The historic nature of 2020 could have stopped us all in our tracks — but we kept going. The luxury real estate market is the shining star of real estate this year, because we pushed forward. The positive numbers we are seeing as we move into the last quarter of the year prove it. The median price of luxury single-family homes has increased by 4.8% since January, and sales volume has doubled since May. Major life changes due to the pandemic are thought to be responsible for a rise in demand for larger single-family homes in locations that can offer more space and greater freedom.
We cover it all in our latest “A Look at Wealth” report, which was just released today. We took an unprecedented approach to an unprecedented set of factors impacting our high-net-worth clients this year. Wealth is clearly on the move, but where is it going? Our research shows that these new affluent trailblazers are moving away from big cities and relocating to hidden gems, suburbs, and popular second-home destinations. Because many of these trends are unfolding rapidly, the anecdotal portion played a more critical role than in past reports. So, we focused on analyses provided by our Coldwell Banker Global Luxury® Property Specialists and other sources while layering in real estate data from The Institute of Luxury Home Marketing, plus wealth insights from WealthEngine and Wealth-X. It was a first for us, but it also illustrates our ability to adapt quickly and track a dynamically changing situation for our agents and clients. In the end, we believe that the report tells the enduring story of luxury real estate in 2020: How luxury real estate professionals have found themselves in the center of a major movement of wealth in this country and quickly stepped up to guide their clients through an unpredictable time in their lives.
The final 2020 issue of Homes & Estates magazine, which drops the second week of November, is yet another example of how the Coldwell Banker® brand never stops moving. Our new customization option for agents gives them the opportunity to create their own copy of the magazine with a personalized inside front cover ad, so they can send it out to their network. The fall issue also includes our expanded worldwide distribution, and it unveils our new Coldwell Banker Global Luxury identity for the first time. There are so many amazing original stories that capture the luxury lifestyle as it is today and how it will be tomorrow. If you don’t believe me, just take a look at our Last Word, as it covers the next frontier in travel: a luxury space balloon! How’s that for the ultimate escape?
As we edge closer to the end of the year, it’s important to take stock of how far we have come. We didn’t achieve leadership status by resting on our laurels (or even the strength of the Coldwell Banker name). We are constantly pushing ourselves forward, to serve our agents and clients better by reinventing ourselves. You know the saying, “Go big or go home”? With the Coldwell Banker brand behind you, it’s not an either-or proposition. You can have both.