Report provides a mid-year market update on
the global luxury real estate landscape while identifying
burgeoning trends that will gain year-end momentum
MADISON,
N.J., Aug. 20, 2024 /PRNewswire/ -- Coldwell
Banker Real Estate LLC, an Anywhere® (NYSE: HOUS) brand,
and the Coldwell Banker Global
Luxury® program today introduced its 2024
Mid-Year Report, complementing the highly coveted
Trend Report. Key trends within the report include growing optimism
among high net-worth individuals and an influx of new, sought-after
inventory bolstering a solid spring market. A survey of Coldwell
Banker Global Luxury Property Specialists further supports these
findings, as they reported affluent buyers continuing to seek out
"have-it-all" properties and shifting their preferences toward
finding their "forever" dream homes.
![(PRNewsfoto/Coldwell Banker Global Luxury) (PRNewsfoto/Coldwell Banker Global Luxury)](https://mma.prnewswire.com/media/1274781/Coldwell_Banker_Global_Luxury_Logo.jpg)
Backed by additional insights from Coldwell Banker Global Luxury
Property Specialists and data from the Institute for Luxury Home
Marketing, an analysis of the first six months of 2024 reveals a
modestly stronger luxury single-family home market compared to the
same period in 2023. The market's robust demand is evidenced by the
close alignment between final sale prices and initial listing
prices, underscoring the continued appeal of well-positioned
properties.
In addition to the luxury market conditions, key findings in the
2024 Mid-Year Report include:
Continued Demand for "Have-It-All" Properties
A
critical factor driving the luxury real estate market is desirable
inventory, where "have-it-all" properties offering tailored
lifestyle experiences continue to be in the highest demand among
discerning buyers. In fact, over 44% of Coldwell Banker Global
Luxury Property Specialists said that demand persists for
well-priced, impeccably presented high-end properties, particularly
those that are "unicorns" such as move-in ready, new construction
or highly amenitized.
According to 23% of Coldwell Banker Global Luxury Property
Specialists, constrained inventory continues to pose a significant
challenge to sales. The confluence of discerning buyers and a
scarce availability of exceptional "unicorn properties" is expected
to shape the luxury housing market for the remainder of 2024.
The "Forever" Dream Home
Approximately 22% of luxury
real estate agents have observed a waning interest in trends that
emerged during the pandemic, signaling a transition towards the
concept of a "forever" home. During the peak of the pandemic, the
affluent demographic sought residences, however, evolving market
dynamics and shifts in remote work policies have led many to search
for homes that align with their long-term aspirations. Today's
buyers are in pursuit of homes that offer the adaptability to grow
and change alongside their evolving lifestyles. Coldwell Banker
Global Luxury Property Specialists have noticed that transitions in
life stages are increasingly becoming a primary motivator for
property sales, leading to a preference for homes that can
accommodate a family's needs through various life phases.
Sustained Consumer Optimism
Heading into the latter
half of 2024, the confidence of affluent consumers remains a
pivotal element bolstering the steadfastness of the luxury real
estate market. This sentiment is echoed by Coldwell Banker Global
Luxury Property Specialists, with approximately 70% affirming their
belief in the market's robustness for the current year.
A segment of high net-worth individuals is adopting a cautious
stance, preferring to await a more favorable market and political
climate prior to engaging in property transactions. Notwithstanding
the prevailing uncertainties for the remainder of the year, about
33% of Coldwell Banker Global Luxury Property Specialists are
optimistic about a surge in real estate activity as the year
progresses.
The dynamic observed during the first half of the
year underscores the long-term strength of luxury real estate.
Coldwell Banker Global Luxury Specialists—armed with
data-driven insights—are adeptly prepared to navigate their
affluent clientele through the complexities of this dynamic market
environment, steering them towards successful outcomes. To explore
the Mid-Year Report,
visit https://www.coldwellbankerluxury.com/editorial/reports
QUOTES:
"It's gratifying to see many of the trends that we identified in
January holding true and new ones taking shape halfway through the
year. A strong spring season combined with high confidence in the
market from consumers makes me optimistic about what's to come for
luxury real estate in 2024. It's encouraging to see the rise in
demand for 'forever' homes and move-in ready residences. Despite
challenges in the market, luxury agents can leverage these insights
to finish the year strong. The Mid-Year Report serves as a
checkpoint to ensure our agents are on the right track to guiding
their clients toward success this year."
- Michael Altneu, vice president, Coldwell Banker
Global Luxury
"There is a fundamental shift happening in the luxury real
estate market as of late. Properties that are priced correctly are
achieving offers above asking price, often multiple offers,
indicating a more balanced market. This report underlines the
importance of effective pricing and marketing strategies amidst
challenging conditions while creating favorite opportunities for
both luxury buyers and sellers now and in the months ahead."
- Jade
Mills, president, Jade Mills Estates and International
Ambassador of Coldwell Banker Global
Luxury® program
Methodology
The Coldwell Banker Global Luxury® program
collaborated with their Luxury Property Specialists (through the
means of a survey), Wealth-X, an Altrata Company and the Institute
for Luxury Home Marketing to provide insights into wealth, real
estate, property investment,
luxury spending preferences, and emerging trends. For The Mid-Year
Report 2024, the Institute for Luxury Home Marketing analyzed the
data for the top 10% of 126 U.S. markets. Data contained is from
January 1, 2020 to June 30, 2024 and has been computed by the
Institute for Luxury Home Marketing's data research partner and
shared with Coldwell Banker Global Luxury® and based on information
attained both privately and publicly. For more information on how
data is was collected and defined, please refer to the full
methodology on page 32 of The Mid-Year Report.
About Coldwell Banker Global Luxury®
The
Coldwell Banker Global Luxury® program legacy traces its roots to
1933 and has been a world leader in luxury real estate since.
Coldwell Banker Global Luxury Property Specialists are an exclusive
group within the Coldwell Banker® system, making up under ten
percent of independent sales associates affiliated with the brand
worldwide. Coldwell Banker affiliated agents conducted 39,339
transaction sides of homes priced at $1
million or more in 2023. This equates to $200 million in daily luxury sales with an
average sales price of $1.9 million
in this category.* Coldwell Banker, the Coldwell Banker logo,
Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury
logo are registered marks owned by Coldwell Banker Real Estate LLC.
Each franchise is independently owned and operated.
Media
Inquiries:
|
|
|
Athena Snow
|
Kaavya
Sundar
|
|
Coldwell Banker Real
Estate LLC
|
G&S for Coldwell Banker Real Estate
LLC
|
|
973.407.5590
|
212-697-2600 Ext:
1032
|
|
Athena.Snow@coldwellbanker.com
|
KSundar@gscommunications.com
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/consumer-optimism-fuels-desire-for-unicorn-properties-forever-dream-homes-says-new-coldwell-banker-global-luxury-mid-year-report-302225933.html
SOURCE Coldwell Banker Global Luxury