes remained the same as last month at 29. Median price decreased compared to last month.

Across the 46 Prime Global Cities studied by Knight Frank in their Prime Global Cities Index 2023 Q3 market report, the average annual prices recorded had a growth rate of 2.1% over the last year, from September 2022 until September 2023.

Telluride had 12 Luxury Home Sales above $10M in Q3, according to the Q3 2023 Telluride Real Estate Market Report. Overall, Telluride had 16 single-family home sales in Q3 totaling $84M. In addition, another 36 condo sales totaled another $90M for Q3 of 2023 in Telluride, Colorado.

Even with low inventory and heightened interest rates, home sales across Calgary are noted to be at record highs for September 2023.

Manhattan’s real estate market has shown resilience in the third quarter with a 2% price increase year-over-year.

Luxury single-family home sales increased by 50% over last month to tie with June of this year for the higher number of homes sold since August 2022. Homes sold for the highest median price since January 2019; over 50% of them sold at or above list price, according to Hawaii luxury real estate agent, Caron B Davis, and information from …

Home prices increased across prime urban markets in the second quarter of 2023, with the largest year-over-year increase seen in Dubai, according to Knight Frank’s Prime Global Cities Index for Q2 of 2023.

Overall ultra-luxury real estate sales were down, but certain markets experienced an increase in ultra-luxury home sales, priced at $10M or higher, during the first half of 2023, according to Compass’ 2023 Mid-Year Ultra-Luxury Report.